For security reasons, your session has been timed out. To continue, Please login.
Used Car Loan
A used car loan is a loan facility extended to people who are interested in buying used cars or pre-owned cars. Used cars offer value for money, slow rate of depreciation, lower insurance and registration charges, and lower loan amount to be borrowed. Given that there are numerous dealerships selling reliable and good condition pre-owned cars, you may opt for them.
Interest Rates :
The car loan interest rate on used car loans is a minimum of 13.5%. Interest rate is applicable on individual cases depending on various factors such as
The tenure of the car loan is as follows
The tenure depends on the maximum age of the car at the time of maturity of the loan which is 9 years. For instance, if the age of the car at the time of borrowing is 2 years, then the maximum tenure is 7 years in special cases and 5 years in normal cases.
You are eligible for a used car loan from us if you satisfy the following conditions
We extend loans on the value of the used car under the loan to value ratio (LTV) principle. Here, the LTV is usually limited to a maximum of 90% but in special cases, it can go up to 100% in respect of select vehicle models and select category of salaried individuals employed in Super Cat A and Cat A company list. Before you decide to apply, check your car loan eligibility.
The following are the features of Used Car loans:
We seek copies of standard documents from you along with your application for a used car loan which includes
For salaried and self-employed persons
For self-employed non-individuals
You can decide the EMI you want to pay depending on your ability to pay and the tenure. The EMI will be lower if the tenure is higher. You can use our car loan EMI calculator to arrive at a comfortable EMI subject to terms and conditions operable at the time of borrowing.