Transfer Your Existing Second-Hand Car Loan at Poonawalla Fincorp!
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!
Check Monthly EMI for Used Car Loan after Balance Transfer
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EMI Amount = *
Schedule of Charges & Other Features of Second-Hand Car Balance Transfer
| 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 Charges | 24% per annum |
| Repayment Instrument Dishonour Charges | ₹500 per bounce plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
| No Other Hidden Charges | |
Note: Default Charges: Penalty will be charged for non payment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.
Benefits of Used Car Loan Balance Transfer
There are several benefits that you can enjoy with our Used Car Loan balance transfer facility, such as:
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High-value sanction for purchase
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Flexible loan tenure
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Competitive interest rate & charges
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Online loan application in few steps
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Minimal documentation
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Quick loan processing
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Swift approvals
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100% transparency with no hidden charges
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Customized Pre-Owned Car Loan for easy loan planning
Eligibility Criteria for Second-Hand Car Financing
Age
Work Experience
Income
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:
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KYC documents
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Financial/Income documents
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Ownership and Insurance documents
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Address proof documents
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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.
Apply for Old Car Loan Balance Transfer online in 4 Easy Steps
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
How to Transfer the Existing Old Car Loan to Poonawalla Fincorp?
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.
Frequently Asked Questions About Used Car Loan Balance Transfer
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.
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.
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.
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.
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.
Yes, vehicle verification is mandatory when opting for balance transfer of your existing Used Car Loan.
*Terms & Conditions apply
