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Sundaram Finance is a renowned name in the business finance world in India. They recently celebrated their Diamond Jubilee celebrations in 2014. They are well-known for offering affordable finances to small scale businesses and personal finance to fulfil a number of needs.
Sundaram Finance Vehicle Finance product is a simplified, transparent loan product that offers quick processing and the best customer service. Customers have appreciated Sundaram Finance Car Loan product for its efficient service team and the amazing end-to-end service they were given.
Overview of Sundaram Finance Used Car Finance
About Sundaram Finance Used Car Loan
The general documents required for a used car loan are:
Other documents for Salaried Individuals:
Other documents for Self-Employed Individuals:
Other documents for Corporates:
There are a number of factors that impact your Sundaram Finance Used Car Loan Eligibility. Few of the main factors are:
Credit score– Credit Rating is an important metric used in loan processing. Your credit score shows your creditworthiness. Higher credit score means higher probability of your making timely repayments. If you have a good credit score there are more chances of receiving better terms for your loan. But, if you have a poor credit score, your chances of being approved for a car loan will dwindle. You may end up with a higher interest rate and lower loan amount.
Age – You must be at least 21 years old to become eligible for an Sundaram Finance 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. So, banks prefer applicants with a lower age compared to once nearing their retirement.
Income level– Income is an important parameter to approve your loan. Higher the income, easier your loan approval! 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 one’s income. Banks look into your income to debt ratio to determine your repayment capacity. If your salary is less than the requirement for the qualifying benefit, you might not qualify for the full amount of 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:
Improve your Credit Score – Credit Score plays an important role in your loan application. Increasing your credit score is a very important step towards bettering your chances of getting approved for car loans. You can boost your credit score in simple ways; you can pay off your unpaid bills on credit cards, you can clear any debts that have been outstanding for quite some time, make sure that your credit score is accurate, if not, you can get it corrected from the relevant credit bureau. 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.
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. Adding their income to the application increases the income eligibility, giving you a higher loan amount and better interest rates.
Higher Down payment: If you can offer to make a higher down payment than the required minimum, the banks will give more consideration for your application. Higher the down payment means lower loan amount, which translates into lower liability. With the lower loan amount, the EMIs are also low and the customer is comfortable repaying them on time. So, banks prefer applicants who are ready to make a higher down payment.
1. How much loan can I avail from Sundaram Finance for purchasing a used car?
Sundaram Finance offers up to 85% funding on used cars.
2. In how many instalments should I repay the used car loan?
You can repay the used car loan in a maximum of 48 instalments.
3. What is the rate of interest for a used car loan?
Our used car loan rate starts from 12.5% p.a.
4. How soon will my used car loan be sanctioned?
Sundaram Finance used car loan approvals are instant, provided, you have submitted all the relevant documents and they are satisfactory.
5. Which are the car models I can avail this used car loan for?
Sundaram Finance Used Car Loan can be utilized for all model cars that are up to 7-years-old, of all makes and models like Maruti, Honda, Hyundai, Mahindra, Kia, Morris Garages, Skoda, Ford, Volkswagen, Mercedes, Toyota, Tata, Renault etc
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