In the picturesque state of Kerala, having access to a reliable mode of transportation is crucial for navigating its scenic landscapes and bustling cities. While owning a car offers convenience and freedom, financing the purchase can be a challenge, especially a new one. This is where used cars can be helpful as they are cost-effective as compared to brand new ones.
Though it is a cheaper alternative but buying a pre-owned vehicle requires a huge sum of money in one go. In such a situation, a used car loan can be an ideal situation as it will help you to spread the cost of your car into small monthly instalments.
Applying for a used car loan in Kerala is simple. Leading financial institutions offer used car loans with streamlined processes and minimal documentation requirements.
Bajaj Finance, a renowned Non-Banking Financial Company (NBFC) offers a second-hand car loan with straightforward eligibility criteria and a hassle-free process. Securing a used car loan from Bajaj Finance is easy with an online application process. Read on to learn more about the features of used car loans in Kerala, their eligibility criteria, and the application process.
Features and benefits of used car loans in Kerala
- Quick disbursal
Bajaj Finance offers used car loans with a fast disbursal facility. You can get the funds you need within 48 hours* of approval.
- High-value loan
Get up to Rs. 1.02 crore and fund your used car purchase in Kerala with ease. - Flexible tenures
Benefit from our flexible tenure options. Repay your loan easily over a period of up to 84 months. - Doorstep assistance facility
No branch visits. Submit your documents to our representative from the comfort of your home. - Flexi Loan variants
Choose a Flexi facility for additional benefits. You can withdraw as many times as you want from your approved limit and part-prepay your loan at no extra cost.
Eligibility criteria and required documents for used car loan in Kerala
Bajaj Finance makes borrowing easy with simple second-hand car loan eligibility criteria. You have to fulfil our basic parameters to qualify for our used car loans.
Nationality: Indian
Age: 18 to 80*
CIBIL Score: 700 or higher
For salaried: Individuals should have at least 1 year of experience and a minimum monthly salary of Rs. Rs. 20,000.
For self-employed: Applicant must submit an ITR proof of the last 2 years.
*Higher age limit is applicable at the time of loan maturity.
Once you fulfil these basic eligibility parameters, you have to submit just a few documents. These include PAN card, KYC documents, bank statement, salary slips and more.
Used car loan interest in Kerala
Used car loans in Kerala come with reasonable interest rates. There are several factors that affect the interest rates, which are the borrower's creditworthiness, loan amount, and repayment tenure. It is important to compare rates from different lenders so that you can secure the most favourable terms. With Bajaj Finserv Used Car Loan, you get funds at competitive interest rates. Visit our pre-owned car loan fees and charges page to learn more about used car loan interest rates in Kerala.
Online tools such as EMI calculators can come in handy as they will help you evaluate your monthly instalments beforehand. This tool helps you in making an informed choice that aligns with your finances. You can use our used car loan EMI calculator and evaluate your instalment in just a few clicks. You need to enter some basic details such as the principal amount, interest rate, and repayment tenure. This online EMI calculator gives you error-free results instantly.
How to apply for a used car loan in Kerala
Obtaining a used car loan in Kerala is a straightforward process, designed for convenience and efficiency. Here is a step-by-step guide to applying online:
- Visit our dedicated used car loan page and click on the 'APPLY' button to kickstart your application.
- Input your mobile number and complete the verification process by entering the OTP sent to your mobile number.
- Fill in the application form with your personal details, including your full name, mobile number, and other necessary information.
- If you have already chosen a car, provide the specific details of the vehicle in the application form.
- Review your KYC details, ensuring accuracy, and make any necessary edits before proceeding.
- Schedule an appointment for additional verification if required or proceed to submit the form.
Once you have submitted the form, one of our representatives will promptly connect with you to guide you through the next steps of the process.
In conclusion, a used car loan in Kerala provides a convenient financing solution for individuals looking to own a vehicle in this beautiful state. With its affordability, quick approval, and flexible repayment options, it is the perfect way to make your dream of owning a car a reality. Ensure to assess your financial situation, compare loan offers, and choose the option that best suits your needs.
