Sundaram Finance Used Car Loans
Getting an auto loan for a second-hand vehicle is an easy task with Sundaram Finance offering an affordable used car loan scheme at competitive interest rates and hassle-free processing of loan applications. Sundaram Finance provides complete assistance to a customer, from when an application is made until the time the car loan is sanctioned and disbursed. Factors like the age of the vehicle that is being financed and applicant’s employment criteria are considered by Sundaram Finance while approving a used car loan.
Features of a Sundaram Finance Used Car Loan
The key features of a Sundaram Finance Used Car Loan have been listed below -
Age of the Car
Sundaram Finance provides used car loans for Honda, Maruti, Toyota and Hyundai vehicles that are aged up to ten years, at the time of completion of the loan. For all other makes of cars, the age of the vehicle should be eight years at the time of completion of the loan.
Loan Amount
Pre-owned Vehicles - Any borrower purchasing a car from a direct owner, broker or pre-owned dealers will qualify under this category. The loan amount sanctioned by Sundaram Finance would be 85% of the purchase price of the car or as per the Valuation report submitted by the Sundaram Finance Panel Surveyor, whichever is lower.
Used Vehicles - If a used vehicle has been registered under the borrower’s name, the payment will be done only after hypothecation to Sundaram Finance Limited. The loan amount sanctioned by Sundaram Finance would be as per the Grid Value.
Eligibility criteria for a Sundaram Finance Used Car Loan
The Sundaram Finance Used Car Loan can be availed by salaried professionals, self-employed businessmen and professionals, partnership and proprietorship concerns and private and public listed companies.
Documents required for Sundaram Finance Used Car Loan
The following documents have to be submitted by the applicant before the used car loan has been approved -
- Insurance Copy of the Used Vehicle
- Registration Certificate - Copy of the RC Book
Here are the documents that have to be furnished for the loan to be sanctioned -
ID Proof - Salaried Individuals / Professionals / Businesses/ Proprietorship Concerns
- Valid Passport
- Credit card with photograph
- Patta passbook - with photograph
- PAN card
- Voter’s ID card
- Driving license
- Ration card
Residence Proof - Salaried Individuals / Professionals / Businesses/ Proprietorship Concerns
- Valid Passport
- Driving license
- Lease agreement
- Housing society bill
- Water tax challan
- House tax challan
- Life Insurance premium receipt
- Electricity bill
- Phone bill
- Ration card
- Voter’s ID card
Residence Proof - Salaried Individuals / Professionals / Businesses/ Proprietorship Concerns / Partnership Concerns
- House tax challan
- Patta copy
- Water tax challan
- Property Sale deed
- Housing co-operative Society bill
Income Proof - Salaried Individuals / Professionals / Businesses/ Partnership Concerns / Private and Public Limited Companies
- Salary slips for the last two months
- Form 16
- IT returns statements for the last two years with acknowledgement/computation.
- Latest IT returns statement
- Audited P & L / balance sheet
Income Proof - Proprietorship Concerns / Partnership Concerns
- Previous year's IT returns statement with acknowledgement
- Provisional for the current year
For Salaried Individuals / Professionals / Businesses/ Proprietorship Concerns - Bank account statements for the last six months.
Signature Proof - Salaried Individuals / Professionals / Businesses/ Partnership Concerns / Proprietorship Concerns / Private and Public Limited Companies
- Valid Passport
- Credit card
- Driving license
- PAN card
- Voter’s ID card
- Signature verification - To be got from the borrower’s bank from where PDCs would be issued.
Partnership Concerns - Partnership deed
Private and Public Limited Companies - Memorandum of Association and Articles of Association
Passport-size photograph - 1 - Salaried Individuals / Professionals / Businesses/ Proprietorship Concerns
Sundaram Finance Used Car Loan Interest Rates
The used car loan interest rate is determined as a flat rate according to the Prime Lending Rate of the bank. Customers can contact the nearest Sundaram Finance branch to get more details on the used car loan interest rates.
EMI calculator for Sundaram Finance Used Car Loans
Mr. Sharma got his Used Car Loan approved in just a day. You can too!Get A Quote
Prospective borrowers can easily get an estimated cost of a Sundaram Finance used car loan using the car loan EMI calculator tool. This tool is available on the BankBazaar home page and can be accessed by any user. The car loan EMI calculator tools gives customers a complete break-up of the principal amount and interest rates that they would have to pay for the entire tenure of the loan. Inputs inclusive of loan amount, interest rates, loan tenure, processing fees, etc., have to be given to get the amortization schedule. Based on this output, customers can decide on the amount and tenure of the loan that they would like to avail. BankBazaar’s used car loan calculator returns with outputs only in a matter of seconds, making it very convenient for the customer to make his decision. After the estimate has been received, customers can instantly apply for a used car loan online from Sundaram Finance.
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