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Used car loan - Zavron Finserv

A used car loan is availed when a customer wants to purchase a used car from a dealership. The loan provider pays the amount in full to the dealership which is due after down payment<br>

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Used car loan - Zavron Finserv

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  1. USED CAR LOAN

  2. What is a used car loan • A used car loan is availed when a customer wants to purchase a used car from a dealership. The loan provider pays the amount in full to the dealership which is due after down payment • Later on the customer can pay a fixed amount of EMI (Easy Monthly Installment) which consist of equally the distributed principal amount and the rate of the interest amount which the customer pays every month for a pre-decided amount of tenure

  3. Example of Car loan • Ravi wants to purchase a car which amounts to 5 lacs as per the dealer and market value of the car. Ravi avails an instant car loan from ZavronFinserv by paying a down payment of Rs. 1 lac. ZavronFinserv pays the due amount of 4 lacs to the dealer on behalf of Ravi • Now Ravi will pay off the loan from ZavronFinser for 4 lacs with an EMI (Easy monthly installment) which includes the principal amount and interest due which is decided in the loan agreement • His loan tenure is 3 years so for 36 months he will pay the EMI and repay the complete loan amount of 4 lacs

  4. Used Car Loan Eligibility 1. Salaried Individual: • Minimum age for a loan application: 21 years • Maximum age of loan maturity: 70 years • Income: 2.4 lacsp.a and above • Proof of income: As per latest salary slip or Form 16 • Employment: Minimum 1 year of continues employment 2. Self Employed: • Minimum age for a loan application: 18 years • Maximum age of loan maturity: 75 years • Income: 1.8 lacsp.a to 2 lacsp.a of business income • Proof of income: As per latest ITR • Employment: Minimum of 3 years in business

  5. Documents Required • Age Proof: Driving license, Aadhar Card or Birth Certificate • ID Proof: Any valid and government approved ID proof (driving license, aadhar card, PAN card etc) • Loan Application Form duly filled • Clear passport size photographs of the person who applies for loan • Income Proof: Salary slip, ITR, Form 16 or Bank statements • Cheques for ECS • Down payment receipt

  6. FAQ’s for Used Car Loan 1. How much amount of loan can I get for a used car? • The loan amount sanctioned depends on the price of the car and down payment made for the same also you need to make sure the market value of the car is the same as the dealer is offering. A loan is given based on the market value of the car. In most cases, you get a loan up to 80% or 70% of the car’s market value 2. How long does it take for a loan to get approved? • If the documents are clear then the loan gets sanctioned fast 3. Can I pay a higher down payment and avail a lower loan amount? • Yes, you can pay a higher down payment if you want and get a loan on the remaining amount 4. Can I close the loan early than the tenure? A. This depends on the loan agreement, if you are eligible for pre-closure then you can avail it but there is a particular amount of pre closure charges which you need to pay

  7. Address: 125,Zavron finance Pvt. Ltd Maharajbaugh Road, Sitabuldi, Nagpur -440012 Email ID: info@zavronfinserv.com Contact Number: +712-2520007 www.zavronfinserv.com

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