Interest Rates & Charges
Understanding the various costs associated with your used car loan is essential for making informed decisions. Below, we break down the different types of charges you can expect for securing your second-hand car finance. This transparency ensures that you are fully aware of all potential costs involved, helping you manage your old vehicle loan effectively. Here are type of charges and applicable fee:
| Types of fee | Applicable Charges |
|---|---|
| Interest rates | 10.99% p.a. onwards |
| Processing fees | Up to ₹15,000/- |
| 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 | ₹10 per day of the overdue loan amount |
| Bounce charges | ₹ 1,000/- per instance |
| Late payment charges | ₹ 250/- per instance |
| Statement of account charges | ₹ 500 |
| Bureau report charges | ₹ 100/- per instance |
| Non objection certificate upon loan closure | ₹ 1,000/- per instance |
| No objection certificate for conversion from Petrol to LPG/CNG & vice-versa thereof | ₹ 5,000/- per instance |
| Duplicate NOC Charges | ₹ 1000/- per instance |
| RTO Charges | RTO charges shall be charged by the Lender's Business Partners only |
| Collection Visit Charges | ₹ 500/- per instance |
| Legal Notice Charge | ₹ 5000/- per instance |
| Arbitration Charges | ₹ 10000/- |
| Repossession Charges | ₹ 25000/- |
| Blacklisting charges | ₹ 20,000 |
| Pre-Closure Letter Charges | ₹ 500 per instance |
| Car Valuation / Inspection Fees | Up to ₹ 999/- |
| Documentation Fees | Up to ₹ 2000/- |
| Loan insurance charges | As per actuals |
| Motor insurance charges | As per actuals |
| Car health monitor (CHM) charges | Up to ₹ 6000/- |
| Financial wellness report | Up to ₹ 2542/- |
| Annual maintenance contract charges | As per actuals |
| Assured buyback cover charges | As per actuals |
| Extended warranty charges | As per actuals |
| Stamp duty charges | As per actuals |
| Road side assistance | As per actuals |
| RC transfer charges | As per actuals |
| Protekt Plus | As per actuals |
| Protekt Pro | As per actuals |
| GST amount | As per actuals |
| Repair charges | ₹ 2000 or actual, whichever is higher |
| Fuel charges | ₹ 500 |
| Buyback processing charges | ₹ 7500 - Pickup from hub / ₹ 5000 - Pickup from yard |
| Driver cost | ₹ 850 |
| NACH/ECS swapping charges | ₹ 1000 |
| Loan rescheduling Ccharges | ₹ 1000 |
| Document/Information default charges | ₹ 500 |
Disclaimer: All charges listed above are exclusive of applicable GST and other statutory taxes and are indicative in nature and subject to revision or modification by Cars24 from time to time with due disclosures to customers.
Miscellaneous charges and fees
Additional fees that may apply during the used car loan process, covering various administrative and service-related costs.Some of these charges are listed below:
- Credit Report Charges: Some lenders might charge a fee to obtain your credit report, which is used to assess your creditworthiness.
- Change in Loan Terms: Making changes to the loan terms, such as the tenure or interest rate, may incur administrative charges.
- EMI Bounce Charges: In case your Equated Monthly Instalment (EMI) payment bounces due to insufficient funds, you may incur a fee.
- Loan Agreement Charges: The preparation and notarization of the loan agreement can involve fees.
- Overdue EMI Charges: If you miss an EMI payment, there may be a penalty charge applied for each day the payment is overdue.
- Late payment fees: EMI payments beyond the grace period may result in late payment fees.
- Foreclosure Charges: If you decide to repay your loan before the agreed-upon tenure, you might face foreclosure charges. These charges are typically a percentage of the outstanding loan amount.
It's crucial to thoroughly review the terms and conditions to understand any additional charges that may apply. With this clear breakdown of all charges associated with your used car finance, we reiterate our commitment to transparency and building trust.
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