Unlock Best Used Car Loan Offers From My Mudra
Verify Captcha
It's a significant concern to own a car, but My Mudra knows the value of it, and hence we offer flexible and low-value finance options for those who really want to purchase a second-hand car. Using our easy-to-avail and easy-to-service Used Car Loan options, you can rest assured that your used car buying experience is going to be hassle-free and stress-free.
Our loans include competitive used car loan rates of interest and payment options customised as per your budget. My Mudra Used Car Loan applications are quick and simple. Apply for a Used Car Loan with My Mudra today and turn your dream car into reality.
Here are some advantages which make used car loan buying through My Mudra easy and affordable. Following are a few features of used car loans online:
Why choose My Mudra Used Car Loans?
Used Car Loans by My Mudra can be a very convenient option for you.We make it easy for you to own a car by having flexible loan terms, low interest, and fast approval.
Here are some of the benefits that you are likely to enjoy with My Mudra Used Car Loans:There is flexibility in the disbursal of an amount of loan that is based on the value of the pre-owned vehicle that has been sold. That enables the borrower to take an amount that could meet their budget as well as needs.
My Mudra, easy repayment options help you choose any loan period based on your repayment capability.
The process of taking a loan is quite swift, and once approved, the amount is transferred very promptly so that you do not waste any time to finalise your deal.
Pre-Owned Car Loans demand significantly less paperwork as compared to other loans, which reduces the time of application process.
Documents Required for Used Car Loans
When a person is applying for a used car loan, one has to submit certain documents. They are mainly to validate a person's identity and income as well as the vehicle's details. These give the lenders an idea about his eligibility so that the loan approval is smooth.
Here are some of the important documents that are required:- Registration Certificate of Vehicle
- Proof of Identity (any one): It consists of the PAN Card, Passport, Aadhaar Card, Voter's ID Card, Driving License.
- Age Proof (any one): Aadhaar Card / Pan Card / Passport/ Birth Certificate/ 10th Marksheet/ Bank passbook/ Driving License
- Residence Proof (any one): Bank pass book, voter id card, ration card, passport, telephone bill, electricity bill, water bill, Gas connection bill
- Bank Statement: Three months salary account statement is required for the salary account holders and six months bank account statement for the self employed people.
The interest rates of Used Car Loans in Delhi may vary for you depending on several factors such as the credit score, the loan amount applied, and the loan tenure. Generally, used car loans have a slightly higher rate compared to new car loans.
In case you have an excellent credit score and stable repayment capacity, you can get some of the best interest rates. In order to get the highest loan amount, compare interest rates provided by various lenders in Delhi.
Evaluate the cost by using a used car loan calculator from a financial point of view. It will help you to know about the cost of used car loan and EMIs, thereby making the monthly instalment easy going and manageable. You can easily compute the monthly EMIs, the interest you will have to pay, and the total amount you pay with a used car loan.
On an EMI calculator you can put the amount under principal loan, interest rate, and loan duration to know your EMIs. Adjust the duration and amount of loan according to your financial needs and obtain an appropriate range of EMI.
Frequently Asked Questions
A used car loan is meant strictly for the purchase of a pre-owned vehicle.
My Mudra Used Car Loans offer various benefits such as better financing and more flexibility in repayments.
You can make an online application for Used Car loans through My Mudra's website. It's simple and hassle free. You just have to submit your contact details on our website.
Our team will upload your application along with all the documents needed to apply for a used car loan in India.
We will soon analyse your profile after uploading your application. We shall get in touch with you soon to close your loan.
It takes anywhere from a few hours to a day for processing the online used car loan.
Your loan will be approved within fewer than 72 hours after our evaluation of your online application.
Below are some recommendations that guide you through sourcing your most affordable used car online:
- Clear all pending debts before making the application and increase the chances of approval.- Check if your credit update is good before you make any applications for a loan on a used car online.
- Increase the down payment to reduce your monthly payments.