Instant approval of a credit line of up to ₹ 5 Lakh in real-time.
Interest is charged as and when you use the funds.
Repay your spends in flexible EMIs of 2-36 months.
Withdraws can be up to your approved limit or even as small as ₹ 3,000.
Enjoy 100% cash withdrawal with the credit card and get rewards.
As far as documentation is concerned, all you need is an ID proof and an address proof.
Must be a full-time salaried employee with a minimum take-home salary of ₹ 30,000/monthOR
Must be a self-employed professional with an income of at least ₹ 30,000/month.(Only certain professionals like doctors, lawyers, or business owners qualify)
Buying a vehicle, especially a car is definitely a big decision and an even bigger investment. However, investing all your savings into one big purchase might not be the most preferable option. In such cases, you have two choices; opt for auto loans or personal loans. While an auto loan is the most obvious choice, when it comes to financing your used car or vehicle, a personal loan from your line of credit, will give you more flexibility. Here’s where the MoneyTap app can help you.
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Yes, you can get used car loans in India with low auto loan rates with MoneyTap. At MoneyTap, the auto loan rates start at 1.08% per month (13%pa).
MoneyTap offers a flexible repayment tenure of 2-36 months. Also, your personal line of credit gets recharged once you make monthly payment towards your loan amount.
The best ways to finance a used car are:
To calculate your used four-wheeler loan EMI, you need to enter the loan principal amount, tenure and rate of interest into an EMI loan calculator.
You can also make use of MoneyTap's personal loan EMI calculator to find out your EMI amount.
You can buy a second-hand car on EMI if your seller or dealer agrees with the EMI option. Most good used car dealers have tie-ups with a bank for finance options.
You can you can use a personal loan to cover the cost of the used car and the leftover funds can be used to cover the other expenses associated with the second-hand car purchase.
MoneyTap Personal Loan 2.0 is the best option if you want to buy a second-hand car on EMI. Here’s why:
There are several benefits of using MoneyTap for buying a second-hand car.
You can buy a second-hand car on EMI through MoneyTap by following this loan application process:
Pre-approval is done in just a few minutes. Final approval and disbursement will be done once your KYC documentation is complete.
The loan eligibility criteria differ for each lender depending on what you choose.
Your loan eligibility criteria to apply for used car loanswith MoneyTap are as follows:
Generally, when you go to buy a used car with a loan, you will need to pay an upfront amount which is anywhere from 5% to 15%. This is called the down payment. If you're buying your used car with zero down payment, then you do not need to pay any amount upfront.