Mahaveer Finance Used Car Loan

1. Minimum income required Rs. 10,000/Month
2. Loan capped @ 85% Ex-Showroom price of Car value
3. EMIs of other loans lower your eligibility

Increase your eligible Mahaveer Finance Used Car Loan amount by these steps

1. Pay off your credit card bills
2. Choose longer tenure loan up to 4 years

Documentation needed to apply for an Mahaveer Finance Used Car Loan

1. 1. Residence proof
2. 2. Photo ID and age proof
3. 3. Signed application form with photograph
4. 4. Last 6 months bank statement
5. 5. Documentation for salaried applicants:
   1. Last 3 months salary - slips
   2. Form 16 or Income Tax Returns
6. 6. Documentation for self-employed applicants:
   1. Last 3 years Income Tax Returns with computation of Income
   2. Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Mahaveer Finance Used Car Loan Interest RatesUpdated on $date

Features and Benefits Mahaveer Finance Used Car Loan

Age of the car - Mahaveer Finance provides finance to purchase any used vehicle without a concern for the age of the car. However, cars that are less than 5 years old will receive a lower rate of interest.

Loan Quantum - The minimum loan amount offered is Rs. 50,000. The maximum quantum you can avail of from Mahaveer Finance is Rs. 10 lakhs.

Loan Tenure - Used Car Loans from Mahaveer Finance have a repayment tenure of 12 months to 48 months.

Processing Charges - Mahaveer Finance levies a charge of 1% plus service tax as processing fees.

Other Charges - Applicable inspection charges will be charges

Mahaveer Finance Used Car Loan Interest Rates

Mahaveer Finance offers interest rates depending on the age of the vehicle. The interest rates are fixed through the tenure of the loan. The interest rates are as follows.

Mahaveer Finance Used Car Loan Eligibility

To apply for a pre-owned vehicle loan from Mahaveer Finance, you need to fall into the following eligibility criteria.

1. The minimum age bar is 21 years.
2. The maximum age limit is 60 years.
3. Salaried and self-employed individuals can apply.
4. Individuals should be in employment or business for at least 1 year.
5. CIBIL scores should not fall below 550.
6. Income will be considered as per the gross salary reflected in the pay slip or Form 16. Salary will include medical reimbursement, LTA and so on.
7. For self employed, the business income as per the ITR will be considered.
8. Fixed Obligations to Income Ratio should be only 20% of gross income.
9. Mahaveer Finance will not consider negative Pin Code lists, and negative company lists. However, they will look into each case when received.

Mahaveer Finance Used Car Loan Documentation Required

You need to submit the following documents when applying for a loan from Mahaveer Finance.

1. KYC Documents that include ID proof, and age proof.
2. Salary Slips for salaried individuals.
3. ITR/Bank Statements for self-employed.
4. Residential proof of owned or rented property. Residential stability of 3 years is required.

EMI calculator for Mahaveer Finance Used Car Loan

Before you decide to apply for a loan, you can use a handy tool available on BankBazaar to determine the cost and affordability of the loan. To calculate your EMI on a Mahaveer Finance Used Car Loan, follow the steps below.

1. Access the Calculator under the "Finance Tools" tab.
2. Provide your loan details such as the principal amount, interest rate, loan tenure and processing fees.
3. Click on "Calculate".
4. Your loan summary will appear immediately.

Now, you can see your EMI amount that you will be required to pay every month for the tenure of the loan. You can also see in monetary terms, the total interest payable and the total cost of the loan. In addition, you will receive an amortization schedule which depicts breakdown of each EMI. You can view how much interest and how much principal amount is charged in each EMI. Calculate different principal amounts, tenures and interest rates to find out which used car loan would suit you best. The EMI calculator helps you understand the details of your loan. You can make an informed decision when choosing Mahaveer Finance Used Car Loan.

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