Do I have to pay margin to avail the car loan for purchasing an old car? If yes, What are the requirements for the same?
Yes, margin money is mandatory to be paid in order to avail the loan. A 25% margin of the valuation of the old Car as certified by the valuer will be required.
Do I have pay processing charges at the time of loan application? If yes, how much do I have to pay for it?
Yes, processing charges are mandatory to be paid in upfront at the time of loan application. United Bank of India levies a 0.50% processing charges of the loan amount, subject to minimum Rs.500 and maximum Rs.10,000. However, no processing charges will be levied on used car loans availed till 31st August, 2017.
Can I make a prepayment on my used car loan ahead of schedule? If yes, do I have to pay any penalty charges for it?
Yes, you can make prepayment any time you want on your loan account. Moreover, no penalty charges will be levied for the prepayment.