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USED CAR LOAN

ABOUT USED CAR LOANS

Opting for a used car loan is a smart, value-for-money purchase. We offer used car loans for a wide collection of cars ranging from hatchbacks & SUVs to premium sedans. We extend loans up to 95% loan on your car value and provide flexible EMI repayment options, and quick disbursal of loans which makes Tata Capital the best choice for financing your car.

Now get a Used Car Loan up to ₹50 lakhs from Tata Capital. Tata Capital’s Pre Owned Car Loan offers used car Loans with easy documentation and competitive interest rates. Your favourite Car is just a click away.

Disclaimer: Car Loans are brought to you by Tata Capital Financial Services Limited ("TCFSL") and are at its sole discretion. The indicative interest rates mentioned on the website only pertain to loans availed for cars which are for personal use. For loans for cars which are for commercial use, interest rates may differ. Interest rates may differ from time to time at the discretion of TCFSL. Terms and conditions apply.

Know more about our offerings

Key Features

Loan Amount

₹1,00,000 - ₹50,00,000

Loan Tenure

12 - 60 months

Interest rate starting at

15%

Advantages

Flexible Tenure:
You have the freedom to repay your loan over a period of 60 months
Quick Processing:
With minimal paperwork and quick, online application process, you can get your car loan in no time. You just need to fill in our application form and we will take care of your loan request
Flexi EMI Options:
Our Flexi EMI Car Loans allow you to repay your loan according to your convenience.
Competitive interest rates:
Our interest rates are the best among all lenders; we offer rates and tools that will benefit you the most.
Flexible Tenure:
You have the freedom to repay your loan over a period of 60 months
Quick Processing:
With minimal paperwork and quick, online application process, you can get your car loan in no time. You just need to fill in our application form and we will take care of your loan request
Flexi EMI Options:
Our Flexi EMI Car Loans allow you to repay your loan according to your convenience.
Competitive interest rates:
Our interest rates are the best among all lenders; we offer rates and tools that will benefit you the most.

Application Process

Online Application

 To avail a used car loan, apply online by just filling up your basic details.

Explore dealership

Walk into a used car dealership associated with Tata Capital

Document Submission

 Tata Capital’s representative will be available at the dealership to assist you with the submission of your documents.  

Scrutiny and Verification

 We will verify your used car loan documents.  

Approval

 Post approval, your loan is sanctioned.

Drive Away

Receive the required pre-owned car finance in your bank account and drive away in your favourite second-hand car.

PAYMENT OPTIONS

PAY ONLINE

You can pay your used car loan EMIs through our website or using your mobile, anytime and anywhere. 

DROP A CHEQUE

Select a nearby branch, write a cheque, and drop it off at your convenience. 

6 Reasons to Choose Us for Taking a Used Car Loan 

Minimum paperwork

 Hardly any paperwork is required for a used car loan. Besides the application form fill-up, all other loan-related activities can be taken care of through our digital platform to make your experience comfortable.   

Repayment

 You can decide how you want to repay your pre-owned car loan according to your convenience. Choose from our host of options like ECS, post-dated cheques, and online payment.  

Competitive interest rates

 Our used car loan interest rates are the best among all lenders; customise your loan as per your convenience.  

High loan amount

 You can take as high as Rs. 50 lakhs of loan amount.  

Minimum documents

 We ask for minimal documents while processing your request.

Instant online approval

 You can get instant approval through our secure platform once we get all the information and documents from you.

What is Used Car Loan?

 A used car loan is a loan taken to fund the purchase of a pre-owned or second-hand car.

Many people today prefer to purchase a second-hand car as it offers a host of benefits – money-saver, slower depreciation rate, tension-free drive 24x7, and upgrade in segment. However, what if the pre-owned car is the right size, has all the right features, and gives the right mileage but the funds are not enough? That is what used car finance is for.  

Why Should You Take a Used Car Loan?

 Taking a used car loan works in your favour as you get to bring home your dream drive fast. Moreover, the loan amount + interest can be paid off in easy monthly instalments. Here’s how –

  • High loan principal – You can buy a used car on EMI for an amount as high as Rs. 50 lakhs.

  • Competitive interest rates – You can be offered used car loan interest rates as low as 15%, the most competitive in the market.

  • Flexibility – You can choose a loan tenure that best suits your budgetary needs. Plus, you also get to choose the repayment plan – fixed EMI or structured EMI plan.

  • Quick processing and minimal paperwork – Through an all-digital approach, your loan application will be processed and the amount disbursed within 24 to 36 hours of document submission.

When Can You Take a Used Car Loan?

 You can leverage used car finance under the following circumstances –

  • Personal use – A car is no longer a luxury but a vital asset for movement around the city or from one city to the other. You can purchase a car using a used car loan for personal use which may include everyday grocery shopping to emergency situations like getting a loved one to the hospital on time. With a car, you need not stay dependent on public transport or anybody to drive you around.

  • Business use – Your nature of business may be such that you may need to frequently drive around – to meet clients, make deliveries, etc. A used car loan will help meet your commuting needs.



How to Get a Used Car Loan?

 Wondering how to get a used car loan? Well, in just four short steps, as given below –

  • Simple application form – Apply for a used car loan by filling the application form online or offline.

  • Minimal Documentation – Submit or upload the documents needed for used car loan online approval.

  • Verification – We will calculate your eligibility and validate your documents for loan approval.

  • Loan Sanctioning and Disbursal – Once validated, we will sanction your used car loan and disburse the respective amount within 24 to 36 hours from document submission.

Used Car Loan Eligibility

  To get a used car loan, you must meet the following used car loan eligibility criteria -

  • Age – Your age must be 21 or above and 60 or below if you’re a salaried individual and 21 or above and 65 or below if you’re a self-employed individual.

  • Income – Your income must be at least Rs. 20,000 per month if you’re a salaried individual and Rs. 2 lakhs per year if you’re a self-employed individual.

  • Stability of Work – You must have a stable employment status for at least a year and a stable business status for at least three years.

Documents Required for Used Car Loan

 On the basis of salaried individuals or self-employed individuals, following are the documents required for used car loan –

For Salaried Individuals -

  • Photo Identity Proof – Copy of Voter’s ID/Driving License/Aadhaar Card/PAN Card/Passport

  • Income Proof – Copy of your Salary account bank statements for the last three months

  • Copy of Salary Slips of the last three months

  • Proof of Residence – Copy of Ration Card/Passport/Electricity Bill

  • Copy of Vehicle Registration Certificate

  • Copy of telephone or phone bill

For Self-Employed Individuals –

  • Photo Identity Proof – Aadhaar Card/Driving License/PAN Card/Passport/Voter’s ID

  • Copy of your signature with signature proof

  • Address Proof – Copy of Utility Bill/Bank Statements/Property Registration documents/Property Tax Receipt/Voter’s ID

  • Income Proof – Copy of Income Tax Returns (ITR), audited Balance Sheet and Profit and Loss Statements along with last three months’ Bank Statements

  • Copy of telephone or mobile bill

Used Car Loan Interest Rates and Charges

Used car loan interest rate is the rate at which interest will be levied on the principal loan amount. It is generally expressed as a percentage of the total used car loan amount.  

What are the EMI Options Available on a Used Car Loan?

 When you purchase a used car with EMI option, you get to choose between two EMI plans for a convenient repayment experience.

  • Standard EMI – Under this EMI plan, your loan principal and the interest on the loan remain fixed throughout the loan tenure. As a result, the EMI also remains unchanged. If you have a consistent income every month which is unlikely to change in the near future, this is the right option for you.

  • Structured EMI – Under this EMI plan, your used car loan EMIs can be customised. Generally, the EMI remains low during the initial months of the loan tenure and gradually increase. This EMI repayment method is most suited for those who expect a rise in income in the near future.

Used Car Loan EMI Calculator

 With the help of a used car loan EMI calculator, you can find out in advance the amount of money you need to shelve aside every month towards the repayment of your used car loan. This useful online tool is fast, easy-to-use, highly accurate, and you can effectively plan out your monthly budget using it.  

FAQ

No, the EMI is fixed for the life of the loan. However, we offer flexible solutions to fit your requirement.

The loan can be repaid through ECS, Direct debit and post-dated cheques drawn on "Tata Capital Financial Services Limited".

We provide Used Car Loan from a minimum of ₹ 1,00,000/- to a maximum of ₹ 50, 00,000/- depending on your eligibility.

When you take a used car loan from a lending institution, you receive the loan principal in lump sum after the submission and verification of the relevant documents. You will have to repay this principal amount along with the applicable interest on the loan over a pre-determined tenure. You can apply for a used car loan online for faster loan processing.

 Availing a used car loan offers the following benefits –

  • Easy car purchase – Bring home your desired four-wheeler in only a few effortless steps.

  • No collateral needed – The vehicle you purchase will itself be the loan security. You need not fear risking any additional assets.

  • High loan amount – You can apply for a loan principal as high as Rs. 50 lakhs and purchase the car of your choice.

  • Minimum paperwork – You can apply for a used car loan online. This all-digital approach can save you hassles related to heavy paperwork.

  • Repayment flexibility – For a comfortable repayment experience, get flexibility in terms of the loan tenure and EMI payment – fixed or flexi EMI plans.

 

 Every lender has an upper and lower limit on the amount that you can borrow as used car loan. Tata Capital offers used car finance that covers a wide bracket - from Rs. 1 lakh to Rs. 50 lakhs.  

Used car loan interest rate refers to the rate at which interest is to be charged on the principal loan amount for a pre-determined tenure. Tata Capital’s used car loan rates start at just 15% - one of the most competitive interest rates in the market.  

Used car loan tenure refers to the period within which a borrower needs to repay their loan, which is equal to the principal amount plus the applicable interest on the loan. The maximum tenure for which Tata Capital offers its used car loans is 60 months or 5 years.  

 For salaried individuals, the used car loan eligibility criteria are –

  • Age of the applicant must be between 21 and 65 years.

  • Salary must be at least Rs. 20,000 per month.

  • At least one year work experience is mandatory.

Salaried individuals need to furnish –

  • Photo identity proof documents

  • Income proof documents

  • Salary slips for the past three months

  • Address proof documents

  • Vehicle Registration Certificate

  • Telephone or mobile bill 

 The following are the used car loan eligibility criteria for self-employed individuals –

  • Age must be between 21 years or above and 65 years or below.

  • Annual income must be at least Rs. 2 lakhs.

  • The applicant’s business must have been in existence for at least three years.

Self-employed individuals need to furnish –

  • Identity proof

  • Copy of their signature

  • Address proof

  • Income proof for the past three months

  • Telephone or mobile bill

After you have submitted all relevant documents, a pre-owned car loan online approval generally takes only about 30 minutes. However, the entire used car loan process, right from the time of documentation up until loan sanctioning can take anywhere from 24 to 36 hours.

 A co-applicant is someone who applies for a used car loan along with the main borrower and will be equally liable for the repayment of the loan in case of any default on the part of the primary borrower. In case you want to improve your loan eligibility, you can have a co-applicant apply along with you.

The following are the acceptable co-applicants for a pre-owned car loan –

  • Spouse

  • Family member

  • Blood relatives   

No, no additional collateral or security is needed. The car for which you take the used car loan is itself the collateral that is needed, hypothecated to Tata Capital documentation.  

 You can apply for a used car loan with Tata Capital in the following ways –

  • Apply for a car loan online through our website.

  • Send an email to our customer support team.

  • Call us on our toll-free number – 1860 267 6060.

  • Take the help of our virtual assistant TIA.

  • Visit a nearby branch and talk to our lending experts.

WHY CHOOSE US

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EASY APPLICATION PROCESS
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