Loans for used cars can help people purchase a good secondhand car. We offer used car loans in Meerut at competitive interest rates and up to 7 years of repayment terms. In India, getting a loan for a used car is significantly more challenging than for a new car. Generally, banks offer 90% financing on a new car. Furthermore, car loans have higher finance rates and longer loan terms.
However, anyone can take advantage of car kharido becho 24, including self-employed individuals and salaried employees. Nevertheless, there are ways to get a low rate used car loan and extend the repayment period.
Features and Benefits of Used Car Loans
A used car loan offers the following benefits and features:
- The loan amount may be less when compared to a new automobile loan. Thus, you will pay a low EMI each month.
- Longer repayment duration.
- Car Kharido becho 24 provides 85-90% of the loan.
- You can apply for a loan online and it is a simple process.
- Insurance costs and depreciation rates are lower compared with new cars.
- Documentation requirements are minimal.
- Car kharido becho 24 allows flexible repayment terms.
Guidelines for eligibility
Below are the eligibility requirements for salaried workers and self-employed individuals:
Identity Verification
Any of the following documents can be submitted as an identity verification:
- An Aadhaar card
- A passport
- A valid driving license
- Voter identification card
- The PAN card
Address Proof
The following documentation can be submitted as Proof of Address:
- Voter identification
- A copy of the LIC policy
- The Electricity Bill
- The Aadhaar card
- License to drive
- The Ration Card
- A passport is necessary
Income evidence
The following documents must be submitted as evidence of income:
- Profit and loss statement
- Statement of cash flows
- Audit report
- Summary of Form 16
- Payslip
- A bank statement.
Employees earning a salary
The age limit is 21 to 65 years old.
Income: Rs.15,000 or more per month
Income Status: You must have been working for the same organization for at least a year
Those who are self-employed
The Age limit is 25-65 years old
Profit: Business should earn at least Rs.1.5 lakh per annum
Income Status: Must be in the same line of work for at least three years
Documentation Required
Applicants for a used car loan must also submit the following documents:
- A completed application form
- Passport-size photos
- Report on car valuation
Car insurance
Having a car insured is a legal requirement in India. The Car Insurance Act states that a third-party policy must be purchased. Car kharido becho 24 provides different type of car insurances in Meerut you can go with one as per your requirements. Third-party car insurance does not cover the damages caused to one’s own vehicle. As well, third-party car insurance covers any incidents that result to damage in car whether it is minor or major. As you can obtain the maximum coverage possible under a comprehensive auto insurance policy, Policyholders are insured against financial losses in cases they experience a loss of their vehicle due to a totaled vehicle or theft or damage caused by human or natural disasters.
Car owners should be familiar with the different features of car insurance if they want to make the most of it.
Insured Declared Value or IDV
When you have insurance against total loss or damage to your car, the declared value of your vehicle is what you can claim. In calculating IDV, depreciation is taken into account. After deducting depreciation based on the vehicle’s age, the manufacturer’s listed selling price appears.
The Premium plan
In simple terms, it is the amount of refinance car loan in Meerut you pay. You can calculate the cost of a new car by comparing factors such as the car’s model and age, its fuel type, the city where you live, your age, and your profession. You can reduce your premiums by using your No Claim Bonus points and other discounts.
Liability to third parties
If your car is involved in an accident, this policy covers bodily injury or death as well as property damage to third parties. It is a requirement under the Motor Vehicle Act that every car owner has a valid car insurance policy and if you lack one, you will face fines from the police. This type of policy does not cover any loss/injury to your vehicle.
An all-inclusive insurance plan or package plan
This policy protects you and your vehicle from an array of risks and third-party liabilities. The policy covers any damage to the vehicle resulting from an accident, theft, natural calamity, or human disaster. Similarly, if an accident causes the loss of life of the driver or the passengers inside, this is covered. Having comprehensive car insurance may not be a mandatory policy, but it is a good option.
Claim for cashless payment
The repair work done at one of our network garages will not cost you anything. We will cover the repair bill. Cashless claims are the result of this facility.
The documents required for transferring a car insurance policy
To obtain car insurance for a used car, the owner must contact their existing vehicle insurance company. The owner will need to provide the following documents.
- A copy of the old insurance certificate
- Original registration certificate (RC), along with new owner (or buyer) information
- The ownership transfer application
- If applicable, the fee.
The car insurance renewal company transfers the insurance policy to the new owner after the required documentation has been submitted, the application fee has been paid with the necessary paperwork is completed.
When transferring car insurance policies, many people fail to read all the terms and conditions carefully. Before getting yourself into trouble with the court system or causing damage in the event of an accident, one needs to complete all the documentation procedures within the specified time frame. A used car owner should also take the time to research various insurance renewal companies to come up with the best choice.
Note :
The terms and conditions are subject to change according to bank policies and guidelines.