Everything about Pre Owned Car Loan | AU Small Finance Bank
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All you need to know about Pre-owned Car Loans

    Gone are those days when car loan were given by banks only if you bought a new car from a showroom. Aaj kal agar apko second hand car khareedna hai, to bhi banks aapko loan de dete hai. Keep reading, because we’ve got all your pre-owned car loan questions covered.

     

    Question 1. What is a pre-owned car loan?

    Answer:

    It is a loan that banks or lenders give to customers who want to buy a car which was previously owned by another person.
     
     

    Question 2. How much does the bank cover?

    Answer: 

    No matter the loan you take, banks give loan for a particular percentage of the total value of the vehicle. Jaise agar apko ek car khareedni hai, to banks car ke total price ka kuch percent tak ka loan dete hai, aur rest amount aapko pay karna hota hai.
    AU Bank 100% tak loan deti hai on select assets.
     
     

    Question 3: What is the tenure of such loans?

    Answer:

    Banks generally provide pre- owned car loans for 1-5 years This means that you need to repay the loan amount within the time-frame that you have picked for yourself.
     
     

    Question 4: What is the interest rate and other charges?

    Answer:

    For any loan given by banks, it charges interest which you need to pay every month along with Equated Monthly installment (EMI). For example, apko 15% apne loan amount ka interest pay karna hota hai. Sometimes banks also charge certain processing fees for the loan taken.
     
     

    Question 5: What is the eligibility to get a pre-owned card loan ?

    Answer:

    Apko pre-owned car loan lene ke liye ye criteria fulfill karna hoga:
    1. Your age should be at least 21 years and less than 65 years
    2. You should be salaried or self-employed with regular income
    3. You need to have identity documents like Aadhar, Voter ID, etc

    The biggest challenge of this business is ownership transfer.

    Here’s a quick look at the RTO requirements:

    FORMS RTO REQUIREMENTS
    Form 20 Application for Registration of a Motor Vehicle
    Form 26 Application for Registration of a Motor Vehicle
    Form 27 Application for assignment of new Registration Mark
    Forom 28 Application for No Objection Certificate and Grant of Certificate
    Form 29 Notice of Transfer of Ownership of A Motor Vehicle
    Form 30 Report of Transfer of Ownership of a Motor Vehicle
    Form 31 Application for the Transfer of Ownership in the name of the person succeeding to the possession of the vehicle
    Form 33 Intimation of change of address to be recorded in the Certificate of Registration
    Form 34 Application for Making an Entry of an Agreement of Hire-Purchase/Lease/Hypothecation subsequent to registration
    Form 35 Notice of Termination of an Agreement of Hire Purchase /Lease /Hypothecation
    Form 36 Application for issue of a fresh Certificate of Registration in the name of the financier
    Form 60 Declaration to be filled by a person who does not have Permanent Account Number

    We really hope this detailed blog has answered all your questions around second hand car loans.

    Yeh sab jan ne ke baad, ab bas apni car chuniye, aur pre-owned car loan ke liye apply kariye.

    read more about new car loan with an interactive rate of interest 


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