how to apply for pre-owned car loan online in india

a pre-owned car loan is also known as a used car loan. it can be used to purchase a second-hand car. a pre-owned car loan is a type of loan where the customer does not have to wait for the bank to sanction the entire loan amount. he can repay the loan amount in monthly instalments in the form of emis, i.e., equated monthly instalments over the period of the loan.

this article is for you if you wish to buy a pre-owned car and apply for a used car loan online. given below are the steps you need to follow to get a pre-owned car loan:

select a car: you first need to select a car. select a car that suits you and your family. check your budget and decide accordingly.

compare: this is the most important step. in this step, you need to check the interest rates and terms and conditions offered by different banks on used car loans. you need to identify all the banks providing used car loans at a low rate of interest. visit the website of each bank to gather information about their terms and conditions. you can also call the bank to gather the necessary information.

you can use a car loan emi calculator to calculate your monthly emi.

select a bank: at this step, you have all the information you need. you now need to analyze and decide. you need to select a bank that offers the loan at the lowest interest at the most favourable terms and conditions.

apply for the loan: the next step is to apply for the loan at the selected bank. nearly all banks now accept online loan applications. you can either visit the bank’s website or visit a branch to apply for the loan. you need to fill in the information in the application form online.

make a final decision: at this step, discuss the loan details with your bank and finalise the loan amount.

use a car loan eligibility calculator to get an estimate of your loan eligibility.

submit documents: the next step is to submit copies of the required documents to the bank. you need to submit a photo identity, address proof, and income proof.

facilitate your decision with the help of a car loan calculator.

go get your car: take your car home.

getting a pre-owned car loan is not a hassle anymore. you do not have to wait for the bank to sanction the entire loan amount. you can now avail of a loan very easily by following the steps listed above.