When you have finalized the car for which you need loan, the bank would send a valuation expert to your place for realizing its value. The valuation process Car Loans India would include determination of car’s condition, number of kilometres it has covered, and its model.

1. How To Apply For Used Car Loan In India?
Many people prefer to go for used cars for their first car driving experience. Apart from being
economical, used cars are a good way to add some driving expertise in your skills before moving on
to brand new car. But in present circumstances, it is no less than a nightmare to arrange for a pre
owned car loan. You might need some lessons on how to apply for used car loans before reaching
any bank or NBFC for financial aid.
A number of banks and NBFCs have been offering used car loan in India, However, it is still a
herculean task to obtain pre owned car loan from any of these. There are a number of factors that
play huge role in this respect. For the starters, the model, brand worth, and car’s age are the prime
factors that get first place for granting car loan for any used car. Stay mentally prepared as the loan
for used car will cost you a little more than that for a new car.
In India, the age of a given car and loan tenure cannot exceed 7 years under any condition. So, the
oldest car that can avail bank’s financial help for you cannot be older than four years. Only when
your car is four years old, you can receive a loan for three years.
When you have finalized the car for which you need loan, the bank would send a valuation expert to
your place for realizing its value. The valuation process Car Loans India would include determination
of car’s condition, number of kilometres it has covered, and its model. And if the expert gets
satisfied with this information, the bank would proceed with rest of the paperwork.
Source: http://www.idbi.com/auto-loan.asp