Used Car Loan

A car of your own would increase the quality of your life exponentially, right? No more haggling with auto drivers first thing in the morning, no hoping that the Uber Pool will not have anyone to share the drive, making it that much longer to get home after a long day at work. Your own car would mean that you don’t have to depend on anyone while trying to get from point A to B. It would also make you look that much cooler among your friends and responsible among the elders. Finally, having your own car is a huge step in life. After all the time and effort you have put in at work, you deserve a little self-pampering right? The only problem is that purchasing a car is no small buy. The total cost can come up to quite an amount, especially if you go for a brand new car. Many experts suggest that buying a second hand car is a wiser investment because cars depreciate so quickly, and the depreciation is steepest in the first few years. That means that if you buy a second hand car, you will be missing out on this steep depreciation. In addition, second hand cars are much cheaper than first hand cars. That means that you won’t be burning a huge hole in your pocket to have your own car. With Qbera’s personal loan, your dream of owning your very own car is not only within reaches, but very simple as well. 

Used Car Loan Eligibility Criteria

You are eligible for a Second Hand Car Loan from Qbera if:

• You are employed and earning a minimum of ₹20,000.
• You are between 23 and 55 years.
• Have a credit score of minimum 625.

Documents required for Second Hand Car Loan after digital approval

• PAN card
• Aadhar card
• Current Address Proof
• Permanent Address Proof (in case the permanent address is different from the address on Aadhaar card)
• 4 Cheques from your Salary Account

Used Car Loan Interest Rate

• The used car loan interest rate that we charge ranges from 11.99% to 24%.
• The exact amount depends on certain factors such as your ability to pay back, history of past repayments, work experience, credit score, profession and age.

How to Apply for a Used Car Loan

Getting a personal loan for a used car is an easy process that will take too little of your time. Here's how you can apply for a used car personal loan:

1. Login to the Qbera website and fill out necessary details. Choose your loan amount, the purpose of your loan, etc. - this should take you just about 5 minutes to complete. 
2. Provide your bank statements by providing your netbanking details via a secure channel. 
3. You will subsequently receive a customized loan offer within 4 hours. Your loan offer will depend on various parameters including your income, current credit liabilities and your credit score. 
4. If required, a representative from Qbera will come and collect your documents. Note that this doesn't happen in every case. If your credit score is good and other parameters of your profile are satisfactory as well, physical collection of documents will not be necessary. 
5. Once you receive a final approval from Qbera, you will receive the loan amount to the beneficiary account within 24 hours. 

Features & Benefits of Used Car Loan

• Collateral free loans
  Qbera offers collateral-free unsecured personal loans to salaried individuals. No asset or valuable needs to be pledged in order to secure the loan. 
• Quick and digital processing
  The application process for a Qbera used car loan is quick and hassle-free, and the entire process can be completed online. Documents and address are verified digitally, therebyt greatly reducing turnaround time. The loan application process can be completed in under 5 minutes. 
• Up to 100% financing
  Qbera will fund almost the entire value of your vehicle, depending on your income, credit score and other eligibility parameters. Qbera offers instant loans for used cars of up to Rs. 10 lakh, depending on your income level and monthly repayment liabilities. 
• Choose your loan tenure
  You can choose a tenure from 12 months to 60 months. Depending on your loan amount and your repayment capacity, you can opt for longer tenures if you want to have lower monthly repayments, and shorter tenures if you want to lesser interest with higher repayments. 
• Same day loan processing
  Your loan will be processed on the same day after you apply, submit your documents, and receive approval. Note that after your final approval, the amount will reach your registered bank account within 24 hours.  
• Transparency
  The loan application process is transparent from start to end. All charges including the interest rate on your loan, monthly repayment amount and other charges including processing fees and administrative fees will be made known to you, with no information being hidden. 
• Top-quality customer service
  Qbera's customer support staff is available between 10:00AM and 6:00PM IST on weekdays, and between 10:00AM to 1:00PM on weekends. Our staff can be reached via whatsapp at +91 89719 28484, by chat on the website or through email via [email protected] 
• Confidentiality of information provided
  Qbera ensures that all the information provided by you isn't shared with anybody. Moreover, Qbera uses enhanced security frameworks to ensure that information you provide is safe and secure in every possible way. 
• Credit score threshold
  You can apply for a personal loan to purchase a used car even with a low credit score of 600.