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How to Get Second Hand Car Loan in Mumbai?

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The financial and cultural hub of India- Mumbai has a well-connected network of buses, trains, etc. But, people living in this city still face transportation issues. A quick solution to such troubles is to have a car at your disposal. However, buying a new vehicle is not an easy feat as most of the time you lack the funds to do so. In such a scenario buying a used vehicle with a second-hand car loan turns out to be the right solution.

What Is Used-Car Loan?

In a nutshell, a second-hand car loan provides financial support to buy used cars. Opting for a loan for used cars allows you to have a value-for-money purchase. Nowadays, most financial lenders provide loans for used cars at attractive used car loan interest rates.

With this loan type, you can purchase a variety of used cars on EMI– from hatchbacks to sedans as well as premium luxury vehicles.

How to Get Second-Hand Car Loan in Mumbai?

Applying for a loan to buy cars on EMI is quite convenient and hassle-free. Why? Because you can get a used car loan with a financial lender both online or offline. Do you want to take a loan for used cars? If yes, then here are the common steps that you will need to follow.

  • Check for an established financial lender who provides used-car loans at low used car loan rates of interest.
  • After you have chosen the lender, fill in the application form with your necessary details and submit.
  • Visit the used vehicle dealership that is associated with your lender.
  • Keep the required documents in order and submit them.
  • The lender will verify the submitted documents.
  • Once your application is approved, the loan is sanctioned.
  • Once the loan amount is received, you will get to drive away in your used vehicle.

Documents Required

The documents required might vary from lender to lender. But, given below are the documents that are generally needed by all lenders extending a loan on a used car. 

  • Photo identity proof- Voter ID/ Passport / Driving License / PAN Card / Aadhaar Card (any 1)
  • Address proof- Ration Card / Passport (any 1)
  • A copy of your mobile or telephone bill.
  • A copy of your vehicle’s registration certificate.

For salaried individuals

Income proof

  • A copy of your salary account bank statements for the previous three months.
  • Income Tax Return documents for the last three months.

For self-employed

Income proof

  • Income Tax Return documents for the last three months.
  • Your audited balance sheet, Profit and Loss Statement, and Bank Statements for the previous three months.

For self-employed (partnership)

Income proof

  • Your Bank Statements, audited Balance Sheet, and Profit and Loss Statement for the last three months.

Business proof

  • Your company’s registered Partnership Deed or Certificate of Incorporation of public and private limited companies including Memorandum and Articles of Association, and a copy of the Commencement of Business certificate.

For self-employed (others)

Income proof

  • Your Income Tax Return documents, audited balance sheet, Profit and Loss Statement, and your Bank Statements for the last three months.

Ownership Certificate

  • Your Registered Partnership Deed or Certificate of Incorporation of Public and Private Limited Companies including Memorandum and Articles of Association.

Before applying for a used car loan, compare lenders to find a loan at low used car loan rates of interest and a suitable tenure.

The used car loan interest rates offered is a crucial factor while picking a lender. Also, check your used car loan eligibility and calculate your EMI using a used loan calculator before you apply for a used car loan to buy your dream car.

Heather Breese
Heather Breese is a qualified writer who fell in love with creativity and became a specialist creator and writer, focused on readers and market need.

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