loan for used electric cars

Loan for Used Sedan Cars

In our continuously changing world of personal mobility, used car loan have become a pivotal financial resource, granting individuals the ability to own a car without burdening the current finances. For this purpose, Poonawalla Fincorp presents you with Pre-Owned Car Loan for buying Sedan and any other car of your desire at favorable interest rates. The loan comes with minimal requirement of paperwork and with flexible repayment tenure, making the finance affordable and hassle-free for you.

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

Too much documentation for purchasing a used EV car can be daunting. However, with Poonawalla Fincorp you can experience benefits of used car loan like a seamless application process, minimal documentation, quick approval, etc.

Check the eligibility criteria below for more details:

Description Salaried Individuals Self-Employed Individuals Firm/ Company
Age During the loan application, the candidate’s age must range between 24 to 60 years. During the loan application, the candidate’s age must range between 24 to 60 years. Proprietor / Partners / Directors / Trustee, Should have a minimum age of 24 years at the time of application.
Experience/ Vintage Up to ₹10 Lakh with current employment stability must be 3 months and total employment stability 12 months. Up to ₹10 Lakh with 24 months in existing business. Applicant must be in the same business for at least 2 years.
₹10 Lakh- ₹75 Lakh with current employment stability of 6 months and total employment stability of 24 months. ₹10 Lakh- ₹75 Lakh With 60 months in existing business.
Citizenship Applicants must have Indian citizenship. Proprietor / Partners / Directors must have Indian Citizenship. Proprietor / Partners / Directors / Trustees must have Indian Citizenship.

Whether you a salaried individual, self-employed individual, or a business owner, the common documents to get a Pre-Owned Car Loan for Sedan from Poonawalla Fincorp includes:

  • Identity Documents: This includes PAN Card, Aadhar Card, passport, voter ID, driving license, etc., that also serve as KYC documents.
  • Address Proof: It may include passport, driving license, voter ID, electricity bills for owned premises, etc.
  • Income Documents: This may contain latest salary slip, GST return, Income Tax Return, etc., among other documents.
  • Bank Account Statement: Salary account statements and other financial statements.
  • Car Documents: You have to provide RC and Insurance if the car is already finalized.

You can avail of the following benefits by taking used car loan:

  • Easy To Apply Logo

    Vehicle Accessibility

  • High Loan Amount Logo

    Credit Building

  • Competitive Interest Rate Logo

    Favorable Interest Rates

  • Competitive Interest Rate Logo

    Tax Benefits

Vehicle Accessibility

A Pre-Owned Car Loan provides accessibility to own Sedan or any other used car even if you don’t have the full purchase price upfront.

Credit Building

Timely repayment of a used car loan can boost your credit score, opening doors to better financial opportunities in future.

Favorable Interest Rates

Pre-Owned Car Loan from Poonawalla Fincorp comes with competitive interest rates, ensuring affordable monthly payments for better financial planning.

Tax Benefits

The interest paid on Pre-Owned Car Loan may be tax-deductible, particularly if the vehicle serves business purposes. Hence, there are many advantages of going for a used car loan.

You can refer the below-mentioned instructions to apply:

  • Step 1: Visit our official website.
  • Step 2: Go to the ‘Pre-Owned Car Loan’ page.
  • Step 3: Click on the ‘Apply Now’ button.
  • Step 4: Fill in the application form, submit the necessary documents.
  • Step 5: After verification, your loan will be disbursed instantly.
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Apply Online

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

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Personal Details

Enter your DOB, Qualification and other necessary details

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Employment & Car Details

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

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Application will then proceed for verification and assessment

Can I get a used car loan easily to buy Sedan?

Yes, you can avail a Pre-Owned car Loan from Poonawalla Fincorp for getting a Sedan or any other car at competitive interest rates.

How much loan amount can I get to buy a Sedan?

You can get funds up to 100 percent of the car’s value with a Pre-Owned Car Loan of Poonawalla Fincorp.

Can I pre-pay my used car loan for Sedan?

Yes, you can easily pre-pay your used car loan taken from us without any foreclosure fee if paid through own sources.

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