Compotators
- Poonawallafincorp
- Navi app
- MoneyTap
- Finnable
- herofincorp
Eligibility Check:
Details like Name, Address, PAN, Adhaar and Salary Slips to check your
eligibility
Procession Fees Applied – For example (Rs 7,500)
Rate of Interest:
APR ranging from 11% to 18% | One-time Processing Fee up to 1% plus taxes.
Repayment:
Flexible repayment tenure from 1 year to 6 years with 4% Foreclosure charges
on your loan after 6 months from date of availing.
Example:
Loan Amount Rs.10 lakh, Interest Rate: 12%, Tenure: 5 years, equates to EMI of
Rs. 22,244 per month.
This rate of interest is prone to fluctuation basis our internal credit and risk
policy, and as per an algorithmic multivariate score card.
How to Calculate EMI on Personal Loan for Car:
Calculate your personal loan for car EMI beforehand to better plan and manage
your finances. The mathematical formula to calculate EMI is
EMI = P × r × (1 + r)n/((1 + r)n – 1) where P= Loan amount, r= interest rate,
n=tenure in number of months.
However, calculating EMI manually can be tedious and time consuming. As an
alternative, you can use our personal loan EMI calculator to instantly check
your monthly repayment obligations. All you need to do is select the loan
amount, tenure and interest rate, and you shall be able to view the EMI
amount.
Types Of EMI:
Standard EMI:
Under this option, the loan interest and monthly instalments remain fixed
throughout the repayment tenure. This option is best suited for those who
have a steady monthly income that is unlikely to change soon.
Structured EMI:
Under this, borrowers can customise their second-hand car loan EMI. Usually,
the monthly instalments remain low during the initial period of the loan term
and increase gradually. This option is best for people who anticipate an
increase in their income soon.
FEATURES AND BENEFITS OF USED CAR LOANS:
- You can take the used car loan for any brand of the car and the amount
can range from INR 0.5 Lac to INR 50 Lac.
- A high loan to value or LTV ratio of 90% can make it easy to buy any make
or model without dipping into your savings.
- Enjoy flexible tenures. You can get a maximum of 5 years to repay the
loan comfortably and there are multiple repayment options like ECS,
PDC, NACH, etc.
- Whether you are salaried, self-employed or own a business, you can
apply for a used car loan. You just have to be an Indian resident and
above 18 years of age.
- You do not need to provide any collateral as the car is hypothecated until
the entire loan is repaid.
Documentation Required to start this business:
THINGS TO DO WHEN BUYING A USED CAR:
FACTORS THAT IMPACT USED CAR LOAN INTEREST RATE:
