If you are finding difficulty in buying a new car or a used car, then Muthoot Finance is the right place for you. It is the oldest and reputed finance company in India. It is one of the best loans market in India and is known as trusted financial services brand. With it's simple loan process and flexible repayment options, Muthoot Finance is the best in providing the used car loans.
Below are the muthoot finance interest rate and charges for used car loans in hyderabad
|Interest Rate||8.25% - 22%|
|Penal Charges||@3% per month|
|Repayment Period||12 - 84 months depends on the loan type|
|Pre-closer Charges||4% on the principal outstanding|
The following are the documents required for Muthoot Finance used car loan Hyderabad:
Identity proof: Voter’s ID/ PAN Card/ Passport/ Driving Licence
Address proof: Any one of passport / gas connection bills/ ration card/ Aadhaar card / LIC policy/ voters ID card / electricity bill/ driving license / telephone bill.
Income proof: ITR / pay slip/ form 16 / salary credit in bank statement
Asset proof: Latest land / house tax receipt/ building
Latest passport size photo
Salaried employees, self employed, companies, proprietorship units, partnership firms, associations etc are eligible to apply for a car loan.
Age should be 18 to 60 years
Net income atleast double the EMI
The age of the vehicle should be within five years.
EMI calculator calculates your EMI in three steps:
1. The principle loan amount you need to borrow from the bank.
2. Enter the car loan interest rate.
3. Choose the loan tenure that you have to pay off the loan within the time frame.
Used car loan calculator tells you how much amount you have to pay in every month to clear the loan amount. To calculate loan amount, use out EMI calculator.
India is one of the most car users and manufacturers in the world. The growth in car usage is due to availability of car loans. Most families in India are using cars for many purposes. Car loans are very easy to obtain and it is easy to pay off a used car loan. They can pay the entire loan amount at any time. So, the interest rates will be reduced and it is easy to clear the loan amount. A pre owned car loan will help you to increase your credit score. In future, the interest rates will be decreased due to a good credit score.
There are some factors that affects your used car loan application. They are:
1. Location: The place you are staying in is an important factor in your car loan application. This decides the minimum loan eligibility.
2. Income: The loan is given to the people who earns Rs. 1.5 lakhs per year.
3. Housing Situation: Many Banks prefer people who stay in a single location. They avoid the people who are continuously changing their address.
4. Employment: The people who are working in a reputed company with steady income can get the lowest interest rates.
5. Existing Credit: If you have another loan, this will be a one of the factor to determine the loan amount and rate of interest.
6. Credit History: If you have a good credit score, the interest rate will be reduced. The minimum good credit score is 750.
Customized plans for the Second hand car loan applicants.
Quick and instant loan approval.
Loan approval up to 95% of a car value.
The minimum loan amount is Rs. 50,000 and maximum loan amount is Rs. 10 lakhs.
Loan tenure period ranging from 1 to 7 years.
Flexible repayment options to pay off the used car loans.
Competitive interest rates.
Special schemes for used car loans.
1. What are rates of interest offered by Muthoot Finance?
The rate of interest are starting at 14.5% for pre owned cars. The rates may varies on different schemes. Terms and conditions are applied.
2. How much finance can I avail for used cars?
You can avail maximum of 95% of the car value, market value subjected to the car's condition.
3. What are the minimum and maximum tenure options are available?
The minimum loan tenure is 1 year and maximum is 7 years, subject the car's age doesn't exceed 10 years at a time of a loan maturity.
4. Is there any option for pay off the entire loan amount?
Yes, you can pre pay the loan amount at any time, with additional nominal charges.
5. What are monthly balance reduce methods?
The method is beneficial to the loan borrowers. The installments are deducting from the account on monthly basis not on yearly basis.
The customer care number of Muthoot Finance is 1800 313 1212, +91 484 238126, 0484 66196600