3 Factors that have contributed to the Growing Popularity of Used Cars in India

Over the past few years, the used car market in India has witnessed a steady growth. An increasing number of car buyers in the country are opting for used cars. Apart from low prices, there are many other important factors that have contributed to the rising popularity of pre-owned cars in India.

• The ownership cycle has shortened and people are changing cars more frequently. As a result, more choices are available to those who want to own a used car.
   
• The quality of cars in India has improved significantly. Even after many years of use, these cars continue to provide good performance.
   
• With the entry of reputed car brands such as Maruti and Mahindra, the used car market in India has become more organized. You don’t necessarily have to approach a local car dealer to purchase a used car. They can also be bought from authorized showrooms.

Apart from the above-mentioned factors, the availability of used car loans has also increased the demand for pre-owned cars. These days, many financial institutions offer used car loans. With the low interest rate on used car loan, it has become easier for people to purchase the used car of their choice without worrying about the finances. Many first-time car buyers avail these loans to upgrade from a 2 wheeler to a car and give their families all the comforts and conveniences.

The societal acceptance of people buying pre-owned cars has increased. Many people who already own a car and want to buy a second car often opt for a used car. Whatever the reason, taking a used car loan is one of the easiest ways to realize your dream of owning a car of your choice. There are many reliable lenders that offer used car loans at attractive interest rates. Reliance Commercial Finance is one of the leading companies that offer used car loans at low-interest rates.

Arrange your Much-Needed Finances by getting a Loan against Property

As the proverb says, “opportunities don’t knock twice.” You must be ready to grab the first chance that comes your way to attaining self-reliance. However, you need to have sufficient funds to achieve this, but many a times, we fall short on finances and end up taking debt from a lender. A good way to arrange your finances is to evaluate the potential of your property and use it to meet your financial needs. Reliance Commercial Finance, a prominent financial service company helps small and medium enterprises (SME) become a self-reliant entity through their loan against property.




Here are some of the features of this type of loan.

1. The borrower can avail loan against all types of properties, be it residential, commercial or industrial. The interest rate on loan against property also remains the same in the case of a plot or land.

2. For seeking a loan amount upto Rs 3 crores, the borrower does not need to submit any audited financials.

3. Seeking a loan against property from Reliance Commercial Finance means higher LTV (loan-to-value ratio) and tenures. Besides, it comes with flexible repayment options as well.

Once the loan application of the borrower is approved, he then needs to submit some necessary documents. Apart from common documentations like application form, identity proof and passport sized photographs, the other necessary papers differs for that for an individual to a company. However, eligibility criteria for both individuals and companies are more or less same.

The much-needed loan amount will definitely help businesses and individuals achieve their goals. With long tenures and flexible repayment options, they don’t have to bear the stress of repaying the loan soon. Instead, they can use the finances in a smart way, thereby achieving successful end-results.