loan for used luxury cars

Loan for Used Luxury Cars

Competitive Interest Rate| Quick Approvals | Easy Application Process

We all desired to own a luxury car. However, owning a luxury car comes up with a higher price. This makes it challenging to purchase a luxury car without any financial support. With Poonawalla Fincorp’s Used Car loan for Luxury Cars, you can turn dreams into reality. Not only does it come with higher loan amounts, and attractive interest rates, but also a flexible repayment tenure. Our Pre-owned Luxury Car Loan process is a fully digitalised loan that requires minimal documentation and has easy eligibility criteria to sanction.

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Pre-Owned Car Loan Interest Rates 11% p.a. onwards
Loan Amount ₹1 Lakh - ₹75 Lakh
Loan Processing Fees 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. 5% of the outstanding loan amount plus taxes if paid from other sources
Late Payment Charges 3% per month
Cheque Bounce Charges ₹1000 per bounce plus applicable taxes
Stamp Duty At actuals (as per state)
No Other Hidden Charges

The eligibility criteria at Poonawalla Fincorp is a cinch.

To meet the eligibility requirements, refer to the table below for a brief understanding:

Description Salaried Individuals Self-Employed Individuals Firm / Company
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) Partners / Proprietor / Directors / Trustee as applicable must be a minimum of 24 years old
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. Should have been operating the same company for at least two years.
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 Proprietor / Partners / Directors/Trustees with Indian Citizenship

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
  • PAN Card/Form 60
  • Aadhaar Card
  • Driving License
  • Passport
  • Voter ID
  • PAN Card
  • Aadhaar Card
  • Passport
  • Voter ID
  • Firm/Company PAN Card, GST Registration Certificate (If applicable) and Other Applicable Registration
  • KYC of Partners / Directors PAN Card and Aadhaar Card
Address Proof
  • Passport
  • Driving License
  • Voter ID
  • Passport
  • Driving License
  • Voter ID
  • Electricity bill for owned premises
  • Rent agreement for Rented premises
  • Passport for Partner / Directors
Income Documents Latest salary slips
  • Income Tax Returns for the last 2 years
  • Profit/Loss statement and balance sheet for the last 2 years
  • GST Returns
  • Income Tax Returns along with computation for the last 2 years
  • Profit/Loss statement and balance sheet for the last 2 years
  • GST Returns
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.

Make your dream come true with Poonawalla Fincorp’s Used Luxury Car Loan, and enjoy the following benefits offered by us:

  • Competitive Interest Rate Logo

    Minimum Paperwork

  • High Loan Amount Logo

    Loans up to 100% of a Car's Value

  • Attractive Interest Rates Logo

    Competitive Interest Rate

  • Easy To Apply Logo

    Flexible Repayment Period

Minimum Paperwork

With minimum paperwork, you can achieve your dream of buying a luxury car without any hassle. Refer above for the list of documents required for the loan procedure.

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.

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: Go to the official website of Poonawalla Fincorp and visit the ‘Pre-owned Luxury Car Loan’ page.
  • Step 2: Fill in the application form by Clicking on the “Apply Now” button.
  • Step 3: Upload the required documents.
  • Step 4: After the document submission, the loan application is processed for verification.
  • Step 5: Post verification, we will disburse the loan amount directly to your bank account upon loan approval.
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Apply
Online

Apply Online

Click on Apply Now and provide your contact details and loan details

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Personal
Details

Personal Details

Enter your DOB, Qualification and other necessary details

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Verfied LogoEmployment
& Car
Details

Employment & Car Details

Enter your employment details, car details (if car is finalized) and submit the form

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Verification

Verification

Application will then proceed for verification and assessment

Is a down payment required for buying a used luxury car with the help of a loan?

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.

Will my Credit score impact my chances of getting a Per-owned Car Loan?

Not necessarily, if your credit score is 750 or above, then you are eligible for a Used Luxury Car Loan.

How much time does it take to process 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.

Is it necessary to have a co-applicant while applying for a Used Luxury Car Loan?

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

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