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Documents Checklist for a Used Car Loan

By Finserv MARKETS - Apr 12,2019
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Documents Checklist for a Used Car Loan

A lot of people opt for second-hand vehicles and the reasons are varied. Some opt for it because of financial constraints, some are new learners, some because they live in different city etc. However, nobody wants to buy a second-hand car that has used a lot. Any buyer would look for a car that is in running condition and is worth spending money on. After people are done checking the technicalities, they should also look at the documents because lack of any paperwork would only be a hassle for the new owner and he/she will be held accountable.

Here are some documents a buyer should check before he finally purchases the vehicle:

Legal documents like registration book, pollution under control certificate, insurance and service book should be up to date and in order.

Road Tax or the RTO tax should be paid and should be transferred to the buyer’s name.

Within the documents check for the following:

Registration book (RC book) – Check if in the RC book the name of the state has been mentioned. The RC book should also contain other important details like, engine number, chassis number and manufacturing date etc.

Insurance certificate – The car should have third-party insurance or a comprehensive insurance. The insurance should not be old and if old or expired, it should be renewed.

And lastly, check with the insurance company if the car is a stolen vehicle or was involved in any illegal activity.

After finishing the document check, if you need financial assistance for your new purchase. You can always turn to Personal Loans.

What is a Personal Loan?

Personal Loans are short term unsecured loans that can be used for your urgent financial needs. A personal loan can be used for anything and the best part is that it is given without any collateral and based on your credit history.

Features of Personal Loans:

No Collateral – This form of loan requires no asset to be mortgaged. It is given based on your credit score and financial history, age, income etc.

Usage – This category of loan never questions the lender the purpose of the loan. It could be for paying medical bills, vacation, education fees, marriage etc.

Tenure – In Personal Loans, borrowers get up to 5 years to repay their loans. This is the reason why it is preferred by people as opposed to credit card loans or gold mortgage loans.

Process – To acquire this loan, basic documents are needed and the loan gets processed even in 48 hours at times.

Loan Amount – Based on the credit history of the applicant and the other parameters, a personal loan can be availed for any amount between 10,000 to 40 lakhs.

Eligibility:

  • The applicant should be minimum 21 years old.
  • The applicant should have regular income flow with a stable job for at least one year.
  • The applicant should be a resident of his current home for minimum one year.
  • The applicant should earn minimum 20,000 per month.
  • The credit score of the applicant should be 750 and above.

With Finserv MARKETS, you can easily apply for a used car loan online. The various benefits that you can get include a free “Car Fitness Report”, “End-to-End Car Care Services” and many more! So why wait? Apply for a used car loan with us, today!

“Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere!”

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522