Used Car Loan in Delhi

Delhi NCR, known for its bustling streets and historical charm, makes car ownership a practical alternative to crowded public transport. However, challenges like high down payments, delayed approvals, and limited loan coverage for older cars remain common.

There are different platforms available which address these with fast disbursals, minimal paperwork, and financing options that often cover the full cost of the vehicle. From buying your first car to upgrading to a better model, enjoy affordable EMIs and a hassle-free loan experience tailored to your needs in Delhi.

Check the applicable used car loan interest rate in Delhi before applying. Review the interest rates and other charges to make sure you can manage the finances comfortably throughout the repayment period:

Disclaimer: The details mentioned above are subject to change at the lender’s discretion.

Lenders set some parameters to determine your repayment capacity. You typically need to fulfil the following requirements before applying for a used car loan:

• Age Limit: You must be between 21 and 65 years old at the time of application

• Minimum Credit Score: A CIBIL score of 730 or higher will improve the chances of approval and offer better terms

• Nationality Requirement: Only Indian citizens can apply for a used car loan

• Eligible Occupation: Both salaried and self-employed individuals with stable income can apply

• Work Experience for Salaried Applicants: Salaried individuals should have at least 1 year of continuous employment, with proof such as an offer letter or salary slips

• Minimum Income Criteria: Lenders usually require a minimum monthly or annual income, which may vary based on loan amount and employment type
  

To apply for a used car loan in Delhi, submit the following documents for verification:

• Aadhaar Card, Passport, or Voter ID (as KYC proof)

• PAN Card (mandatory)

• Employee ID card (if salaried)

• Latest salary slips (for salaried applicants)

• Recent bank statements (3–6 months)

• ITR/Form 16 or income proof (for self-employed)

• Vehicle registration certificate (RC)

• Vehicle insurance copy

Every lender has their own process to submit a car loan application. However, generally you need to use the following simple steps to apply for a used car loan online:

1. Visit the official website of the lender. 

2. Go to the ‘Loans’ section. 

3. Select ‘Used Car Loan’ and check the available offers. 

4. Enter your mobile number and PIN code. 

5. Read and accept the terms and conditions, then click on ‘Proceed’ or ‘Submit’ to complete your application.

6. After the submission, a loan representative will contact you for the next steps.