High Loan Amount
At Hero FinCorp, you can borrow up to Rs 50 Lakh second-hand car finance in Bobbili.
Used Car Loan EMI Calculator
Get Used Car Finance in Bobbili With Quick Approval
Bobbili is a town in Andhra Pradesh’s Vizianagaram district. Many people reside in Bobbili due to its quality education system through Rajah RSRK Ranga Rao College and Samsthanam High School. Popular attractions in and around the town include Sri Venu Gopala Swamy Temple, Chitrakote Waterfalls, Bobbili Kota, Kotumsar Cave, and the VMRDA INS Kursura Submarine Museum. Prominent industries in the district include pharma, steel, sugarcane, ferro alloys, cashew processing, chemicals, etc.
If you live in Bobbili, a pre-owned car can be an excellent transportation medium to get around the town on a budget. However, when you are short on money, a Used Car Loan in Bobbili from Hero FinCorp can be the top financing option. We finance up to 175% of the used car purchase with a loan amount of up to Rs 50 Lakh. Read on to find out more about our Used Car Finance in Bobbili.
Features and Benefits of Hero FinCorp Second-Hand Car Loan in Bobbili
Understanding its features and benefits is essential before learning how to obtain a second-hand car loan in Bobbili. These include the following:
Attractive Interest Rate
Hero FinCorp provides the most reasonable Used Car Loan interest rate in Bobbili, starting at 12.5% per annum.
Collateral-Free
You can get used car finance in Bobbili without pledging any asset as collateral.
Flexible Repayment Tenure
You can repay a second-hand car loan in Bobbili across a tenure of up to five years.
Instant Approval
Thanks to the digital loan procedures, no collateral is required.
Eligibility Criteria for Instant Second-Hand Car Loan in Bobbili
Checking the eligibility criteria is essential to avoid rejection due to frivolous reasons. To qualify for second-hand car finance in Bobbili from Hero FinCorp, you must fulfil the following eligibility criteria:
Age
18 to 60 years for salaried employees; 18 to 65 years for self-employed.
Citizenship
Indian citizenship is mandatory for Used Car Loan application at Hero FinCorp.
Work Experience
Minimum 1 year for both salaried and self-employed individuals.
Monthly Salary
There is no specific minimum income requirement for Used Car Loan applicants.
Documents Required to Apply for a Second-Hand Car Loan in Bobbili
The documentation requirements are crucial when applying for private finance for a used car in Bobbili. However, Hero FinCorp has minimal documentation requirements compared to most other lending institutions that demand extensive paperwork.
The required documents include your age, income, address, identity, job, and signature proof for salaried applicants. Self-employed applicants must provide additional documents like business or office proof, occupation proof, etc. If more documents are necessary to verify some details, a representative may get in touch to request them.
Documents Required for Salaried Employee
Mandatory Documents
Duly filled application form, Car's registration certificate
Identity Proof
Aadhar Card, Voter ID Card, Driving License, Passport, Photo ID Card issued by GOI
Address Proof
Driving License, Voter ID Card, Aadhar Card, Utility Bill/ Rent or Lease Agreement, A letter having Name & Address Details Issued by the National Population Register
Age Proof
Birth Certificate, PAN Card, Driving Licence, Passport
Job/Business Proof
Form 16, ITR, Appointment Letter, Salary Slip with Joining Date on it, Relieving Certificate, Experience certificate
Signature Verification Proof
Banker's Verification, PAN Card, Passport
Income Proof
Latest Salary Slips, Form 16, Bank Account Statement, ITR
Documents Required for Self-Employed
Mandatory Documents
Duly filled loan application form, Car's registration certificate
Identity Proof
Aadhar Card, Driving License, Voter ID Card, Passport
Address Proof
Driving License, Voter ID Card, Rent or Lease Agreement, Utility Bill, Aadhar Card, A letter having Name & Address Details Issued by the National Population Register
Age Proof
Birth Certificate, PAN Card, Driving Licence, Passport
Job/Business Proof
VAT Registration, Sales Tax Registration, Excise Registration, Service Tax Registration Certificate, SSI or MSME Registration Certificate, Shop & Establishment Registration Certificate
Signature Verification Proof
PAN Card, Banker's Verification, Passport
Income Proof
Profit & Loss Statement, Recent ITRs, Audited Balance Sheet, Current Account Statement
Interest Rates on Used Car Loans in Bobbili
Hero FinCorp offers loans at the best interest rate for Used Car Loans in Bobbili. However, your final interest rate largely depends on the following factors:
How to Apply For a Pre-Owned Car Loan in Bobbili?
Follow these steps to apply for a Used Car Loan in Bobbili:
- 1
Visit our Used Car Loan page.
- 2
Enter the required loan amount, interest rate and tenure in the EMI calculator. It will give you an estimate about the EMI you have to pay.
- 3
Under “Apply for a Loan”, provide the correct personal and professional details along with your mobile number and OTP received.
- 4
Then agree to the Terms & Conditions by ticking the checkbox and click on “Submit”.
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FREQUENTLY ASKED QUESTIONS
There is no lender offering the lowest Used Car Loan interest rate in Bobbili. The rate differs for each loan seeker based on their credit history, loan amount, down payment, repayment tenure, DTI ratio, repayment capacity, and other crucial factors affecting their eligibility.
To get a second-hand car loan in Bobbili with low EMIs, maintain a decent credit score, increase your down payment, reduce your DTI ratio, and show a high income to prove your repayment capacity. Moreover, choose a longer repayment tenure to reduce your EMI amount. However, that may increase your total interest outgo by the term completion.
Taking second-hand car finance in Bobbili is beneficial in many ways. Most importantly, it lets you purchase your dream car without paying its cost upfront. It finances up to 175% of its price and distributes the expense into easy EMIs. Since your savings do not constrain your car choice, you can choose a higher-end model with better features and mechanics.
CIBIL score for used car finance in Bobbili is the 3-digit number representing your repayment history and overall credit behaviour. A score above 700-750 is good enough to attract a favourable loan plan with a reasonable interest rate and better terms and conditions.