How to apply for an old car or used car loan?
You can buy a new car as well as a second-hand car with a car loan or car loan. This type of loan is called Used Car Loan. The loan repayment period is up to 6 years with attractive interest rates. Some lenders offer loans up to 100% of the value of the car. Most banks and non-banking financial companies (NBFCs) offer used car loans. Self-employed people and salaried people can easily get this loan. Eligibility Criteria: Eligibility and approval criteria for loans vary from bank to bank. In addition, the eligibility criteria are different for self-employed and salaried employees who have a regular income. However, there are some prerequisites for loan approval, which are the same for all banks. These issues are discussed below. Salary Qualifications: Age Limit: The age of the applicant should be between 21 years to 65 years. Income: Monthly income must be at least 15,000. Source of income: Have a record of working with the current employer for at least 1 year. Eligibility of self-emplo...