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Tata Capital > Blog > Loan for Vehicle > What Is the Eligibility Criteria To Get A Used Car Loan In Delhi

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What Is the Eligibility Criteria To Get A Used Car Loan In Delhi

What Is the Eligibility Criteria To Get A Used Car Loan In Delhi

Being a Delhiite comes with its fair share of bonuses, one of them being that you’ll never run out of places to be or things to do. However, the capital city also happens to be the most densely populated city in India, which means travelling can be a huge hassle. That’s why it’s recommended to have your own car, as you can move around comfortably instead of waiting endlessly for the over-crowded public transport to show up.

However, purchasing a car can be an expensive affair. But a used car, on the other hand, won’t burn a hole in your savings. Therefore, it’s much more economical to go for a second-hand vehicle rather than a new one.

Even though used cars are usually less expensive, the price tag could still be hefty. But fret not! Tata Capital provides hassle-free and affordable used car loans in Delhi you can opt for to bring your dream car home.

What are the eligibility criteria to get a second-hand car loan in Delhi?

Though the basic guidelines may vary between lenders, some conditions remain the same. Tata Capital's criteria for include:

  • You must be in the age bracket of 21-65 years
  • You must be earning at least Rs. 20,000 per month
  • If you're self-employed, you must have an income of at least Rs. 2,00,000 per annum
  • You must have at least one year of work experience
  • You must have a stable business status of at least three years

Additional Read: Tips to make used car loan application process easy

How to get used car finance in Delhi

Getting a used car loan is easier said than done. The process entails load of planning and research on your part as a customer. You’ll have to shop around a lot, compare repayment terms, and find out what works best for you.

That’s why it’s wise to compare used car loan interest rates, available repayment options, and tenures offered by a lender before coming to a decision. Moreover, make sure that your credit score is also adequate before reaching out to your preferred lender. Applying with a low credit score can delay your loan approval. Also, ensure that you meet the eligibility criteria before filling the application form.

Additional Read: 5 Reasons Which May Be the Reason of Your Used Car Loan Rejection and How to Fix It

Wrapping up

Once you’ve made sure that you meet the eligibility criteria, you can file the loan application. While applying, you’ll also have to submit the relevant documents along with the application form. Once your loan application is approved, and the loan is sanctioned, you can visit your desired car dealership and bring your dream car home.

If you’re looking for a second-hand car loan, you’re in the right place! At Tata Capital, we make the process of applying for a second-hand car loan hassle-free. Along with that, we offer flexible tenures, attractive interest rates, and customisable repayment options.

Know how your EMI repayment schedule will look like by using our used car loan EMI calculator here.

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