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AU Small Finance Bank is an NBFC, headquartered at Jaipur, Rajasthan and in the service of Indian public for the past 2 decades. They believe in innovative banking solutions to their customers. They have a wide network of 625 touch points serving more than 1.5 million customers.
AU Small Finance Bank offers loans to purchase any hatchbacks, entry level sedans to luxury sedans and MUVs/SUVs of your choice. The bank has a simplified and transparent loan process with hassle free documentations and customized loan offers.
About AU Small Finance Bank Used Car Loan
Interest Rate (Monthly reducing balance)
Up to 30%
Up to 2% of Loan Amount
6 months to 5 years
5% of principal outstanding (plus applicable tax)
if repaid within 1 year.
4% (plus applicable tax) afterwards
No guarantor required
Customized Loan Offers: AU Small Finance Bank Used Car Loan is based on individual needs and eligibility. This provides a better loan product to cater to the exact needs of the customer rather than a generalized product.
Easy Hassle-Free Documentation: AU Small Finance Bank Used Car Loan makes sure that you go through a simple documentation process to make your loan process much more customer friendly.
Quicker Processing Times: AU Small Finance Bank Used Car Loans are normally sanctioned within 48 hours (excluding holidays) after submission of all the required documents. However, it may depend on the customer support in assessment of loan eligibility.
Simplified Process: AU Small Finance Bank offers a simple, transparent process for their loans. The support team will handhold you through the entire loan application process to make the loan process pleasant for you.
Wide Network for enhanced support: AU Small Finance Bank has a wide network of banking touchpoints spread across the country. They have around 600 banking touchpoints in more than 500 cities so that the bank is just a few steps away for all the required assistance and support.
AU Small Finance Bank Used Car Loan can be availed by the following persons:
The age criteria are as under:
The loan can be availed by individuals who are from rural, semi-urban and urban areas.
Individuals who are self-employed or salaried
Individuals who are new to credit and those with established credit history
Individuals belonging to Agri and Non-Agri background
Individuals with established cash flow by way of salary income or business income of self-employed professionals
Schedule of Charges:
Interest Rate for Used Vehicle
Up to 30% p.a.
Loan Processing Charges
Upto 2% of
Up to Rs. 5000
As per State's Stamp Act
3% per month on outstanding amount
Prepayment/ Foreclosure charges
5% of Principal Outstanding, if paid before 12 month
3% of Principal Outstanding, if paid after 12 month
Rs. 600 per visit
Cheque/ SI/ACH/ECS Return Charges
Issuance of Duplicate NOC
Statement of Account
Duplicate Amortisation/Repayment Schedule
Swap Charges (Replacement of PDC/Change of Bank)
Foreclosure Statement Charges
Change in Instalment Due Date
Rs. 500 plus difference period interest (if any)
Duplicate Copy of Property/Loan Document
Valuation Charges for Used/Refinance Vehicles
Up to Rs. 1000
Special NOC without removing of Hypothecation
Legal/ Sarfeasi/Incidental Charges
Up to Rs. 10,000
Tele Collection Charges
Rs. 1000 (within 7 days of cheque issue date)
Rs. 1000 plus interest up to cancellation Period
There are a number of factors that impact your AU Small Finance Bank Used Car Loan Eligibility. Few of the main factors are:
Credit score – Credit Rating is a metric that assesses your creditworthiness. If you have a good credit score there are more chances of receiving the loan quicker. But, if you have a poor credit score, your chances of being approved for a car loan will dwindle.
Age – You must be 21 years old to become eligible for an AU Small Finance Bank Used Car Loan. You also need to make sure that you pay off all of your loan by the time you retire. Therefore, the more years of working years you have left, the greater the chances of obtaining the loan would be.
Income level– One has to remember that they may not get a loan for the full value of the vehicle mentioned in the application form. The amount of the loan to be approved depends on income. If your salary is less than the requirement for the qualifying benefit, you can also apply the salary from your spouse or immediate family member to qualify for the loan.
Existing Liabilities – Your eligibility is affected by current debts & liabilities. Your debt-to-income ratio is a significant factor in determining your eligibility while processing your loan. When you have another loan, like a home loan or an educational loan, your chances of being approved for a car loan would be less.
If you feel that your application might get rejected for the loan, you can try these simple steps to improve your chances:
Reduce your existing liabilities: To boost the chances of securing a loan, the first step is to pay off existing debt. You need to take debt management seriously, and clear your past liabilities. This will raise your debt-to-income ratio, and increase your car loan eligibility.
Add Co-applicants – Adding another earning family member as a co-applicant gives a better chance in increasing the chances of being approved for the car loan. As your co-applicant, you can add your spouse, father, mother or siblings, even if the car is not purchased on their name.
Improve your credit score – Increasing your credit score is a very important step towards increasing your chances of being approved for car loans. To boost your score, you can pay off your unpaid bills on credit cards. Closing a card can also have an effect on your credit limit, and doing so can be risky. To earn a good credit score, you need to keep your unpaid balance to the minimum to have a healthy revolving credit.
1. Which documents will be received by the applicant at the time of closure of the loan?
Once the loan is closed, the customer will receive a No-objection Certificate (NOC) addressed to the RTO & insurance endorsement cancellation letter addressed to your vehicle insurance company.
2. Do existing customers receive any additional benefits or offers?
Existing customers and their referrals are provided additional benefits in terms of documentation requirement, rate, fees and loan amount.
3. Are vehicle accessories funded by the Bank?
AU Small Finance Bank Used Car Loan funds standard fitment supplied by manufacturers for different variants. Additional accessories are not funded.
4. Is a driving License mandatory to avail a vehicle loan?
Driving license is not a mandatory document for availing loans on vehicles.
5. Do I need to provide a collateral security to avail the loan?
Normally, the vehicles financed by AU Small Finance Bank are lien marked and serve as a collateral security. Additional collateral security may be required based on the loan amount or the vehicle to be financed.
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