Here is How You Can Meet The Pre-Owned Car Loan Eligibility
Gone are the days when owning a car was considered a luxury, as today, it has become an absolute necessity. In addition, as a result of the rising COVID-19 cases and the increasing prices of private cab services, a lot of people can now be seen using their own car. But not every person has a car or the capacity to purchase a brand-new car. However, there is one solution to this problem – purchasing a well-maintained and completely functional pre-owned car through a smartly customized pre-owned car loan.
Equipping yourself with a second-hand car gives you the convenience to travel safely from work to home and easily support your family during unforeseen emergencies. The market nowadays has ample financial institutions that are ready to offer you these loans at attractive terms and conditions. You just have to meet the basic pre-owned car loan eligibility to quickly seek approval for the loan. As the eligibility conditions can differ from one lender to another, you must compare multiple lenders and their terms of agreement in order to choose the most reliable option.
Eligibility criteria for taking a pre-owned car loan
• The borrower needs to be in the age group of 22-65 years while applying for the loan.
• For salaried individuals, the annual income of the applicant should be at least Rs. 2,40,000 p.a., whereas for self-employed individuals, it should be Rs. 1,80,000 p.a. The borrower must offer all the income proof documents to verify the same.
• For salaried individuals, 1 year of continuous employment is necessary and for self-employed individuals 3 years of engagement in the same line of business is mandatory.
• The borrower must provide all the general documents such as identity proof, address proof and the bank statements of last one year for the verification and approval process.
• The borrower must maintain a positive credit score and a flawless credit history. Any default in the payment cycle can result in rejection of your application.
After meeting the above-mentioned pre-owned car loan eligibility conditions, you can effortlessly get approval for the loan. Also, you can use the eligibility checker available on the website of the lender to see whether or not you are eligible. And if not, then find out what all do you require to qualify the eligibility criteria.
Also Read: Quick Guide on Pre-Owned Car Financing
Few benefits of taking a used car loan
• Easy documentation and eligibility – The documentation process is quite simple and easy as all you have to do is submit a basic list of documents for the verification process. Both salaried and self-employed individuals are eligible for this loan.
• Hassle-free approval – The whole application to approval process takes place in a hassle-free manner, and most of the times, the loans are sanctioned within 48 hours.
• Low interest rates – These loans are offered at an attractive rate of interest, and if you are a loyal customer of a lending institution then you are also offered discounts and exciting offers.
Conclusion
With a used car loan, any used car model can be bought by paying a low interest rate and EMIs. All you have to do is fulfil the pre-owned car loan eligibility to seamlessly move through the entire loan application and approval process. However, before settling for any lending institution, you must make sure to do a thorough research about its credibility and market reputation.
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