Flexible Loan Terms
Tailor the loan to your financial comfort, whether you prefer a shorter payoff or a more extended term
Pre-Approved in Minutes, Driving Away in Hours: Streamline Your Car Loan
With our loan option, you can focus on finding the perfect used car instead of worrying about loan approval delays.
Features and Benefits
Secure financing for your second hand car with flexible repayment terms and competitive interest rates, making car ownership a reality
Quick Approval Process
Spend less time waiting and more time driving your desired used car
Easy Application Process
Less stress and effort in securing your used car loan
Improve Credit Score
Responsible repayment can positively impact your credit score, opening doors to better financial opportunities
Hassle-Free Vehicle Inspection
Ensure your chosen used car meets necessary standards without excessive complications
Pre-Owned Car Value Retention
Used cars often depreciate less quickly than new ones, ensuring better value retention
Calculate Your EMI
Plan your finances better with our easy-to-use EMI calculator.
Instant Calculation
See results as you adjust
Clear Breakdown
Principal vs Interest
Mobile Friendly
Works anywhere
EMI Calculator
₹
₹1 Lakh₹1 Crore
%
8%26%
Years
1 Year30 Years
Your Monthly EMI
Principal Amount₹1,00,000
Total Interest₹1,98,444.99
Total Payable₹2,98,444.99
Tenure20 Years (240 months)
a quick and transparent process
We have a simple online application
Check Eligibility
Check eligibility criteria before applying for a loan to ensure approval possibilities.
Calculate Your EMI
Estimate your monthly EMI effortlessly with our user-friendly loan calculator.
Check Required Documents
Ensure which necessary documents are required for loan application.
Fill Application Form
Accurately provide all required information in the loan application form for prompt processing.
Eligibility and Documents
Essential documents that need to be provided to complete the process successfully are listed below:
Identification & Address Proof
Any government-issued identification document such as Aadhaar card, PAN card, passport, voter ID card, or driving license.
Income Proof
To assess the applicant’s repayment capacity, income proof is required. It can include salary slips, bank statements, income tax returns (ITR), or a letter from the employer.
Bank statements
The last 3 to 6 months of bank statements are required to evaluate the applicant’s financial stability.
Passport-Size Photos
Recent photographs of the loan applicant.
Employment Proof
If the applicant is salaried, they may need to provide an employment certificate from their employer. If self-employed, relevant business documents like business registration, GST certificate, etc., may be required.
Frequently Asked Questions
Questions From Customers
What are the eligibility criteria for a used car loan?
Individuals who are min. Of 21 yrs of age at the time of applying for the loan and no older than 65 at the end of the loan tenure. For Salaried- who earn min. 300000 per year including the income of co- applicant For self-employed- should earn 300000 per annum with min. 2 yrs of business continuity.
What documents are required to apply for a used car loan?
- FOR SALARIED: KYC ( Aadhar card, Pan Card, Voter I-card, valid Passport)
- Valid Driving License
- Latest salary and Form 16 as income proof
- Last 6 months bank statement
- FOR SELF-EMPLOYED: KYC ( Aadhar card, Pan Card, Voter I-card, valid Passport)
- Valid Driving License
- Latest ITR as income proof
- Last 6 months bank statement
How much loan amount can I get for a used car?
50-60% of the on road value of the car.
What is the interest rate for a used car loan?
18%- 22% depending upon the model and downpayment.
How is the interest rate determined for a used car loan?
- Lender will check your income, individuals with steady income and stable occupation may be provided a low rate of interest
- Loan term
- Down payment
- Car age
Can I get a used car loan for purchasing a car from an individual seller?
Yes, you can get a car loan for purchasing a car from an individual seller.
What is the loan tenure for a used car loan?
Upto 5 years
Can I prepay my used car loan? Are there any penalties?
Yes you can prepay your car loan . Less than 6 months of maturity 4% reducing of the outstanding principle amount and if more than 6 months 3% reducing of the outstanding principle amount.
Is a down payment required for a used car loan?
Yes, Downpayment for car loan is required . Min. 30% downpayment is required according to the car value.
What is the processing fee for a used car loan?
We charge processing fee upto 5 lac its 1% and exceeding 5 lac its 2%
How long does it take for a used car loan to be approved?
After verification it takes 1- 5 days to approve your car loan.
What happens if I default on my used car loan payments?
Written notice of default for not meeting the loan repayment obligations. If the notice is not honored your car will get repossess. A repossessed car will be sold off through auction by the lender to compensate for your outstanding loan balance.
Can I transfer my used car loan to another person?
Yes, you can transfer your car loan to another person you can accept the lump sum amount from the new buyer and use the same to pay off the remaining loan amount.
Can I finance the insurance and registration costs with my used car loan?
Insurance and registration cost are not covered by the car loan.
What happens if the car I want to purchase is more expensive than the loan amount approved?
If the car you want to purchase is more expensive than the loan amount approved applicant have to pay the remaining amount by himself.
Can I avail a used car loan if the car is more than a certain age?
No, you can not avail a car loan if the car is more than a certain age.
Is there a maximum mileage limit for cars eligible for a used car loan?
Yes , lenders do not fund for cars over 1,00000 kilometres.
Can I use a used car loan to refinance my existing car loan?
Yes, you can use a used car loan to refinance your existing car loan
Are there any tax benefits associated with a used car loan?
Salaried employees can claim tax benefits on a car loan. However self employed individuals or business owners can avail tax benefits on the interest payment of the car loan if the vehicle is purchased for business purposes.
Can I negotiate the terms of my used car loan?
No, you can not negotiate the terms of used car loan.
What happens if I sell the car before repaying the used car loan?
Untill you clear the outstanding loan amount, you can not sell the car.