Loan Singh Features: “This Diwali, I am Buying a Second-Hand Car”

second-hand-vehicle-Diwali-loan

Introduction

Today, we are doing something different. We are so inspired by some of our borrowers because of their tremendous faith in Loan Singh. We have salaried borrowers who come with such wonderful and inspiring backstories that it gives us, i.e. Loan Singh, great pride in serving those in need. This new section, aptly named as ‘Loan Singh Features’, will cover user case stories (both – fictional & real).

Today’s featurette includes the story of a borrower who wishes to buy his ‘first car’. Let’s assume the applicant to be named ‘Vishal’. He is a salaried individual & knows that he can only afford a second-hand car. With Diwali around the corner, he chose this festive period to be auspicious for making such a grand purchase & hence, applied for a personal loan at Loan Singh.

 

“It was a long kept dreama 4 wheeler”

Vishal is not alone in having his dream of owning a 4 wheeler fulfilled. There are many of you out there who are yearning to yank that engine and drive through the roads of your destiny. This is the perfect time to do it. A brand new car might seem like a long shot now; but, why not get a second-hand car?

 

Benefits of a second-hand car

Getting a second-hand car, this Diwali, is a superb decision. Not only are car sellers pampering prospective buyers with offers and discounts, they can also offer a variety of options to choose from.

Competitive price

We all love the scent that emanates from a new car. The immaculate upholstery, 0 kms traveled, sans any fingernail scratches on the outside, etc. is something we love. But, it does not come cheap. The price gap between a used and a new car is huge. You may also argue that the interest rates on new cars are less, but the one-time amount you pay (inclusive of a new paint job, top-up of engine oil, coolant, complete interior and exterior wash, and more) goes easy on your budget. A personal loan can make the average monthly spend further lower.

Depreciated value

New cars immediately lose a portion of their value immediately. The moment a new car is bought, it does not remain new and will be sold as a second-hand. New car owners go through a plethora of emotions when the new car starts acquiring wear and tear while going over Mumbai’s potholes or Goa’s beachside terrain. In the first year, since purchase, new cars lose as much as 40% of their value. For a second-hand car, however, there is much less depreciation. You will lose less money, slowly and will avoid the hit the first owner took.

Insurance cover

No need to scratch your head here, the insurance premium you pay per year for a second-hand car, towards accidental damage, is cheaper. The value of a second-hand car is already depreciated which means you pay a lower premium than what you would pay for a swanky new car.

Less worry

If it is the paint getting chipped-off on gravel, the tyres start getting punctured or some other driver goes off with your mirrors from the opposite side, you don’t feel too much of heartache for a second-hand car. That is why it is suggested you learn driving a second-hand car because the strain on your pockets is less.

 

Best source for a second-hand car loan

You read what Vishal did to achieve his dream of getting a second-hand car. He is salaried and knew there is no other auspicious time to buy a second-hand car on. Loan Singh’s easy process and quick disbursement allowed him to get the personal loan he needed. You too can get a second-hand vehicle loan this Diwali.

No collateral – Having no collateral gives a second-hand vehicle loan, an advantage over a brand new one. Even if you do not own any fixed assets, you can at least get funds from Loan Singh for buying a vehicle.

Multiple purposes – A personal loan can be availed for a number of purposes such as shopping for Diwali, purchasing household appliances, electronic gadgets, purchasing gold, holiday travel, home improvement, relocation of job, medical expenses, home renovation, marriage, etc.

Before you begin the quick and easy application process at Loan Singh, check the following eligibility criteria required for a personal loan.

Salaried

To avail a personal loan from Loan Singh, you need to be a salaried individual with a minimum monthly salary of Rs.15000.

Credit score

Loan Singh looks at your credit score, to evaluate your creditworthiness, before approving the loan. A creditworthy borrower is someone who has been prompt in his/her previous loan EMI payments, maintains a good credit utilization ratio, has been paying off his/her credit card bill on time and has never overspent over the credit card limit. If you have never availed of a loan before, you will have no credit history. In that case, you need to be salaried for at least 3 months to be eligible for a loan at Loan Singh. The lower your credit score, the lower your chances of being eligible for a personal loan.

Age

You need to be at least 21 years of age to be considered eligible for availing a personal loan with Loan Singh. As mentioned above, you must be of Indian nationality and salaried, as well.

Financial stability

You need to have a stable monthly income. A good budget is advised to avoid times when you might find it hard to pay-off the loan EMIs.

 

Application process at Loan Singh

Not only is a personal loan the best alternative for quick funds, Loan Singh’s quick and easy application process also helps you get the funds you need for any financial emergency. The process to get an easy and quick loan with Loan Singh, is mentioned below:

Get Started Page – Select ‘PERSONAL LOAN’ from the drop-down for ‘Loan Type’ and enter the loan amount with the desired repayment tenure.

Registration page – Add your contact number, personal email ID, and corporate email ID

Social Authorization – Connect your Facebook, Google+ and LinkedIn profiles for discounted rates

Profile Page – Fill in your name, gender, father’s name, number of dependents and PAN Details. We use your PAN Card Number to check your Credit Score and as a KYC document.

Address Page – Choose your type of residence; mention your street address, city, state and pin code.

Job Profile Page – Mention your current designation, total work experience, company name, highest qualification, last institution attended and monthly salary.

Financials page – Upload your latest 6 months bank statement from your computer, your GMail account or from your net-banking account.

Auto Debit Page – Provide permissions to your bank name, account number, and IFSC code so that Loan Singh can auto debit the EMI amount from your account every month. This way you don’t need to set reminders or miss-out on any loan EMI repayments.

 

Advantages of Loan Singh

Availing a personal loan through a digital lending platform is always advantageous compared to traditional lending institutions, such as banks. Some of these advantages are

Hassle- free process – No requirement of paperwork; nor is it required to run from bank-to-bank. You can apply for a personal loan from your home, your office, your friend’s barbeque party, or from wherever you want to.

EMIs – Loan Singh’s EMI Calculator, lets you find out your monthly EMI repayment amount before you even apply for a personal loan. You can track your loan status by logging onto your personal dashboard. Loan Singh’s auto debit feature allows you to make EMI payments without missing any due-date.

Varied purposes – At Loan Singh, you can avail a personal loan for a number of reasons such as medical emergency, wedding, travel, gadget funding, relocation, etc. You will have the funds in your account, in up to 36 hours from loan approval.

Secure platform – With Loan Singh being SSL certified, all the information you share is private and protected.

 

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