Ahmedabad is the largest city in the state of Gujrat with a population of about 6 millions. Therefore buying a new or a used car is a sane idea. Buying a used car fetches you benefit of lower cost of the car, lower registration charges, and lower insurance charges. If you are planning to buy a used car there are a multiple things you can be benefitted from some of which are enlisted as under:
- Loan Amount- The loan amount offered by banks is upto Rs.12,00,00,000/-. Customers are offered 75% to 90% finance for purchase of used vehicles. The loan amount that is granted also depends upon the eligibility of the customers applying for the used car loan.
- Rate of Interest- Certain banks charge rate of interest of 13% per annum for purchase of a used car which is as good as borrowing a personal loan; whereas the others charge interest as high as 17.75% per annum. Borrowing any loan at lower rate of interest will ensure that your overall loan deal is cheaper.
- Loan Tenure- Some banks offer used car loans for loan tenure of 60 months whereas others offer used car loans for longer loan tenure of 84 months. Opting for longer loan tenure can make your EMIs really affordable.
- Processing Fee- Certain banks charge a fixed amount as processing fee towards the processing of your loan, whereas other banks charge 0.50% to 2% as a one-time processing fee towards the processing of your loan. Certain banks also offer a waiver on processing fee depending on the client or the scheme that is going on in the bank.
- Fore-Closure Charges- If at any point of time during your loan tenure you feel like closing your loan account you can do so by paying the entire amount; however depending on your bank you may be charged penalty for closure of your loan account. The fore-closure penalty normally ranges between 5% to 10% which is charged as per the loan document and the decision of the bank. There are banks that charge Nil processing fee towards closure of your loan account in the middle of your loan tenure.
Where and how to apply for Used Car Loans?
- You can apply for used car loans at Letzbank portal; all you are required to do is to visit www.letzbank.com.
- Once you are done you need to click on the Used Car Loan Section and you will be able to view used car loans offered by leading banks in the country.
- All you need to do is to compare various used car loan deals and shortlist the best deal that would fit your budget.
- You can also calculate your EMI online at Letzbank by making use of EMI calculator – Once you use EMI calculator you will be able to see the EMI you will be charged and the entire loan stages throughout the loan tenure.
- E-document locket at Letzbank allows you to keep and e-save your documents online and thus you can come back and apply for any loan without the hassle of submitting the same documents again and again.
- Letzbank does not charge any service fee towards the processing of loan document.