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2 mins Read | 4 Months Ago

What is a Pre-owned Car Loan and how does one apply for it?

What is a Pre-owned Car Loan and how does one apply for it?

You can now purchase a second-hand car with a Pre-owned Car Loan at attractive interest rates and a repayment tenure of up to 7 years. Find out what a Pre-owned Car Loan is and how you can apply for it.

Buying a used 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 may still require fund assistance. If the four-wheeler of your choice doesn’t fit your budget, you can buy it with a Pre-owned Car Loan.

What is a Pre-owned Car Loan?

Pre-owned Car Loan is a loan type that enables you to purchase a used car through a convenient loan application process with ICICI Bank. Avail benefits such as attractive interest rates and a flexible repayment tenure of up to 7 years.

Features of a Pre-owned Car Loan are:

  • 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 take a loan from ICICI Bank, the application form needs to be submitted along with essential documents like KYC, bank statements, income proof and some other paperwork

  • Get attractive interest rates: The scope of eligibility for an ICICI Bank Car Loan is higher. ICICI Bank also offers attractive interest rates and lower EMIs. For a Used Car Loan the Bank takes into account the borrower’s age, the segment of the car and the customers relationship, among others. A Pre-owned Car Loan interest rate is between 12% and 14.50% per annum

  • Know your eligibility in simple steps: Perform a Used Car Loan eligibility check in just a few clicks. Know the monthly amount you’d be required to pay with the help of a Car Loan EMI calculator, online

  • Perks for existing ICICI Bank customers: Pre-approved/Instant Car Loan customers can avail a Pre-owned Car Loan up to % of the offer amount. This facility is available to select customers of ICICI Bank through Net Banking, Debit Card and Credit Card. Existing customers can also avail an attractive rate of interest and instant e-approval on loans.

Who can apply for a Pre-owned Car Loan?

Both self-employed and salaried individuals can apply for a Pre-owned Car Loan. The loan is available only to resident Indians. Let’s go through some of the other Pre-owned Car Loan eligibility criteria:

Particulars 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 experience.
Income  Must earn a minimum of Rs 1.75 lakh per annum. Must earn a minimum of Rs 2 lakh per annum.
Tenure of Credit Facility Up to 7 years. Up to 7 years.

How can you apply for a Pre-owned Car Loan with ICICI Bank?

If you are a new customer, you can apply for a pre-owned car loan online with ICICI Bank. Fill out the online application form to get a customised Car Loan quote instantly.

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