Used Car Finance

Just enter the loan amount of second hand car you want to get financed and rate of interest. Vicky.in EMI Calculator automatically calculates the installment on reducing balance and it does not have any other processing fee.

Finance Tips

So, many of the people prefer second-hand car loan from bank that offers lower interest rate ,since on average ,used car loan costs 3% more than that of new car. At the same time, customers should be cautious ,before applying for it, because the age of the car plays a crucial role in deciding whether it is loan worthy or not. However ,our site helps you in providing information on requirement of documentation, eligibility criteria and schemes available with certain banks.

Loan definition:

An arrangement in which a lender gives money to a borrower, and the borrower agrees to repay the money, usually along with interest, at some future point(s) in time.

Eligibility for getting loan:

If a person is applying for the loan, his loan will get sanctioned only if his eligibility criteria gets satisfied. That also concerning used car loan, each bank sets strong eligibility criteria , since getting loan for used car is tedious when compared to that of new car loan. The following are the eligibility criteria set by HDFC bank

For Salaried Individuals

• Age-min 21 yrs to max 60 years
• Income-Rs1lakhs annually, including the income of spouse
• Job Experience-2 years
• Availability of telephone

For Self-Employed

• Age-min 25 yrs max 65 yrs
• Income-Rs60,000p.a
• Turnover-Rs 4,50,000
• Experience-3 yrs

Required Documents:

Most often ,the documents required by the bank includes the proof for residence ,identity, signature, income, age and bank statements .But while considering HDFC bank, there is a provision of loan without the submission of the income proof, for the customers who holds, any of the cards mentioned below, will get 65% for 3 yrs and 60% for 5 yrs on the value of the car, with faster processing and approval with the submission of

• Citibank Gold
• Citibank Diners
• HSBC Gold
• ANZ Grindlays Gold
• American Express Gold Card
• American Express Charge Card
• Standard Chartered Gold
• HDFC Bank International Credit Card

In order to avail of the credit-card plan , one has to do the following

• To have a credit card from the above mentioned list, that is at least one year old.
• submit the last two billing statements.

Loan schemes:

The procedures and offerings for loan differ with banks according to each bank's terms and conditions. However , tenure almost remains the same for almost all banks starting from 3-5 years. However regarding loan amount being provided ,each bank provide loan at different rate of interest. For example, Kotak car finance provides loan up to 80% of car market value. HDFC provides interest rate at 14.50% to 17.50% depending on the segment and age of vehicle and processing fee at 2% of loan amount + Rs. 200 or Rs. 5200/-, whichever is lower(not refundable)