According to the news report, car sales have got a boom this year. Well according to the statistics, since May 2017, the sell in-car has grown 23% including the 9% growth in their sale in 2019 only that constitutes 39% solely. So we can say that the major boom came a previous year in which 2.5 lakh cars were sold every month. Even domestic companies like Mahindra or Maruti Suzuki have seen tremendous growth by 15% in the last year only. The car selling industry itself saw the selling of 1.1 million vehicles in the first four months of 2020 only before lockdown. As of March 31st, 2020 3 million cars were sold setting a record of the decades. What a great way to start a new year and a new decade right? a car loan EMI calculator will determine the right EMI for you.
With a flood of youth on Indian roads, the industry will see more and more boom and the roads will be filled with more cars as more and more people will be able to buy cars.
So there is no doubt in it that the demand for Car Loans is increasing. According to a report , the new non transport vehicle financing market in India will double by 2020.
The report also mentions that the four wheeler Loan market in India is a increasing market and finance stands at approximately 75%. These estimates were given hoping that India’s selling of vehicles will increase exponentially to about 50% more sell in vehicles. But not everyone is lucky to buy a new car. So now the question arises can a person apply for a loan for a used car? Well, the answer is Yes! The banking sector has done everything to facilitate things for your comfort. There are a lot of more features when you apply for a used car loan rather than your normal car loan.
The following are a few features:-
You can get a loan amount of almost 2.5 crores for a used car loan
The tenure longs up to 60 months ( 5 years )
You can get a loan amount of almost 3-6 times your salary.
You will get more benefits for used car loans rather than car loans. For eg., you can get extra money for accessories or the servicing of the car is not an inappropriate condition.
Things are negotiable with used car loans. Your usual 60-month tenure can even extend up to 84-month tenure ( 7 years )
Axis bank car loans provide easy processing and documentation for used car loans just take a day and your loan is approved.
You can even get an 80% payment for your car even if you don’t have a 5-year salary proof.
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