Best used car finance Delhi can be utilized to purchase a quality used car. Used car loan in Delhi have a maximum repayment period of seven years and are offered at competitive interest rates. The used car loan interest rate in Delhi can range from 11.75% p.a. – 15.25% p.
Loans of up to 100% of the car’s worth are offered by some lenders. The majority of banks and NBFCs offer used car loan in Delhi. Used car loan eligibility for both salaried workers and independent contractors requires a minimum income value to apply for a used car loan in Delhi.
Top Lenders Offering Pre-Owned Car Loans
| Lender | Used car loan interest rate in Delhi | Repayment Tenure |
| State Bank of India | 11.75% p.a. – 15.25% p.a. | 5 years (maximum) |
| Tata Capital | Starts from 10.75% p.a. onwards | 1 year to 5 years |
| HDFC Used Car Loan | 13.75% to 65.50% | 1 year to 7 years |
| HDFC Bank | 13.75% p.a. onwards (Rack Interest) | 7 years |
| Punjab National Bank | Starts from 9.80% p.a. | 5 years |
| Axis Bank | 13.55% p.a. – 15.80% p.a. | 5 years |
| Mahindra Finance | Contact the bank | 5 years |
HDFC Used Car Loan
With a large and active branch network and a devoted customer base, HDFC used car loan is one of the best ways to apply for a car loan. The bank is also a very popular choice for used car loan Delhi because of its strong partnerships with several authorized pre-owned car dealers in Delhi.
Easy documentation, funding up to 100% of the used car’s on-road price, a quick loan approval cycle, and a special doorstep service are some of the key characteristics of an HDFC used car loan. Additional benefits of HDFC used car loan includes fixed interest rates and an open, customer-focused banking model.
You’re probably eligible for an HDFC Used Car Loan if you are
• At least 21 years old
• Less than 65 years old
• Salaried or self-employed with regular income
• Earn more than the minimum income required
HDFC Used Car Loan Interest Rates
| Interest Rate (Monthly reducing balance) | 13.75% to 65.50% |
| Processing Fees | Up to Rs.5,310 |
| Pre-Closure Charges | Pre-closure permitted after 18 months. No pre-closure charges thereafter. |
| Loan Tenure | 1 year to 7 years |
| Guarantor Requirement | No guarantor required |
Features and Advantages of Used Car Finance Delhi
The following lists the primary advantages and characteristics of a used car loan Delhi:
The loan amount being obtained for a used car can be lower in comparison to a new car loan. Your monthly EMIs will be low as a result of a lower used Car loan interest rate in Delhi. You can log in to the used Car Loan EMI Calculator to get an estimate of your monthly EMI plan.
• Long period of payback.
• Some banks and NBFCs offer funding of up to 100%.
• Applying for a loan is an easy process that can be done online.
• Compared to a new car, the insurance premiums and depreciation rates are lower.
• The bare minimum of documentation must be sent in.
• Flexible repayment arrangements are provided by some banks and NBFCs.
Considerations When Applying for a Used Car Loan Delhi
Some of the crucial factors to take into account while applying for a used car finance Delhi are listed below:
• The use car loan interest rate in Delhi is lower compared to a new automobile loan.
• If the car is older than three years, certain banks and NBFCs won’t provide you with the loan.
• The loan amount will not include the cost of insurance.
Used Car Loan Eligibility
The following are the different used car loan eligibility requirements that self-employed people and salaried employees must fulfil:
Salaried Employees
• Limit of Age: 21–65
• Monthly income of at least Rs. 15,000.
• Income Status: You have to have been employed by the current company for a minimum of one year.
Self-employed People
• Limit of Age: 25–65
• Income: A minimum of Rs. 1.5 lakh in profit must be made annually.
• Income Status: Must have worked for at least three years in the same industry.
Documents Required for Used Car Loan Delhi
When applying for a used car loan Delhi, the following list of documents must be included:
• Application form
• Passport-size photographs
• Car valuation report
Identity Proof: Any of the documents listed below may be used as identification documentation:
• Aadhaar Card
• Passport
• Driving License
• Voter’s ID
• PAN Card
Address Proof: You can provide any of the following documents as evidence of address:
• Voter’s ID
• LIC Policy
• Electricity Bill
• Aadhaar Card
• Driving License
• Ration Card
• Passport
Income Proof: The documents listed below must be provided as evidence of income:
• Profit and loss account
• Balance sheet
• Audit sheet
• Form 16
• Salary slip
• Bank statements
How to Complete an Online Loan Application for a Used Car loan Delhi?
The steps are given below to apply for online used car finance Delhi offered by some lenders:
• You will have to go to the bank’s official website.
• Give basic information like your name, email address, and phone number.
• A bank representative will get in touch with you to handle the request when you have submitted the necessary information.
How to Apply for a Used Car Loan Delhi Offline?
• Go to the NBFC or bank branch where you want to apply for a loan.
• Complete the application.
• Send in the required documents to see if you qualify for the loan.
• To process the loan, talk to the lender about the interest rates, processing charge, etc.
Advice for streamlining the application process for Car Finance Delhi
The following are some guidelines that can be used to simplify the application process for Car Finance Delhi:
• Find a lender that offers the used Car loan interest rate in Delhi and an appropriate duration by conducting in-depth internet research.
• Choose to submit your application online. This saves time.
• You may examine the monthly instalments with the help of the used Car Loan EMI Calculator. Basic information including the tenure, loan amount, processing fee, and interest rate must be entered into the easy-to-use calculator.
• Have the necessary documents on hand. The processing time for the loan will increase if the documentation is not submitted on time.
• Select the best Used Car Finance Delhi lender to ensure a speedy loan application procedure.
Crucial Actions to Take When Purchasing a Used Car
The following are some crucial steps you should take when purchasing a used car:
• Examine the Vehicle: Make sure the vehicle has been inspected in detail. A mechanic can assist you in inspecting the vehicle. You can haggle over the price if the car has any problems. Check for vibrations by driving in an area with less traffic.
• Examine the documents carefully: The registration certificate and the insurance documents must be carefully examined. Verify that the car’s engine and chassis numbers correspond to those listed on the documents. Verifying whether the vehicle has been in any accidents is also crucial.
• Car History: Before purchasing a car, it is essential to check its history. You can get a lot of information on the car online. Examining the car’s history can assist in determining whether there have been any accidents or maintenance problems.
• Transfer the Registration Certificate: After you buy an automobile, make sure your name is added to the Registration Certificate (RC). A NOC is necessary if the vehicle is registered in another state. A NOC is also necessary if the previous owner bought the vehicle with a loan.
• Insurance Transfer: You must promptly get the auto insurance policy transferred to your name. Even if the RC is in your name, the insurance policy is null and void if it is in the name of the prior owner.
• Vehicle Service: Before you begin driving the vehicle, it must be serviced. It needs to be corrected if there is any rust. Before the car is utilized for the first time, clean it up and change the fluids.
How to use the used Car Loan EMI calculator?
Your car loan’s EMI can be calculated with the help of the used car loan EMI calculator. The steps you must take to utilize the used Car Loan EMI calculator are listed below:
• Visit the HDFC used car loan EMI calculator and click on it.
• Enter the loan amount in the first step.
• Enter the repayment tenure in the second step.
• Enter the interest rate and select “Calculate” in the third step.
The EMIs you must pay will be visible to you. To check the EMI payable, you can use the calculator as many times as you like and enter whatever amounts you like. After that, you may use this feature to determine how much you need to borrow and how much you will have to pay each month.
How to find out the Used Car Finance Delhi Contact Number?
Used Car Finance Delhi contact number can be accessed using the internet or you can directly visit the website of different banks and check their used Car loan interest rate in Delhi or if you meet the used car loan eligibility. You can also seek help from their registered used car loan EMI calculator to check out the monthly EMIs.
