EMI calculator for second hand car

The Second hand or modified cars was sold for every new car sold in India in 2019, says a study by consultancy and market research firm of cars. With the average age of car buyers down to 22-25 years, the demand for second hand cars is high. “Banks and Finances have been very active in this space, pushing loans for old cars.” However, borrowing a car for second hand or cars on EMI may not be a simple, little difficult due to the banking process but possible.

Calculate your 2nd hand cars Loan – EMI calculator

If you are not sure what interest rate you are being charged for your 2nd hand cars loan. Read this complete and know the process.

The calculation performed by EMI Calculator of car based on the information you entered and is for illustrative purposes only. This calculation reflects the amounts in Indian Rupee rounded to the nearest whole figure. Estimated monthly payments DO NOT include any processing fee or other possible fees which may depend on the Banks/financial institutions.

All financial or Bank loan figures are based upon non-commercial usage and are subject to credit approval from an independent lending source. Actual down payment and resulting monthly payments may vary depending upon type, brand, model and use of vehicle, regional lender requirements, and the strength of your credit. Check with the seller for the exact monthly payment.

Second hand car price & Used car Loan Interest Rates Comparison, Lowest EMI Dec 2020, Best Rates

Different banks and financial sectors have different sets of rules applicable for the loans on the best milege car. However, there are some processes through which banks gauge the eligibility of the individuals. They are:

Age of the Customer: The age requirement for pre-owned car finance is 21 years to 65 years.

Customers Income: Any individual must have a regular source of income. The minimum income requirement to get a used car loan is Rs. 18,000 for salaried and Rs. 1.5 Lakh per annum for businessmen.

Customers Work Experience: If you are a salaried person, the bank may ask of minimum 1yrs of experience or any individuals and business existence of 3 years for businessmen.

Credit Score: Different Banks have different criteria’s for taking with a credit score, a credit score above 700 is considered a good score for a used car loan.

Years of the Vehicle: Banks have some terms and conditions after verified with vehicles the vehicle must not be less than 10 years at the time of loan maturity. Any second hand vehicles that are under 10 years of use, they are coming under the EMI process.

Cars on EMI in Mumbai

Are you staying in Mumbai? Now you can check your eligibility to take an EMI for your best second hand cars. There are many more online and offline platforms which are providing services for the used car and cars for rent. You can also check the listings of second hand cars in Mumbai. Online portal like Cifiyah providing the best offers on modified cars and also you can check your eligibility for EMI. It is 100% safe to buy or sell your used vehicles, here you can check the listings of the latest cars, bikes, and x trex foldable cycle price. Be aware while buying or selling online.

For more visit: https://www.cifiyah.com/vehicles/

Thank You

Safe Riding