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Tips To Make The Used Car Loan Application Process Easy

Applying for a used car loan is easier than you think. Whether you are salaried or self-employed, just follow these steps.

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Tips To Make The Used Car Loan Application Process Easy

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  1. Tips To Make The Used Car Loan Application Process Easy

  2. Select Your Dream Car • Explore the options in the market • Always check for car documents, liens, car age, etc.

  3. Fill Up Your Application Form • Check the eligibility criteria • Keep your documents handy • You can apply either online or offline

  4. Finalise The Loan Amount • Compare the costs and fees associated with your loan • Choose the EMI and tenure that suits your budget

  5. Documents Submission • After document verification, the lender will disburse the loan amount

  6. Required Documents For Salaried & Self-Employed- • Identity proof and address proof • Income proof (different for salaried and self-employed) • Copy of vehicle registration certificate • Utility bill • Copy of signature with signature proof (for self-employed)

  7. Eligibility Criteria- • You should be between 21 and 65 years • Must have a minimum monthly income of Rs.20,000 • Minimum one year of job experience for salaried and three years in business for business owners

  8. Used Car Loan Features • Minimal documentation • Loan amount up to Rs. 50 lacs and LTV ratio up to 80% • Flexible EMI and loan tenure • Low interest rate

  9. Tips To Get An Affordable Pre-Owned Car Loan

  10. Compare Lenders • To get the best deal, check for rates and offers with different lenders

  11. Double Check Documents • Always verify the registration number and VIN • Check insurance papers

  12. Maintain Healthy Credit History

  13. Condition of Car • Avoid purchasing a car that has previously met with an accident

  14. Warranty Check • Go for a car that is in the warranty period.

  15. Conclusion Used cars are cheaper and have low insurance cost. Buy one with a used car loan.

  16. Thank You !Would Love to Hear From You Hero FinCorp Limited 09, Basant Lok, Vasant Vihar, New Delhi - 110057 Tel. 18001024145 Email Id: Corporate.Care@HeroFinCorp.com Website: https://www.herofincorp.com/ Know more- Tips To Make The Used Car Loan Application Process Easy

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