• VALUATION AT YOUR DOOR STEP

• FAIR PRICE

• INSTANT PAYMENT

• TRANSPARENT DEALING

• ENSURE RC TRANSFER 

• EXCHANGE FACILITY

• EASY DOCUMENTATION

• SPEEDY APPROVAL

• MAXIMUM FUNDING

• LOW RATE OF INTEREST

• RE PURCHASE & RE FINANCE LOAN

• TOP UP LOAN 

• FINANCE UPTO 15 YEAR OLD MODEL

You can opt  for a USED CAR LOAN to take home your DREAM car from URBANWHEELZ. In order to be eligible for a car loan, the Lenders i.e Banks & Financial institutions, require that the Borrower ( customer) meets certain criteria. These criteria are changed from time to time, and the lending always remains at the sole discetion of the Lenders. A customer meeting all the criteria of his / her chosen lender usually able to have the loan approved and the amount disbursed between 3 to 5 days, provided customer submitting  all the required documents, of applying for the same.

After  your Used Car Loan application reached the Lender, there are certain procedures that your application will go through before it is approved. 

The flow of procedure has clearly marked steps. 

• Step 1 : Once the complete set of all required pre sanction  documents are submitted, Lender will verify the documents, including address proof  & Bank statement. Once KYC norms are met Lender,  will initiate for credit bureau check of the loan applicant. This helps lenders understand the creditworthiness which is a key factor in sanctioning the loan.

• Step 2 : The lender will wend its executive or represnetative for a visit to the applicants residence and/or place of work / business as part of verification.

• Step 3 : The lender will now subject the application for credit apprisal. Credit appraisal included among  other things, income of applicant, age , stability of occupation, current liabilities, credit and savings history.

• Step 4 : The lender may ask for additional documents at this point in time.

• Step 5 : (a) Once the lender approves the application, it will ask for Loan Agreements to be signed with the applicant. The applicant needs to submit Post Dated Cheques (PDC's) or opt for Electronic Clearing Service for paying the equated monthly instalments ( EMI's)

                 (b) In case of ECS, forms need to be filled and submitted to the applicant's bank. Some Lender may also ask for security cheque (s).

• Step 6 : The lender doe one final verification of the documents and disbursed the loan amount. 

• Once full payment received  by the dealership, the car is ready for delivery.

CREDIT BUREAU CHECK EXPLAINED

A credit bureau check is a process where lenders check credit report of  loan applicant, this helps lenders understand the credit worthiness which is a key factor in getting loan.

 Credit bureaus are organizations that collect and maintain credit information on individuals and business. They are responsible for generating credit reports and scores. Typically a credit report gives details of all Current / Previous loans , payment history, including on-time payments, late payments, and any cheque bounces.

A credit score is a numerical representation of your credit worthiness, typically ranging from 300 to 900. This is a snapshot of credit history and is used by lenders to assess the risk of borrower.

Improving your credit score : Maintaining a good payment history , reducing your credit utilization, and diversifying your credit accounts can help improve your credit score.

GENERAL LIST OF DOCUMENTS REQUIRED FOR APPLYING FOR A USED CAR LOAN

Documents required for Salaried person.

1. PAN card

2. Voter ID / Passport copy electricity  bill copy latest ( for ownership proof)

3. Last 3 months salary slip. 

4. Last 2 year IT return / Form 16

5. Last 6 months bank statement of salary account

6. 4 photos

7. RC copy of previous vehicle, if any.

8. Rent agreement copy ( for rented house)

9. Permanent address proof.

Documents required for private limited and limited firm

1. PAN Card (firm)

2. Address proof of firm ( electricity bill , GST registration, Current account statement etc)

3. Bank statement latest 6 months ( current account)

4. ITR with audited financials & computation of last 2 years balance sheet

5. Memorandum of agreement

6. Board resolution

7. Details of previous vehicles

8. RC copy of previous vehicles

9. Address proof of directors

10. PAN card of directors

Documents required for partnership firm

1. PAN card of firm

2. Address proof of firm

3. Last 2 years ITR with audited financials.

4. Last 6 months bank statement

5. Partnership deed.

6. PAN card of partners

7. Address proof of partners

8. 2 photographs of partners

9. RC copy of previous vehicle

10. Authority letter from rest of partners

11. Firm's documents to be stamped & signed by one authorized partner.