A second-hand car loan is an excellent financial tool that can help you buy a pre-owned vehicle without the hefty price tag of a new car.
Second-hand car loans
High-value loans, quick disbursal, and simple eligibility criteria make a second-hand car loan an ideal solution to finance your used car purchase.
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Buying a car is a milestone that comes with excitement and, understandably, a bit of financial anxiety. While a brand-new vehicle might seem tempting, a well-maintained second-hand car offers a practical alternative that is often more budget-friendly. If you are considering financing a pre-owned vehicle, a second-hand car loan could be the key to making that dream a reality.
With a second-hand car loan, you can spread the cost of your pre-owned car into small monthly instalments. Lenders like Bajaj Finance provide used car loans that come with simple eligibility criteria and minimal documents.
Here are 5 benefits that you should know about a second-hand car loan.
High-value loan amount: A major benefit of a second-hand car loan is the ability to secure a substantial loan amount. Whether you are eyeing a high-end model or a slightly older vehicle in excellent condition, lenders often provide significant funds to cover your purchase. With a Bajaj Finserv Used Car Loan, you can access a generous loan amount of up to Rs. 77 lakh that allows you to buy the car you have been eyeing without having to compromise on your choice.
Quick disbursal: Time can be a critical factor when purchasing a car. With Bajaj Finserv Used Car Loan, you can get the funds you need within 48 hours* of approval. This quick disbursal facility allows you to finalise your car purchase promptly, ensuring that you are not left waiting and can drive away in your dream car sooner.
Simple eligibility criteria: Securing a used car loan is generally more accessible than new car loans due to simpler eligibility requirements. You can qualify for a used car loan offered by Bajaj Finance if you are a resident Indian citizen aged between 18 and 80 years* with a credit score of 700 or higher. If you are a salaried individual, you should have a minimum experience of 1 year and a minimum monthly salary of Rs. 20,000. If you are self-employed, you should have an ITR proof of the last two years. Apart from these basic eligibility parameters, you need to submit a few basic documents including your PAN card, KYC documents, bank account statement, salary slips, vehicle registration certificate, and insurance copy.
Flexible repayment options: Understanding that financial situations vary, lenders offer flexible repayment options to cater to different needs. Whether you are comfortable with higher monthly payments or prefer to stretch your loan term, flexibility is key. When you choose a used car loan from Bajaj Finance, you can get a repayment tenure of up to 72 months. This extended repayment period allows you to spread the cost of your car into manageable monthly instalments. You can also use the used car loan EMI calculator available on the Bajaj Finserv website and find out your EMI amount instantly by entering your loan amount, repayment tenure (in months), and rate of interest.
Easy online application process: The convenience of applying for loans online has revolutionised the borrowing experience. An easy online application process makes securing a used car loan more accessible and less time-consuming. With Bajaj Finserv Used Car Loan, you can fill out an online application form and benefit from their doorstep-document collection facility. These features make the loan application process hassle-free and convenient.
In conclusion, a second-hand car loan is an excellent financial tool that can help you buy a pre-owned vehicle without the hefty price tag of a new car. By choosing Bajaj Finserv Used Car Loan, you benefit from a high-value loan, flexible repayment options, and a swift approval process.
Ready to drive home in your ideal second-hand car? Visit the Bajaj Finserv website or download the app and apply for a used car loan today.
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