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Used Car Loan

A Used Car Loan is an amount that an applicant can borrow from a Bank/Financial Institution to purchase a used car for their own use. Applicant pay it back in Equated Monthly Instalment (EMI) over a tenure upto 60 months.

Buying a car is an exciting experience that you should enjoy without any compromise. You can get the Used Car of your choice, and fund the purchase affordably with our Used Car Loan. We offer several convenience-first features to help make this purchase convenient and easy on your finances.

Obtaining a Used Car Loan allows you to purchase a pre-owned vehicle at attractive interest rates. The process is hassle-free and quick, with approval granted as soon as the verification is completed. With a maximum repayment period of 5 years, numerous banks and non-banking financial companies (NBFCs) offer loans that cover 100% of the value of the pre-owned car.

At OMK Advisors, our unwavering commitment is to simplify and enhance your life, ensuring it’s comfortable and stress-free. We are passionate about supporting your quest for a “Fulfilled Life”. With our streamlined, efficient, and professional process for Used Car Loans, we stand out as leaders who understand and anticipate your need for improved financial liquidity.

Applicant eligibility depends on the credit history, income, and other factors

The experience of buying a car is one that you’re sure to remember for years to come. Achieving this goal is a complex endeavor, but with OMK Used Car Loan, we can assure you of a memorable experience. Our loan is designed to cater to your needs with features that complement every stage of the process.

  • Maximum Loan amount depending on lenders’ discretion
  • It helps you purchase a car even if you don’t have all the money for it right now
  • Loan upto 100% of Car Value. This means no down payments
  • Flexible repayment tenure of upto 5 years and above, depending upon the lender
  • Minimal documentation
  • Quick loan disbursals
  • Loan pre-payment options

To apply used car loan, applicant need to submit the following documents:

  • KYC documents : Passport size photos, Photo ID (Aadhaar Card & PAN Card or Voter ID or Driving Licence), residential proof (utility bills/ration card/ Bank Passbook, etc.), Employee ID Card (in case of salaried)
  • Income/Financial Documents : Latest 3 months Salary Slips along with 3 years Form 16 & ITR & annexures (in case of self-employed)
  • Professional Qualification Documents : Degree of Doctorate/Chartered Accountant/ Company Secretary, if any, and
  • Bank Account Statement : Latest 6 months bank statement.
  • Additional Documents for self-employed : GST Certificate, MSME Certificate, MOA & AOA, etc

One needs to meet the eligibility standards set by the lenders to avail a Used Car Loan. Depending upon individual capacities and automobile valuations, eligibility criteria for used car Loan are as follows:

  • Nationality : Indian
  • Age : 21 years to 60 years
  • Employment : Salaried in any Public, Private or MNC sector or Self Employed
  • Credit Score : 700 or above
  • Income : Minimum Rs. 2.50 lacs per annum
  • Job / Business Stability : Permanent with 1 year continuity