Many leading banks and NBFCs in India offer easy used car loan. It’s a type of secured mortgage loan. One can buy a used/second hand car by taking this special loan. The tenure for used car loan ranges from 5 to 7 years where as the interest rate starts from 15.50%. Banks and NBFCs provide 50% to 60% finances of the required loan amount. The required documents list and eligibility criteria to get a used car loan are very easy.
Know why you should get a used car loan.