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Hero FinCorp is a best-in-class provider of Financing Solutions for both certified & non-certified Used Cars.
Existing second-hand car loan customers can avail of a top-up loan against used cars for up to 175% of the existing loan value. The additional funds can be used for a variety of purposes. The loan amount, however, depends upon several factors.
Second-hand car loan customers have the option to choose between two EMI methods for a convenient repayment experience.
Under this option, the loan interest and monthly instalments remain fixed throughout the repayment tenure. This option is best suited for those who have a steady monthly income that is unlikely to change soon.
Under this, borrowers can customise their second-hand car loan EMI. Usually, the monthly instalments remain low during the initial period of the loan term and increase gradually. This option is best for people who anticipate an increase in their income soon.
Eligibility
Documents
One should be an Indian citizen with a minimum age of 18 years and the maximum age of 60 years for salaried individuals and 65 years for self-employed, by the end of the loan tenure.
The applicant should have been in a stable job for at least 1 year.
In the case of self-employed, the applicant should have been in the existing business for at least 1 year.
The loan is available for a minimum tenure of 1 year and the maximum tenure of 5 years.
A loan for a used car is available for a minimum amount of Rs 50,000 to the maximum amount of Rs 50 lakhs.
The maximum LTV on a used car loan is 90%.
Top-up loan of up to a maximum LTV of 175% of the used car loan value.
The LTV ratio or maximum loan amount depends upon various factors such as the applicant's profile and car's condition.
There is no such predefined monthly income.
Examine the car closely: A used car should be checked thoroughly by a mechanic if you are not too sure or you lack the necessary knowledge. In case of any problem with it, feel free to negotiate the price quoted by the dealer. To check for vibrations, drive the car in an area where the traffic is less.
Make sure that the paperwork is accurate: Check the registration and insurance papers of the used car carefully. The engine and chassis numbers you see on the car should be the same as those mentioned on the papers. Find out if the car had any accidents through a close examination.
Check the history of the car: While a new car is bought from the showroom and is in good shape, a used car will come with some history. So, read up on all its details online and find out if it had faced any accident or wasn’t giving good service.
Get the registration certificate transferred: After you buy the used car, make sure that the RC gets transferred to your name. Moreover, if the car was registered in a different state, you will require a NOC or No Objection Certificate. Also, if the previous owner took a loan to purchase the car, you will need a NOC.
Get the insurance transferred: Right after the purchase, the car insurance must get transferred to your name. Remember that the insurance policy will have no value if it is still in the previous owner’s name, even if you have got the RC transferred to your name.
Before applying for second-hand car financing, applicants must have the below-mentioned documents ready for submission, applicants must have the below-mentioned documents ready for submission.
Application Form
Vehicle's Registration Certificate
Passport/ Aadhaar Card/ Driving Licence/ Voter ID Card/ Photo ID issued by GOI/ Job Card issued by NREGA
Aadhaar Card/ Driving Licence/ Voter ID Card/ Utility Bill/ Lease or Rent Agreement/ Letter issued by National Population Register containing Name & Address Details
Utility Bill/ Sales Tax Regi./ VAT/ Excise/ Service Tax Registration/ Establishment and Shop Registration Certificate/ MSME or SSI Registration Certificate/ Registered Lease Agreement
Passport/ PAN Card/ Driving Licence/ Birth Certificate.
For Salaried:
For Self-Employed:
Passport Copy/ Banker's Verification/ PAN Card
Latest Salary Slips/ Bank Statement/ Form 16/ ITR/ Audited Balance Sheet/ P&L Statement
Avail finance for used cars easily from us for both certified and non-certified cars. As one of the leading lenders, we offer second hand car loans starting from INR 0.5 lac to INR 50 lac for all car brands, and flexible tenures that goes up to 5 years. The loan-to-value ratio or LTV can go up to 175% and the approval happens usually in less than 48 hours. Our used car loan interest rates are low and attractive, and the repayment options are flexible too. Other advantages include easy documentation, doorstep service, quick approvals, efficient customer service, and branches in over 240 Indian cities. Existing or past customers of Hero FinCorp can also expect more attractive used car finance rates. To be eligible for used car loans, you need to be an Indian resident above 18 years. If you are salaried, you should have been employed for minimum 1 year . And if you own a business, you should have at least 1 year experience in the same. For documentation, you need to submit valid income proofs, KYC documents and passport size photographs. So fill the form above and get your dream four-wheeler today!
