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How to Apply for a Pre Owned Car Loan in India?

by Hunny Jaswal - 12 Oct 2022, Wednesday 346 Views Like (0)
How to Apply for a Pre Owned Car Loan in India?

Usually, when you decide to buy a used car, you go to the seller and pay for it out of your pocket. The same purpose can be achieved by obtaining a pre-owned car loan today. Banks and NBFCs are the top funding sources as they can provide funds based on certain terms and conditions. Getting a loan for a car is very simple and can be accomplished within a few simple steps. How to get personal loan is shown below:

Check for the best loan provider options.

The majority of banks and lenders today allow you to make an application online and electronically. If not, you can go to private lenders to know more about how to apply for pre own???????ed car loans.

Gather your car details and see if you're eligible. 

Getting a car loan is similar no matter which bank you deal with, but there are some differences. Your next step in obtaining a pre-owned car loan will be to decide on the make and model of the vehicle. It would help determine whether you qualify for a quick loan before you get a personal loan. You can do this by visiting the bank's website and determining whether you meet the eligibility requirements.

What loan amount can you get? 

Next, arrive at an estimate of the amount you wish to borrow. The amount you can pay now, the interest rate, and how long you want the loan to last will affect your decision. Bank websites offer EMI calculators that can help you figure out the quick loan amount and term.

Move onto the application process.

The actual loan application process begins only after you have chosen your car model, the bank, the loan amount, and tenure. Applying online is equally easy by visiting the bank's website or a branch. Proof of income, age, identity, and proof of address will need to be submitted. Your pre-owned car loan may be approved in a matter of seconds. You will receive funds in your account right away after approval. After booking the car, you will receive funds in your account.

Submit all of the correct documents 

If you are interested in applying for quick loan for a car, visit your bank's branch or visit the bank's website. A paperless and hassle-free application process is available online. For this, you'd need three months' bank statements and income tax returns filings of at least three years. These documents act as income proof when applying for an overdraft loan facility. 

Other documents include voter ID, PAN cards, Aadhar cards, passports, and even driving licenses. You may even use your ration cards, life insurance policy, gas or electricity bill too. 

Submit your completed application form 

You have completed your application process once you have submitted copies of these documents. If the bank approves or rejects your application, you have completed your process