Loan for Used Luxury Cars
Powerful engines, top-notch safety, noteworthy design, comfortable seats, and superior interiors make luxury cars appealing to many. However, the exclusivity of owning a luxury car comes at a premium price. But you can realise your dream of owning a luxury car with Poonawalla Fincorp’s Loan for Used Luxury Cars!
Get a higher loan amount of up to ₹75 Lakh at minimal documentation and an attractive interest rate and enjoy quick processing and fast disbursal. Apply now!
EMI Calculator for Used Car Loan for Luxury & Premium Cars
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EMI Amount = *
Interest Rate for Pre-Owned Luxury Car Loan
| Pre-Owned Car Loan Interest Rates | 11% p.a onwards |
| Loan Amount | ₹1 Lakh - ₹75 Lakhs |
| Loan Processing Fees | Up to 1% plus applicable taxes |
| Lowest EMI per month | Starting from ₹1903* per Lakh for 72 months |
| Loan Tenure | 12 - 72 months |
| Prepayment/Foreclosure Charges | 0%* If paid from own sources. 4% of the outstanding loan amount plus taxes if paid from other sources |
| Default Charges | 24% per annum |
| Repayment Instrument Dishonour Charges | ₹500 per bounce plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
| No Other Hidden Charges | |
Note: Default Charges: Penalty will be charged for non payment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.
Eligibility to Get a Loan for Used Luxury Car
Our Pre-owned Car Loan comes with minimal eligibility criteria so that you can fulfil your dream of buying a used luxury car:
| Description | Salaried Individuals | Self-Employed Individuals |
| Age | Applicant’s age must be between 24 years (during loan application) to 60 years (at loan maturity). | Applicant’s age must be between 24 years (during loan application) to 60 years (at loan maturity). |
| Experience / Vintage | Upto 10Lakh: 3 months in current employment with a total of 12 months of employment stability. | Upto 10Lakh: 24 months in current business. |
| 10 Lakh -75 Lakh: 6 months in current employment with 2 years total employment stability. | 10 Lakh -75 Lakh: 60 months in current business. | |
| Citizenship | Individuals with Indian citizenship | Proprietor / Partners / Directors with Indian Citizenship |
Documents Required for Used Luxury Car Loan
Poonawalla Fincorp’s Used Premium & Luxury Car Loan comes with minimal documentation requirements. For an effortless process, submit the required documents on time.
Refer below to the list of required documents:
| Description | Salaried Individuals | Self-Employed Individuals | Firm / Company |
| Identity Documents |
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| Address Proof |
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| Income Documents | Latest salary slips for the last 3 months |
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| Bank Account Statement | Salary account statement for the last 3 months | Statement for the last 6 months | Statement for the last 6 months |
| Car Documents | If you have already finalized the car, include RC & Insurance | ||
Note: The listed above documents are basic requirements for a Used Luxury Car Loan. There is a possibility that additional paperwork will be required during the loan process.
Advantages of Pre-owned Car Loan for Luxury Car
Make your dream come true with Poonawalla Fincorp’s Used Luxury Car Loan, and enjoy the following benefits offered by us:
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Minimum Paperwork
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Loans up to 100% of a Car's Value
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Competitive Interest Rate
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Flexible Repayment Period
Minimum Paperwork
With minimum paperwork, you can achieve your dream of buying a luxury car without any hassle.
Loans up to 100% of a Car's Value
We value your dreams and ensure that you get the car you’ve always dreamt of. With the help of our loan, you can avail yourself of up to 100% funding for your car.
Competitive Interest Rate
We offer a Pre-owned Car Loan for Luxury Cars, ensuring that you save money by paying lower EMIs.
Flexible Repayment Period
Repayment should be made convenient for the applicant. By choosing a repayment schedule that lasts up to 72 months, you can stay within your spending limits for the duration of the loan.
How to Apply for Used Luxury Car Loan
Applying for a Used Car Loan for luxury cars is very simple.
Follow the below-mentioned steps to apply for a loan without any hassle:
- Step 1: Click on the ‘Apply Now’ button.
- Step 2: Fill in the required details on the loan application form.
- Step 3: Upload necessary documents.
- On successful verification, the loan amount will be disbursed into your bank account instantly.
Apply for an Instant Used Car Loan for a Luxury Car within 5 Minutes
Apply
Online
Apply Online
Click on ‘Apply Now’ and provide your contact details and loan details
Personal
Details
Personal Details
Enter your DOB, Qualification and other necessary details
Employment & Car
Details
Employment & Car Details
Enter your employment details, car details (if car is finalized) and submit the form
Verification
Verification
Application will then proceed for verification and assessment
Frequently Asked Questions
Making a down payment is not a necessity, as we offer 100% financial support. However, you can make a down payment to reduce your loan liability.
Not necessarily, if your credit score is 750 or above, then you are eligible for a Used Luxury Car Loan.
If you’ve met the eligibility criteria and submitted all the required documents correctly, processing a Used Luxury Car Loan takes a shorter period.
It is not necessary; You can apply for a loan without having a co-applicant while applying for a Pre-owned Luxury Car Loan.
*Terms & Conditions Apply
