Used Car Loan for Sedan Cars
Want to get a stylish ride without spending too much? Own a used sedan car with a Pre-owned Car Loan from Poonawalla Fincorp. Our loan allows you to buy a sedan and any other car of your desire at competitive interest rates. This loan entails minimal paperwork and offers flexible repayment tenure, ensuring a hassle-free and affordable financial solution for you. So, get smart with your finances by choosing a used car loan for sedan. Apply now!
EMI Calculator for Used Car Loan for Sedan Car
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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 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 Interest | 2% per month |
| Repayment Instrument Dishonour Charges | ₹500 per bounce plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
| No Other Hidden Charges | |
Eligibility for Loan to Purchase Used Sedan Car
For used Sedan car loan from Poonawalla Fincorp, you need to fulfil the following eligibility criteria:
| Description | Salaried Individuals | Self-Employed Individuals | Firm/ Company |
| Age | During the loan application, the applicant’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 | For a loan up to ₹10 Lakh: Current employment stability must be 3 months and total employment stability 12 months | For a loan up to ₹10 Lakh: 24 months of vintage in existing business. | Applicant must be in the same business for at least 2 years. |
| For a loan between ₹10 Lakh- ₹75 Lakh: Current employment stability of 6 months and total employment stability of 24 months. | For a loan between ₹10 Lakh- ₹75 Lakh: 60 months in existing business. | ||
| Citizenship | Applicants must be an Indian citizen. | Proprietor / Partners / Directors must have Indian Citizenship. | Proprietor / Partners / Directors / Trustees must have Indian Citizenship. |
Required Documents for Pre-owned Sedan Car Loan
Provide the following documents to get your loan application process started:
- Identity Documents: PAN Card/Aadhaar Card/Voter ID/Driving Licence/Passport/etc. These documents also serve as KYC documents.
- Address Proof: Passport, driving Licence, voter ID, electricity bills for owned premises, etc.
- Income Proof: Latest salary slip, GST return, Income Tax Return, etc., among other documents.
- Bank Account Statement: Salary account statements and other financial statements.
- Car Documents: RC and Insurance if the car is already finalized.
Note: The above-mentioned Pre-owned Car Loan documents list is indicative. Additional documents may be required during loan processing.
Benefits of a Used Car Loan for Sedan
You can avail of the following benefits by taking used car loan:
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Vehicle Accessibility
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Credit Building
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Competitive Interest Rates
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Flexible Repayment Tenure
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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 get better financial opportunities in future.
Competitive Interest Rates
Pre-owned Car Loan from Poonawalla Fincorp comes with competitive interest rates, ensuring affordable monthly payments for better financial planning.
Flexible Repayment Tenure
You can avail of a Pre-owned Car Loan with flexible repayment tenure. This enables you to repay the loan according to your financial capability.
Tax Benefits
According to the Income Tax Act 1961, the interest paid on Pre-owned Car Loan may be tax-deductible, particularly if the vehicle serves business purposes. (Note: The tax deduction percent changes according to the car’s price).
How to Apply for Used Sedan Car Loan
You can refer the below-mentioned instructions to apply:
- 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 will be transferred to your bank account.
Apply for Instant Pre-owned Car Loan for Sedan 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
Yes, you can easily get a used car loan through an online application process from Poonawalla Fincorp.
You can buy any of your desired car with a Pre-owned Car Loan from Poonawalla Fincorp.
You can get funds up to 100 percent of the car’s value (up to ₹75 Lakh) with a Pre-owned Car Loan from Poonawalla Fincorp.
Yes, you can easily pre-pay your used car without any foreclosure fee if paid through own sources. If you pre-pay the loan from any other source, 5% charges will be applied.
