Used car loan
Quick and easy used car loans to buy your dream car from anywhere
Used car loan
Quick and easy used car loans to buy your dream car from anywhere
Pre-owned car loans designed for you
For any car, anywhere, anytime
Buying a second-hand car is simple with our used car loans. Whether you purchase your car from friends, family, dealerships, or elsewhere, you can enjoy the lowest down payment, competitive interest rates, and flexible EMIs.
Features and benefits of used car loan
Our offerings are tailor-made to enable you to bring your dream car:
Features and benefits of used car loan
Our offerings are tailor-made to enable you to bring your dream car:
Quick approval
Receive swift loan approval in minutes
Free car inspection
Get your car inspected by our in-house experts
Lowest interest rates
Enjoy competitive interest rates starting at 10.99*% p.a.
Up to zero downpayment
Get up to 115% financing with zero downpayment
Flexible tenures
Choose convenient EMI options spanning up to six years
Hassle-free RC transfer
Get ready assistance and information about your RC transfer
Used car loan EMI calculator
Check your estimated EMI here for free:
Second-hand car loan eligibility
How to get a loan for a pre-owned car?
Follow these simple steps below to complete your loan application:
What happens next?
Document required to get a used car loan
Here’s the list of documents required for the loan application process:
Identity proof
- PAN card (mandatory)
- Aadhar card/ Driver’s licence/ Voter ID/Passport
Address proof
- Aadhaar/ Passport /Voter ID/ Driver’s licence/ Utility bills/Passport/Notarized rent agreement
Income proof (optional)
- 6 months’ bank statement
- 3 months’ salary slips or equivalent business proof
Vehicle documents
Any one of the below:
- Vehicle registration number/registration certificate (RC)
Interest rate & charges for second-hand car loan
Buying a car is a big monetary decision. We offer low-interest rates and minimal charges to ease your purchase. Here are our different types of fees and charges:
| Types of fee | Applicable Charges |
|---|---|
| Interest rates | 10.99% p.a. onwards |
| Processing fees | Upto 5% of loan amount |
| Pre-closure charges | Flat 5% of the outstanding loan amount |
| Loan cancellation charges | Upto Rs. 5000/- per instance In case of event of cancellation, interest charges will be borne by the customer. Processing fees, stamp duty, Documentation, Valuation and RTO charges are non-refundable charges and would not be waived/refunded in case of loan cancellation. Loan cancellation is allowed within 15 days from the date of loan disbursal. |
| Penal charges on default of repayment | Rs. 10 per day of the overdue loan amount i.e. EMI due but not paid (per instance) |
| Bounce | Rs. 1,000/- per instance |
| Late payment charges | Rs. 250/- per instance |
| Statement of account charges | Rs. 500/- ( If requested again in the same month) |
| Bureau report charges | Rs. 100/- per instance |
| Non objection certificate upon loan closure | Rs. 1,000/- per instance |
| No objection certificate for conversion from petrol to LPG/CNG & vice-versa thereof | Rs. 5,000/- per instance |
| Any duplicate NOC | Rs. 1000/- per instance |
| RTO charges | RTO charges shall be charged by the Lender's Business Partners only |
| Collection visit charges | Rs. 500/- per instance |
| Legal notice charge | Rs. 5000/- per instance |
| Arbitration charges | Rs. 10000/- |
| Repossession charges | Rs. 25000/- |
| Blacklisting charges | Rs 20,000 |
| Pre-closure letter charges | Rs. 500 per instance |
| Car valuation / Inspection fees | Upto Rs. 1000/- |
| Documentation fees & stamp duty charges | Upto Rs. 5,000/- |
| Loan insurance charges | As per actuals |
| Motor insurance charges | As per actuals |
| Car health monitor (“CHM”) charges | Upto Rs. 10,000/- |
| Financial wellness report | Upto Rs. 15000/- |
| Annual maintenance contract charges | As per actuals |
| Assured buyback cover charges | As per actuals |
| Extended warranty charges | As per actuals |
For any other charges and modifications in the charges list, kindly refer to the lender’s webpage. The above is exclusive of all applicable taxes, statutory fees, government charges, and any other charges as fixed by the regulators. The lender or the service providers have the exclusive right to amend the charges from time to time with due disclosures to customers.
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Frequently asked questions
What is a used car loan? How does it work?
What is the maximum loan amount for a used car loan?
What is the average interest rate on a second-hand car loan?
What is the repayment term for a used car loan?
Can I get a used car loan with a low credit score?
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