| |
|
|
|
|
|
|
- What are the steps involved in availing a loan?
Following steps involved -
- Choose a Pre-owned Car
- Fill up the application form
- Submission of documents
- Field Investigation will be done by financial institution
- Approval of Loan by financer
- Submission of PDC’s & post approval documents
- Disbursement of Loan amount
- Delivery of car
- Who can avail Pre-owned Car Loans?
- Salaried individuals in the age group of 21 to 60 years (at the end of the tenure)
- Self-employed individuals in the age group of 21 to 65 years (at the end of the tenure)
- Partnership Firms
- Public & Private Ltd. companies
- HUFs and Trusts
- What all documents are required for finance?
- Photo Identity Card.
- Address Proof
- Income Documents
- Latest Bank Account Statement
- Photographs
- Which cars can be financed?
This varies upon Model/Year of Manufacturing and at the financer’s discretion.
Mahindra First Choice Wheels will assist you for choosing a car which can be financed.
- How much finance amount can I avail on a car?
You can get up to 80% of the car value on the discretion of financial institution
- What are the loan tenure options?
Pre - owned cars can be financed for 12 to 60 months
- How interest amount is calculated?
Interest is calculated on a monthly reducing balance basis
- Do I have to pay any additional charges?
Yes, all financial institutional use to charge “Processing Fee”, which varies from institution to institution.
- How much time will it take for my loan to be approved?
Loan processing is very quick now a day. Normally once the complete set of documents is submitted it will take approximately 72 hours for banks to process the payment.
- Who can be the co-applicants for the loan?
Your spouse or any blood relative staying in the same residence can be a co-applicant. This is required if income of applicant is not justifying the Loan amount. It will be required, if income is less & it need to show more income
- Any guarantor required?
No, it is not must. But few financers also extend loan facility based on Guarantor.
- What is the Loan Repayment process?
Loan is to be repaid with equal monthly installment (EMI’s) either through Post Dated Cheques (PDC’s) or through ECS facility if available.
- Can I foreclose my loan before completion of full tenure?
Yes, but only after completion of first 6 months. Foreclosure fee varies from 3-6% of outstanding principal.
- Any security required against the loan?
- Hypothecation on the vehicle
- Noting of the hypothecation charges in the books of the RTO
|
|
|
|
|
|
|