Used Car Loan in Pune

Buying a new car in Pune can be a costly affair. But not a second-hand car! A used car costs lesser and nowadays has a warranty as well. Isn’t that a great deal? The ambiguity involved in buying a used car is too high that sometimes why we defer buying it. Apply for a used car loan in Pune. Qbera is a leading online marketplace that provides attractive features on personal loans.

What is a Second-hand Car Loan?

It is a personal loan specially designed for people who want to buy second-hand cars. You can borrow instant funds to pay for a second-hand car and pay for it through EMIs at a fixed rate of interest. If you are living on a budget and plan to save more, then a second-hand car is the best solution. Though there are numerous lenders for a second-hand car loan in Pune, Qbera offers competitive interest rates and loan disbursal in 24 hours. You must know that a used car offers value for money and slow rate of depreciation. Qbera provides used car loans to salaried individuals earning a minimum monthly income of RS. 20,000.

Benefits of a Used Car Loan in Pune

1. Budget Friendly 

2. Though the used car may not be as brilliant as a brand new model, it is the best asset that will add value to your money. It is affordable and you will pay less EMIs compared to a new one. Eventually, you don’t need to borrow a large amount.

3. Hassle-free 

4. The long procedures involved in a new car loan can be avoided. Used car loans are now available online. No need to make frequent visits to the branch office for loan approval.

5. Low interest rate 

6. The interest rate offered by Qbera is less and ranges between 14 – 24%. You can get a better deal if you have a very good credit score.

Things to check before buying a Used Car

Here’s a quick guide that will help you make a convinced decision of buying a used car.

1. Check the papers
   Check the insurance papers of the second hand car. It will let you know about the previous accidents and damages. Check whether the registration papers of the car match with the vehicle engine number. Also check the original owner of the car with the details mentioned in registration papers.

2. How old is it actually?
   A middle-aged car (3-5 years old) is a good buy. Used cars which are flogged above 18000 km a year are risky. Check condition of all the 4 tyres. They should be equally worn out.

3. Internal parts
   The most crucial parts – the engine, the brakes, spark plugs etc. These need to be checked with a test drive. If you are not an expert, take your own mechanic along. Also don’t forget to pay him for the internal checks and under-body damages you can’t do.    

4. Check the model
   Do good research over the used car model. Look for its resale values in the market. Veritable sellers will always provide a vehicle history report. Also don’t forget to read the consumer reviews about your car model. You’ll learn genuine feedback.

5. Negotiate
   This is one of the attractive benefits that a used car carries along. If you know exactly how much you should pay for the used car, you can negotiate well with a better price. But don’t forget it should be a ‘win-win’ for both. Or you might lose a great deal.

Eligibility Criteria for Second-hand Car Loans in Pune

To be eligible for a personal loan with Qbera you must be:

1. In the age group of 23 to 57 years.

2. Working for a private limited company or a public organization.

3. Have a net monthly income of Rs. 20,000.

4. Not a defaulter in the last 24 months.

Used Car Loan Interest Rate & Other charges

The interest rates charged by Qbera are on par with the current market rates. Their interest rate ranges between 11.99% - 24%. The processing fee charged is 2-4%. Other charges such as prepayment charges, part-payments, late payment charges are based on RBL norms.

How to Apply for a Second-Hand Car Loan with Qbera?

1. Use EMI calculator at Qbera.com to find out your EMI.

2. Check your eligibility using the eligibility tool at Qbera.com. It hardly takes few minutes.

3. Fill the online application form. And upload the necessary bank statements.

4. Wait for a quote which will be with you within few hours of application.

5. Make sure you keep all the documents ready. Because a customer representative will be at your doorstep to collect them.

6. If your loan gets approved, the loan amount will be disbursed within 24 hours.