Loan
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Car Loan
What is a Pre-owned Car Loan and how does one apply for it?
2 mins Read | 2 Months Ago
Buying a second-hand car (also known as ‘used car’ or ‘pre-owned car’) can be a smart investment if you are able to negotiate a good deal. Most car manufacturers today have their own used vehicle division and although used cars come at an economical price, you might still require financial assistance to buy one.
You can purchase a used car easily with a Pre-owned Car Loan, at an attractive interest rate and with a repayment tenure of up to 7 years. Find out what a Pre-owned Car Loan is and how you can apply for it.
What is a Pre-owned Car Loan?
A Pre-owned Car Loan is a loan that enables you to purchase a pre-owned or used car. If you avail this loan from ICICI Bank, you can get benefits such as an attractive interest rate and a flexible repayment tenure of up to 7 years.
Features of a Pre-owned Car Loan
- Quick and easy process: The process of applying for a Pre-owned Car Loan is simple and straightforward. The paperwork differs from bank to bank. However, if you want to avail a Used Car Loan from ICICI Bank, you will need to submit the filled application form along with KYC documents, bank statements, income proof and a few other documents.
- Attractive interest rates: The interest rate of a Pre-owned Car Loan generally lies between 12% and 14.50% per annum. ICICI Bank offers attractive car interest rates and low EMIs.
- Eligibility Criteria: You can check your eligibility for a Used Car Loan online. ICICI Bank considers the applicant’s age, their relationship with the Bank (if any), the segment of the car and other factors while deciding the applicant’s eligibility for a Used Car Loan.
- EMI Calculator: You can know the amount of the monthly EMI that you’d be required to pay, with an online Car Loan EMI calculator.
- Perks for existing ICICI Bank customers: Select customers are eligible for an Instant Used Car Loan with minimal documentation and quick disbursement. Existing customers can also get an attractive rate of interest on their Used Car Loan.
Who can apply for a Pre-owned Car Loan?
ICICI Bank offers Used Car Loans to both self-employed and salaried individuals. The loan is available only to resident Indians. Given below are the detailed eligibility criteria:
Parameter | Self-employed | Salaried Individuals |
Age | Between 23 and 60 years | Between 21 and 54 years |
Work Experience | Minimum 4 years of business continuity | Minimum 2 years of work experience |
Income | Minimum income of ₹ 1.75 lakh per annum | Minimum income of ₹ 2 lakh per annum |
Loan Tenure | Up to 7 years | Up to 7 years |
How can you apply for a Used Car Loan with ICICI Bank?
Existing customers can apply for a Used Car Loan through Internet Banking or iMobile. If you are a new customer, you can apply for a Used Car Loan online here. Fill out the online application form to get a customised Car Loan quote instantly.
How is a Pre-owned Car Loan different from a normal Car Loan?
A Pre-owned Car Loan is offered for purchasing used cars, while a normal Car Loan is for brand-new vehicles. Interest rates and tenures might differ between the two. Pre-owned Car Loans usually have slightly higher interest rates.