Loan for Used Sedan Cars Up To 75 Lakh

Used Car Loan for 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.

EMI Calculator for Used Car Loan for Sedan Car

Loan Amount

1,00,000 75,00,000

Interest Rate %

9% 30%

Tenure

1 Year 6 Years

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Interest Rate for Pre-Owned Car loan for Sedan Car

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

Eligibility for Loan to Purchase Used Sedan Car

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.
Experience/ Vintage	₹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.

Required Documents for Pre-Owned Sedan Car Loan

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.

Advantages of Used Car loan for Sedan

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

Vehicle Accessibility
Credit Building

Favorable Interest Rates
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.