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Used Car Loans in Shimla
Shimla is a town that has been witnessing a steady demand for personal vehicles. Public transport is available, but a car offers greater flexibility, especially during harsh winters or for travelling beyond the city limits. However, buying a new car can be expensive. A pre-owned car provides the same convenience at a lower price, making it a practical alternative. Used car loans in Shimla help you finance a second-hand car without straining your savings. Shriram Finance offers used car loans starting from âı1 lakh* with flexible repayment tenures of up to 48 months. The application process is straightforward, with minimal paperwork, ensuring quick loan approval. Whether you need a car for daily commutes, business, or family travel, a second-hand vehicle is a budget-friendly solution. Apply online or visit a Shriram Finance branch to get started today.
Used Car Loan Types in Shimla
Shriram Finance provides the following used car loan types in Shimla to meet diverse customer needs. Select the loan option that best suits your financial goals and requirements.
Pre-Owned Car Loan
Loan Against Car (Car Refinancing)
Features and Benefits of Used Car Loans in Shimla
Competitive Interest Rates
High Financing Percentage
Flexible Repayment Tenures
Regular Reminders
Easy Online Application
Customised Loan Solutions
Dedicated Customer Service
Car Refinancing Options
Used Car Loan Interest Rates in Shimla
For used car loans in Shimla, Shriram Finance offers interest rates starting from 10%* p.a. Our competitive rates and flexible repayment terms make financing a pre-owned car more accessible. The key charges and fees are listed below:
| Type of Fees | Applicable Charges |
|---|---|
| Interest Rate | Starting from 10%* p.a. |
| Processing Fees | up to 5%* |
| Foreclosure Charges | up to 4%* |
| Loan Tenure | up to 48 months |
Our second-hand car loan EMI calculator helps you estimate your monthly instalments for a used car loan.
How to Use the Used Car Loan EMI Calculator
Our pre-owned car loan calculator allows you to determine your estimated EMI for a used car loan. Enter the loan amount, interest rate, and tenure to receive an instant breakdown of your monthly payments, total interest, and overall loan cost. You can adjust the inputs to compare repayment options, helping you plan your finances effectively before applying.
STEP 01
Required Loan Amount
STEP 02
Interest Rate
Min 10%
Max 42%
STEP 03
Min 18 months
Max 48 months
Loan Summary
Loan
Loan Amount
âı 1,00,000
Interest Payable
âı 8,103
Monthly EMI
âı 6,006
Car Refinancing in Shimla
If you need quick funds in Shimla, Shriram Finance's car refinancing can be a suitable option. This facility lets you leverage your car's value to get funds without selling it. However, eligibility depends on whether the car is free from existing loan obligations. We provide flexible repayment plans and competitive interest rates.
Eligibility and Documentation Criteria for Used Car Loans in Shimla
To check used car loan eligibility online, applicants must meet the following criteria. These documents may vary based on the applicant's profile and the loan amount.
Eligibility Criteria:- Age: Minimum 21* years, with a maximum age of 59* years at loan maturity.
- Residency: All Indian residents.
- Income: Requirements vary based on the vehicle model, age, and repayment tenure.
Required Documents:- To check used car loan eligibility online, applicants must meet certain criteria. The essential documents required include:
- KYC Documents: Proof of identity and address.
- Income Proof: Salary slips for salaried individuals, income tax returns (ITR) for self-employed.
- Bank Statements: Recent bank statements may be required.
- Vehicle Documents: Registration certificate and insurance details of the used car.
Step-by-Step Application Process for Used Car Loans in Shimla
To apply for a used car loan, follow the steps below:
Step 1
Visit the Shriram Finance website and register using your mobile number.Step 2
Verify the OTP sent to your mobile number to proceed.Step 3
Provide your personal information such as name, address, and contact details.Step 4
Once your application is submitted, a representative will connect with you to process your loan further.
Our Used Car Loan Branches in Shimla
Shriram Finance has a presence in Shimla to assist with used car loan needs. You can use our branch locator to find the nearest branch for personalised support.
Locate Us
Used Car Loan Customer Care in Shimla
Our dedicated customer care team is available to assist with any queries related to pre-owned car loans. You can reach us via phone or visit a branch for guidance.
Used Car Loan Status in Shimla
To check the status of your used car loan in Shimla, log into your Shriram Finance account and navigate to the 'Loan Status' section. Enter your loan account or application number for updates. Alternatively, you can contact customer care or visit a branch for assistance. Get the financial support you need to own a used car with Shriram Finance.
Used Car Loan in Major Cities in India
Used Car Loan FAQs
Can I get a used car loan in Shimla?
Yes, we provide used car loan options in Shimla, ensuring hassle-free financing for pre-owned vehicles.
What are the eligibility criteria for a used car loan in Shimla?
To qualify, applicants must be Indian residents aged between 21* and 59* years at loan maturity. Income eligibility depends on factors such as the car's model, age, and loan tenure.
What is the interest rate on a used car loan?
Our used car loan interest rates begin at 10%* p.a. The final rate will be based on various factors specific to your loan profile.
What documents are required for a used car loan in Shimla?
Applicants must submit a completed application form, KYC documents, income proof, bank statements, and the vehicle's registration certificate. The exact paperwork may vary depending on the loan profile.
What is the processing fee for a used car loan?
The processing fee can be up to 5%* of the total loan amount.
What is the down payment required for a used car loan in Shimla?
We finance up to 85%* of the vehicle's value, so you will need to arrange the remaining 15%* as a down payment.
Can I apply for a used car loan online in Shimla?
Yes, you can conveniently apply for a used car loan online in Shimla via the Shriram Finance website or the Shriram One mobile app.
What is the maximum loan amount I can get for a used car in Shimla?
You can avail of a loan covering up to 85%* of the car's value, with a minimum loan amount starting from âı1 lakh*.
Disclaimer
The information provided in this guide is for educational purposes only and should not be considered financial advice. Always consult with a financial advisor before making investment decisions related to fixed deposits or any other financial products.