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·  Funding: You can typically finance a significant portion, often up to 95% to 150%, of the car's value with a used car loan. This allows you to purchase the car with a lower down payment.

·  Flexible Repayment Options: Many lenders offer flexible repayment terms, allowing you to choose a loan term that fits your budget. Loan terms can typically range from 24 to 72 months.

·  Faster Approvals: Compared to other loans, used car loan approvals can be obtained quicker, sometimes within just a few hours.

·  Lower Interest Rates: While interest rates on used car loans are generally higher than new car loans, they can still be lower than other types of loans, such as personal loans, Business Loan.

·  Variety of Loan Options: Some lenders may offer different loan options for used car loans, such as fixed-rate loans or flexible loan options that allow you to make additional payments towards the principal.

Who Can Avail the Used Car Loan:

· Salaried Individuals: Minimum age requirement is typically between 21 and 23 years old, and maximum age can range up to 60 years at the loan maturity. You'll need to be employed for at least a minimum period, often around 2 years, with a minimum salary depending on the lender (often around Rs. 20,000 per month).

· Self-Employed Individuals: Similar to salaried individuals, there's a minimum age requirement and a maximum age by the loan maturity. You'll need to be in business for a minimum period, often around 2 to 4 years, with a minimum income depending on the lender.

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Used Car Loan

Documents Required for a Used Car Loan:

1. KYC Documents (Know Your Customer)

These documents are required by law to verify your identity and residence. They are typically the same for most loan applications. 

  • Identity Proof: Aadhaar Card, Passport, Voter ID card, or Driving License (any one will do)
  • Residence Proof: Aadhaar Card, Passport, utility bills (electricity, water, gas), or rental agreement (showing your current address)
  • PAN Card 
  • Recent Passport Size Photographs

2. Loan Specific Documents

These documents provide the lender with details about your financial situation and the property you're purchasing. The specific requirements may vary depending on whether you are salaried or self-employed and the lender itself

  • Bank Statements: last 12 months updated
  • Car RC and Insurance Copy

For Salaried Individuals:

  • Salary Slip:  payslip last 3 months
  • Form 16: Last 2 Years 
  • Income Tax Returns (ITR): Copies for the past 2 years (If applicable)

For Self-Employed Individuals:

  • Proof of Business Address/GST Certificate 
  • GSTR 3B last 12 Month (Current)
  • Last 1 Years Bank statement of Current Account (all if multiple accounts)
  • Proof of business for the last 3 years(Vintage Proof)
  • ITR and Computation of Income (COI) for the past 3 years
  • Financial Statements: Balance Sheet & Profit and Loss Account for the last 3 years (duly audited by a CA if applicable)

For free expert, loan Guidance in India, feel free to connect or what’s app to loanguruindia.com

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