Earlier, there used to be a negative connotation or hesitance around purchasing a secondhand car — folks tend to picture a tarnished and rusty bucket on wheels that coughs and splutters while rumbling down the road, emitting liberal amount of smoke. However, recent statistics shed a positive light on this view - the used car market is thriving. This is especially true for Delhi post demonetization. Modi government’s drastic and abrupt step to demonetize 1000 and 500 rupee notes proved to be a bonanza for the used automobiles market in the capital. It was noticed that in the unorganized vehicle trade sector, the prices were slashed down to 35 percent. Mind you, a pre-owned car can still you cost a few lakhs depending on the model you choose. Though banks happily offer loans for new cars, they are reluctant to finance old vehicles, mainly due to its depreciating value. Most people have to rely on personal loans with slightly higher interest rates, to pay for the vehicle.
WHY THERE IS A RISE IN USED CAR SALES IN DELHI - DISSECTING THE TREND:
It predominantly comes down to the age factor. The age of an average secondhand car in Delhi is getting younger, thanks to the nonstop launching of new and improved models by well-regarded automobile companies. A high-paying job straight out of college ensures that people can afford their dream car far more quickly. They are capable of constantly upgrading it too. Many millennials don’t prefer to keep a car for more than two or three years. They prefer to sell it off and buy better and bigger cars – meaning those who don’t earn as much can also own an-almost new car at affordable prices. Whether you are planning to purchase one from old car dealers or individuals, a used car in good condition can save you lakhs.
HERE IS WHY YOU SHOULD CONSIDER BUYING A PRE-OWNED CAR:
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Highly economical
Buying a second hand car is definitely more economical than buying a new car. Generally a pre-owned car could save you as much as 30-40% of the cost of a new car
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Dependability
Modern cars are well-engineered and there haven’t been too many complaints in this regard. Still, it is better to check it thoroughly yourself as well as by a mechanic.
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Depreciating Investment
The value of a car will only depreciate over time. Hence, it is sensible to invest in a pre-owned car rather than buy a new one and pay double the amount for it.
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Best way to improve and perfect your driving
Car driving is a skill acquired over time with practice and more practice. It is better to subject an old car to those scrapes and scratches than a new car.
BENEFITS OF QBERA SECOND HAND CAR, BIKE & AUTO LOANS IN DELHI
Another factor that helps the case of used cars is, new age alternate lenders are promoting them by offering people quick personal loans to finance their dream cars. Customers do not have to go through the added hassle of getting a personal loan or a used car loan from banks as they take days to process the application. As for secondhand car loans from banks, they usually fund only Certified Pre-owned Cars and such loans are usually secured in nature. Qbera’s car loans are unsecured loans and you do not have to pledge your vehicle at all here. Qbera is a Bangalore-based alternative lender that has recently opened branches in other metro cities like Delhi and Chennai. We present a great and feasible option of people who seek easy and painless used car loans in Delhi.
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Get quick loans from Qbera
At Qbera, we are committed to providing you a second hand car finance, Second Hand Car, Bike & Auto Loan or a used car finance in the easiest and fastest possible way; so that you can drive home your dream vehicle today.
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Loans up to ₹5 lacs
We are willing to finance up to five lakhs to help you become a proud car owner. With Qbera, there is no requirement for you to pay a certain percentage as down payment.
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Same day Disbursal 2nd Hand Car Finance
You enter your personal info and upload the necessary documents (ID proof, employment proof and bank statements) and we will do the rest. Once your CIBIL score and all the submitted documents are verified, the amount will be credited instantly.
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Stellar support to customers
You can connect with us via chat, whatsapp, phone and email during business hours and we will answer all your queries regarding Personal loan in Delhi. Reach us on whatsapp at +91 89719 28484 or chat with us on our website or email us.
HOW TO APPLY FOR A USED CAR LOAN IN DELHI VIA QBERA
With the growth in the car market over the last few year financial players are now offering attractive finance options for the purchase of used cars. Get it done the Qbera way in 5 steps:
- Just log on to Qbera.com and fill in the application form (it barely takes 5 minutes)
- Upload your bank statement on the website
- Qbera gives you an offer within 4 hours
- Our representative will come and collect the documents
- Money transferred to your account in less than 24 hours
Qbera may be able to help when you need it the most. Apply now for a smart hassle-free loan in delhi.
1. What is the tenure of a personal loan from Qbera?
The loan tenure at Qbera is a flexible one and it ranges from 1 to 5 years (12 to 60 months).
2. What is an EMI?
It is the fixed amount that a borrower pays to the lender on a particular date every month. An EMI includes the principal and interest charged on a loan.
3. What is the minimum and maximum loan amount that I can get from Qbera?
The loan amount ranges between Rs. 25,000 to Rs. 10 Lacs.
4. What is unique about Qbera?
Our technology and lending partnership allow us to offer a world-class experience to our borrowers:
- Paperless application
- Instant lending decision
- Digital verification of income, employment and residence
- Disbursement of loan within 24-48 hours
Our CIBIL score cut-off is 625 and we can give loans to employees of more than 9 lac companies in India. Now you don’t have to get rejected by banks just because they have not analyzed and categorized your employer.
5. What should be my age to apply for a loan with Qbera?
You must be at least 23 years old to apply for a loan.
6. What should be my minimum salary to get a loan?
Your net monthly income must be Rs. 20,000 or more.
7. What should be my CIBIL score cut-off for a personal loan?
Our CIBIL score cut-off is 625 (V2 score).
8. What is the rate of interest charged on a personal loan?
Rate of interest depends on a borrower’s income, CIBIL score, employer, age etc. Qbera collects information from your application form and various other data sources to create a personalized loan offer for you. Our interest rates start at 11.99%.
9. What is the eligibility criteria to get a loan from Qbera?
To get a loan from Qbera, a borrower should meet the following eligibility criteria:
- Must be a salaried employee.
- Age must be between 23-55 years.
- Net monthly income must be Rs. 20,000 or more.
- No defaults in the last 24 months.
- You must be residing in Delhi/NCR, Bangalore, Pune, Chennai, Mumbai or Hyderabad.
10. How do I apply for a loan online?
To apply for a loan online, click here. For queries, please Whatsapp us on +91 89719 28484.
11. What are the documents required to get a loan from Qbera?
The following documents would be required after your loan is digitally approved:
- Aadhar Card
- PAN Card
- 4 cheques from your salary account
- Current address proof
- Permanent address proof (in case the permanent address is different from the address on Aadhar card)
- Passport size photo
12. What is the processing fee charged on a personal loan by Qbera?
The processing fee ranges between 2% - 4%.
13. How can I repay my loan?
Qbera provides easy repayment of its smart loans through automatic debit of EMIs via NACH mandate.
14. Why was my loan application rejected at Qbera?
Although we have one of the best approval rates in the industry, we may have to reject some applications if they do not meet our basic qualification criteria. You can re-apply after 3 months in case you think that your credit profile has improved.
15. Can I re-apply for a loan?
Qbera requires you to wait for at least 3 months before re-applying for a personal loan.
16. How much time does Qbera take to process a loan application?
It will not take more than 10 minutes to fill up your online application form. Our technology allows us to disburse the approved loan amount within 24-48 hours.
17. Is part/prepayment allowed on my personal loan?
We do not allow part-payments. However, you can prepay your loan after completing 1 year of repayment. (Foreclosure charges: 5% + GST applicable).
18. Do I need to submit any collateral to get a personal loan from Qbera?
All personal loans offered by Qbera are unsecured. Hence, you need not submit any assets or property to secure a loan.
Interest Rate & Other Charges
Interest Rate
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11.99% to 35.99%
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Processing Fee
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1% to 5% of total loan amount
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Loan Amount
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₹1,00,000 to ₹15,00,000
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Loan Tenure
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12 to 60 months
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Step 1: Online Application Form
Get approved instantly
Fill out our online application form by answering a few questions about yourself, your employment, your education, expenses and needs. This process would take no longer than 10 minutes.
Step 2: Connect bank account
Submit your bank statements
Connect securely to your bank via netbanking and submit bank statements as part of the easy loan application form. Alternatively, you can upload bank generated pdf bank statements.
Step 3: Loan term
Choose your Loan Term
Using our proprietary Credit Scoring Algorithm we determine your loan eligibility in real-time. Our algorithm uses the information about you, to determine your future potential and help you get the best rate instantly.
Example: A
loan offer of
₹2 lac, for a
tenure of
3 years at an
interest Rate of
16.6% (on a reducing principal) and a
processing fee of
2.5%.
Translates to:
- Processing Fee deduction of ₹5000 (2.5% of 2 Lacs) from loan amount, thus, the amount credited to your account will be ₹1.95 Lacs
- EMI of ₹7091 per month
- Total payable amount in 3 years = 36 times ₹7091 = ₹2,55,276
- Total Interest paid in 3 years = ₹55,276, hence, annual interest paid = ₹18,425 (which translates to an effective flat annual rate of interest of 9.21%)
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