New & Used car loan Features
New & Use Car Loan
Did you know that you could use your car to raise cheap funds? The same can further be used for various purposes, like expansion of business, renovation of your house, higher education of children or a foreign trip. You just need to apply for a loan against your car and you can get a loan up to 150% of the valuation of your car at attractive interest rates.
Features of New & Used Car Loan:
- Covers a wide range of cars including MUVs and SUVs under pre-owned car loans
- Loans available for vehicles up to 7 years old
- Low rates of interest as compared to other unsecured loans
- Minimum documents
- Speedy loan disbursements
- Funds can be used for any financial requirements
Documents required to apply for New & Used car loan
FAQ
What types of loans are available?
There are various types of loans, including personal loans, home loans, business loans, Auto Loan (Used/New), Loan against Property LAP, Over draft Limit, Inventory Funding, Loans for Professional, Machinery Loan, SME Loan, Mutual Fund & Insurance
and more. Each type serves a specific purpose.
How do I qualify for a loan?
Eligibility criteria vary based on the type of loan. Generally, factors such as credit score, income, employment history, and debt-to-income ratio are considered.
What is the interest rate on the loan?
Interest rates depend on the type of loan, the lender, and the borrower’s creditworthiness. Fixed rates remain constant, while variable rates can change based on market conditions.
What documents are required for a loan application?
Common documents include proof of identity, income statements, employment verification, credit history, and information about assets or collateral.
Can I get a loan with bad credit ?
Some lenders offer loans to individuals with bad credit, but interest rates may be higher. It’s essential to shop around and explore options.
What is the difference between a fixed-rate and variable-rate loan?
A fixed-rate loan has a constant interest rate throughout the term, while a variable-rate loan’s interest rate can change based on market conditions.
What is the loan term?
The loan term is the duration over which the borrower repays the loan. It varies by loan type and can range from a few months to several decades.
What is the difference between secured and unsecured loans?
Secured loans are backed by collateral (e.g., home or car), while unsecured loans don’t require collateral but may have higher interest rates.