A used car loan is one of the most engaging loan products in Mumbai. People in Mumbai have always preferred to have their own transportation services. One can buy a luxurious car or even a simple car as per their needs. Many of the leading banks and NBFCs in Mumbai offer a used car loan. You can apply for one at Ruloans. Check your eligibility and compare your options only at Ruloans before you apply for a used car loan.
Mumbai is India’s business, finance and entertainment capital. People not just from the nooks and corners of India but from all over the world visit Mumbai often. They come to the city of lights for their personal or professional reasons. As the population of Mumbai is growing rapidly due to heavy globalization and urbanization, the number of vehicles in Mumbai is also increasing.
In Mumbai nearly 90% people own a private car. The city’s road length is 2000km and it shares 10% of vehicle density of the state. The numbers of LMVs in the city are rising by 10% average every fiscal year. Mumbai's vehicle density is 1,417 per km which is the highest in Maharashtra. There are nearly 3 million vehicles in Mumbai as of 2017. People in Mumbai buy either a brand new car or a second hand/used car as per their needs. But whether it’s a new car or a second hand/used car people in Mumbai require to take a car loan. The most famous is the used car loan in Mumbai.
Many leading banks and NBFCs offer used car loans to its customers in Mumbai. The tenure of such a loan ranges from 5 to 7 years and the interest rate starts from 15.50%*. One can pay back the loan by using EMI i.e. equated monthly installments. The EMI for a used car loan is decided by the interest rate, loan amount and tenure. All these things depend on the credit score, mode of earning, financial history and the ability to pay back the loan by the loan borrower. Banks and NBFCs in Mumbai provide 60% to 70% of finances for their customer’s used car loan requirement.
By taking a used car loan in Mumbai one can easily buy a luxurious car which he/she may not afford in its original price. As this is the most famous and easily available loan in Mumbai, you can quickly get finances.
Get an instant used car loan in Mumbai today!
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