Used Car Loan Eligibility Check

Used Car Loan Eligibility Check

There are many borrowers who applied for used car loans eligibility check, as buying a car is a dream of everyone. But after the pandemic, the situation hit the income and resulted in the lack of funds.

Therefore, most of the borrowers are looking for bank finance. The interest rates of used car loans depend on the depreciation of the car and their market value. The maximum repayment tenure of a used car loan is up to 7 years.

Eligibility criteria for used car loan

For Self-Employed Individuals -

• The age of the borrower should range between 23 years to 65 years of age.
• The continuation of business must be a minimum of 3 years.
• The business income of the borrower must be 1.5 lakhs per annum.
• The repayment schedule is between 12 months to 7 years.
• Borrower must be resident of India.

Salaried Individuals can apply -

• The age of the borrower should range between 21 years to 60 years of age.
• The business experience should be a minimum of 3 years.
• The nationality of the borrower must be the resident of India.
• Repayment tenure is between 12 months to 7 years.
• The income of the borrower should be Rs. 1 lakh p.a.