mybankmantra.com

About Used Car Loan

Planning to buy a pre-owned car? mybankmantra.com provides upto 100% finance for used cars, with hassle-free processing, minimal documentation and quick disbursals. .

We also finance a used car you may want to buy from friends, family or other car-owners.

When you take a used car loan from mybankmantra.com, you are guaranteed peace of mind, because we do all the due diligence and ensure a smooth title transfer.


Our online Used Car loan application process is one of the fastest, simplest ways for you to get the funds you need to get on track towards financial freedom.

Apply for loan

Get financing for whatever you need now

Check EMI

Features of Used Car Loan

Features and Benefits:

  • Transparent interest rates:

    We offer attractive and transparent new car loan interest rates adhering to the best market practices. We assure you the best services and a good deal at the time of availing the loan. The lending rates are dependent on various factors including cost of funds, customer credentials, asset, tenure and discounts offered in the market.
  • Instant approval:

    Loans are generally approved within 24-36 hours of submission of complete documentation. In addition, no collateral needs to be provided, apart from the car against which the loan is granted.
  • Flexibility:

    We have flexible loan tenure. The tenure of our car loans is from one year to five years. The tenure can be extended to seven years for select models.
  • Repayment:

    Repayment period upto 84 months

Used Car Loan - Eligibility

Any salaried, self-employed or professional Public and Private companies, Government sector employees including Public Sector is eligible for a Used Car loan loan.

Age

Maximum age of applicant at loan maturity: 60 years

Income

Minimum Net Monthly Income: Rs 15,000

Credit Rating

Applicant should have the bank specified credit score.

Frequently Ask Questions

We have published some of the FAQ's for general guidance, information and assistance of users.In case your unable to get your answers please write to us at info@mybankmantra.com.

A lot of financial institutions offer up to 90 per cent of the car value as auto loan. However, the final value might vary with lender. They check factors such as vehicle cost, type and value in second hand market while deciding the amount of loan to offer. Some banks might even lend 100 per cent of the car value.

Typical tenures for car loans range from 1-5 years. You can opt for a lower tenure loan if you can service a higher EMI (equated monthly instalment) or a higher tenure loan if you cannot afford high EMI. Some lenders also offer loan tenure up to 7 years.

If all the required documents are in order, your process moves fast. You need to submit requisite documents like salary slip, tax returns, proof of residence, bank statements etc. The processing will take between 2 to 7 days.

The required documents for Used Car loan vary from one financial institution to another, some of the key documents that you would need to provide with your Used Car loan application include:
KYC Documents : Proof of Identity; Address proof; DOB proof.
Proof of Residence
Income proof.
Latest 6 months Bank statement.

Below is our Registered Office Address:

A-8, 1st Floor Priyadarshni Vihar,
Above AU small finance Bank,
Delhi - 110092
Email - info@mybankmantra.com

Top