Used Car Loan Balance Transfer

Used Car Loan
Balance Transfer

Quick Approval | Attractive Interest Rate | Minimal Documentation

If you are seeking an uncomplicated way to reduce the cost of your current Used Car Loan, you have come to the right place. Poonawalla Fincorp’s Used Car Loan balance transfer facility enables you to transfer your existing loan to us at better interest rates, resulting in lower EMIs and more savings for you.

Our balance transfer process is quick and straightforward, featuring minimal paperwork and flexible repayment options. This makes it the perfect choice to manage your Used Car Loan payments efficiently. Maximize the potential of your car loan and apply now!

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
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

There are several benefits that you can enjoy with our Used Car Loan balance transfer facility, such as:

  • High-value sanction

    High-value sanction for purchase

  • Comfortable and flexible loan tenure

    Flexible loan tenure

  • Low used car loan interest rate & charges

    Competitive interest rate & charges

  • Online loan application in few steps

    Online loan application in few steps

  • Minimal documentation, quick loan processing, and swift approvals

    Minimal documentation

  • Quick loan processing

    Quick loan processing

  • Swift approvals

    Swift approvals

  • 100% transparency with no hidden charges

    100% transparency with no hidden charges

  • Customized Pre-Owned Car Loan for easy loan planning

    Customized Pre-Owned Car Loan for easy loan planning

Age Requirement


Work Experience Required

Work Experience

Monthly Salary Required


Citizenship Status

Indian Citizen

To know about each of these requirements in detail, check the pre-owned personal vehicle loan eligibility criteria.

Note: The above-mentioned Pre-Owned Car Loan eligibility criteria is indicative. Additional eligibility criteria may be required during loan processing by Poonawalla Fincorp.

The list of required documents for getting a Pre-Owned Car Loan inclides:

  • KYC Documents

    KYC documents

  • Income Proof

    Financial/Income documents

  • Financial Documents

    Ownership and Insurance documents

  • Address Proof

    Address proof documents

  • Proof of Employment

    Bank Statement

Find more information about the documents required for our Pre-Owned Car Loan online.

Note: The above-mentioned Pre-Owned Car Loan documents list is indicative. Additional documents may be required during loan processing.

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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

You can transfer the balance of your existing used car loan to Poonawalla Fincorp by following the simple steps specified below:

  • Step 1: Visit the ‘Pre-owned Car Loan’ page on our website and click on ‘Apply Now’.
  • Step 2: Enter the required details in the loan application form.
  • Step 3: Upload necessary documents.

On successful verification, the process for balance transfer will commence instantly.

When does a car loan transfer make sense?

You can opt for the balance transfer of your existing Used Car Loan if you are seeking better interest rates and flexible terms of repayment.

What is the interest rate on a car loan balance transfer?

The applicable interest rate for Used Car Loan balance transfer can vary among lenders. With Poonawalla Fincorp, you can apply for a balance transfer of your existing loan at competitive interest rates and minimal processing fees.

How does a used car loan transfer work?

The balance transfer of your existing Used Car Loan involves the following steps:

  • Check the applicable interest rates and charges of the lender to whom you wish to transfer the balance of your Used Car Loan.
  • Calculate the EMI and determine the repayment schedule using the Used Car Loan EMI calculator.
  • Apply for a No-Objection Certificate (NOC) and a foreclosure letter from your existing lender.
  • Start the application process with your new lender, specifying all the relevant details of your loan.
  • Once your details are verified, you will receive the sanction letter and disbursement of your approved loan amount from the new lender. Simply begin the repayment process under the new terms.
Which cars can be financed under a used car loan balance transfer?

You can apply for the balance transfer of any type of car, such as a Used Car Loan for a Sedan, a Used Car Loan for a Hatchback, etc.

Is CIBIL Score important to transfer an existing used car loan?

A good CIBIL score of 700 and above is generally considered ideal by lenders as it assures them of your repayment capability and financial responsibility.

Is vehicle verification required for a balance transfer?

Yes, vehicle verification is mandatory when opting for balance transfer of your existing Used Car Loan.

*Terms & Conditions apply

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