Used car loan interest rates 2013 in India

Now India is one of top as fast growing country, standard of the people living in India is increasing day by day. Along with development utilize of the car in India growing fast. The demand of the car is becoming more significant within these couple of years. A lot of Car manufacturing companies in India have increased due to massive car utilization in India. There are approx. 50 new car launched in India in the year of 2012. So it is easily understand how the importance of the car is increasing in India. Options of variety of cars are now easy available in the hands of the customers.. You can easily put a glance on the charts that the most branded car companies are now available in India .To see the increasing popularity of the use car in India, Car Companies offer attractive price for their car. If who are not able to buy a new car then there are lot of car dealers who can easily offer the used car loans at low rate of interests. Sell of the car in India in last 2-3 yeas increase very rapidly. Now customers can get car loans at different rates of interest. Even increasing of the selling of the used car bank also offer attractive loan to buy a used car. Car Company and dealer help to get a loan on used car. Due to help of the bank loan to buy a used car selling on the used car increasing day by day. People fulfil their dream to buy a used car with the help of the bank loan and full fill their dream with budget. But now the controversy begins between the new car loans and the used car loans. But the reports reveal that now day’s rate of interest for the used car loans are increasing day by day.



But before apply bank loan for a used car people need to know some basic of it. If you want to buy a new car bank help you up to 90% of the price of the car. But for the used car loan the percentage of the loan amount is less it maximum 80-85%. It also depends on situation and used car.
 Also one of the very importance points is that the interest rate of the used car is much more than new car. Interest rate Up to 3 years 12.75% (for New Car) 15.75% (for Used Car)
And another point is legibility of the loan for new car basic loan legibility is 5 year it may extend 7 Year. But for used car it will be 3 year and maximum 5 year.
Check the used car condition very carefully.
Also keep in mind processing fee and processing time too.
Car loan application process: 
1. Enquiry: You need to choose a good lender who provides best used car loan. Also keep in touch with any offer provided by Bank. By comparing different bank offer you can easily chose the good one. 
Documents need, interest rate, Low processing fee. Processing time all of the things you need to check before loan.
There is some lender list in below good for Used Car loan.
 HDFC Bank Car Loan, SBI Car Loan,  Kotak Mahindra Car Loan, Bank of India Car Loan, Corporation Bank Car Loan , Dena Bank Car Loan
They provide loan to 
1. Salaried employee 
2. Self employed individual
3. Partnership Firms
4. Private Limited Companies
5. Public Limited Companies
2. Documents: Ready your Document to buy a used car. You need  to give copies of IT returns, salary slips, bank statements, passport, driving license, and other relevant documents as well. 
Basic Document which you need.

• Proof of Identity
• Income Proof: Latest salary slip with form 16.
• Address Proof
• Bank Statement

3. Field Investigation with Agency Representative Visit: After submitting all the documents, a field investigator start. They will double check with your document with their agents.
4. Loan approved: After lender satisfied with the authenticity of your documents, the loan is approved. Wow you will get your Car soon.
Important Note:
A used car cheaper than a new car. Be careful   just don’t look at the amount you pay for the car, but also take into account the total cost of the loan.