Nestled along the banks of the Vaigai river, Madurai, a city steeped in history and culture, is making remarkable strides towards modernisation. Known for its vibrant festivals, Madurai is witnessing a significant transformation in its transportation landscape, with the increasing popularity of used cars. As the demand for personal mobility rises, residents are turning to the convenience and affordability offered by pre-owned vehicles, sparking a surge in the used car market.
Used car loans in Madurai
To meet the rising demand for used cars in Madurai, financial institutions are offering specialised used car loans. These financial products are designed to provide residents with the necessary financial support to realise their dreams of owning a vehicle. Bajaj Finance, one of the leading financial institutions, offers used car loans that come with simple eligibility criteria and minimal documents. Read on to learn more about the features and benefits of our used car loans.
Features and benefits of our used car loans in Madurai
Asset-based financing
You can obtain funds up to 115% of the car's worth at competitive interest rates with our asset-based financing.
Fast disbursal facility
You will receive the required funds within 48 hours* of approval thanks to our quick disbursal facility. This feature ensures that you can bring your dream car home without any delay.
High-value loan
Get funds up toRs. 1.02 crore with Bajaj Finserv Used Car Loan. This significant loan amount allows you to acquire the used car of your choice, aligning perfectly with your preferences and requirements.
Long repayment tenure
Manage your loan repayment efficiently with a long repayment tenure of up to 84 months. This extended tenure allows you to spread the cost of your used car into manageable monthly instalments.
Doorstep document collection
With our doorstep document collection facility, you can submit the required used car loan documents to our representative from the comfort of your home.
Flexi Loan variants
Bajaj Finance offers unique Flexi Loan variants. You can withdraw funds from your Flexi Loan account as many times as you need and part-prepay when you can at no extra cost.
Additional read: Top four benefits of a pre-owned car loan
Eligibility criteria for used car loans in Madurai
Securing a used car loan in Madurai requires meeting specific eligibility criteria, which encompass factors such as age, credit score, and income prerequisites. Bajaj Finance provides used car loans with simple eligibility criteria. You can qualify for a high-value loan by meeting these basic parameters.
Nationality: Indian
Age: 18 to 80*
CIBIL Score: 700 or higher
Salaried individuals: Individuals should have at least 1 year of experience and a minimum monthly salary of Rs. Rs. 20,000.
Self-employed individuals: Applicant must submit an ITR proof of the last 2 years.
*Higher age limit is applicable at the time of loan maturity.
Additional read: Factors that affect your used car loan eligibility
Used car loan interest rates in Madurai
Interest rates for used car loans in Madurai can vary among different lenders. Bajaj Finance offers used car loans that come with competitive interest rates and flexible repayment options. To know more about our interest rates on used car loans, please visit our fees and charges page, where you can find detailed information.
How to apply for used car loans in Madurai
- Applying for a used car loan with Bajaj Finance is a straightforward process. You can follow these easy steps to fill in the application form.
- Navigate to our dedicated used car loan page and select the 'APPLY' button.
- Enter your 10-digit phone number and complete the verification process using the OTP received.
- Furnish essential basic details, including your full name, email address, and other required information.
- Include information about the specific car that you have selected for yourself.
- Review and update your KYC information as necessary. You can also choose a convenient time for further verification.
Once you submit the application form, our representative will promptly reach out to guide you through the remaining steps. With competitive interest rates and a straightforward application process, Bajaj Finance ensures a convenient borrowing experience.
