Pre-Owned Car Loan: Frequently Asked Questions

Minimise misconceptions and inaccurate information about our pre-owned car loan by addressing your doubts. Here are some of the most frequently asked questions surrounding this instrument to offer more insight to you.

Can I get a loan to buy a used car?

Yes. We offer a pre-owned car loan, which is a specialised offering designed to help you buy a second-hand vehicle at pocket-friendly and cost-effective terms.

Does Poonawalla Fincorp offer a used car loan online?

Yes. You avail a car loan for used cars online through our website. All you have to do is meet the simple criteria, fill an easy application form, upload the required paperwork, and await loan approval. In just 5 quick steps, you can get the funds needed to purchase the used car of your choice.

What is the key advantage of an online pre-owned car loan?

The main benefit of our online pre-owned car loan is that it is a completely hassle-free process. We have optimised the experience to be completely effortless and intuitive. With a strong profile, you can get funding in no time.

What steps should I take to enjoy the benefits of having a pre-owned car loan?

To ensure you don’t miss out on any of the benefits on offer, follow these simple tips:

Meet all the loan eligibility criteria and lender requirements
Ensure that all the paperwork is in order
Use the EMI calculator to find the ideal loan terms
Apply online for quick funds

Can I use a personal loan to buy a car?

Yes. It is possible to use a personal loan to buy a car, but it is usually the costlier option. For a used car, our pre-owned car loan is a better choice due to the competitive interest rates we offer.

What is the maximum loan amount I can avail with a pre-owned car loan?

With the Poonawalla Fincorp Pre-Owned Car Loan, you can avail up to Rs.30 lakh to get the car of your choice. Do note that the final approved sanction will completely depend on your financial and credit profile.

What is the interest rate applicable on the Poonawalla Fincorp Pre-Owned Car Loan?

Our loans are offered at a competitive and cost-effective rate starting at just 13% p.a.

How can I know the fees and charges applicable on the loan?

Find the full list of the pre-owned car loan fees and charges on the website. You can also inquire about the same by contacting our support team.

Do I have to pay a fee for foreclosing the loan?

Yes. There is a 5% fee charged for foreclosing the loan after 6 months from the date that the loan was availed.

Are there any special perks of the Poonawalla Fincorp Pre-Owned Car Loan?

We offer several convenience-first perks to our borrowers. The loan has a fully digital application and processing feature, and the entire process can be completed with minimal effort. We also offer personalised doorstep services to ensure smooth processing. Our relationship manager will be there to assist you during the entire process as well.

Can I apply for a pre-owned car loan as a self-employed professional?

Yes. Self-employed professionals can avail funds through this instrument. We also offer pre-owned car loans for salaried persons, firms, and companies.

What is the minimum income requirement to get a used car loan?

This criterion differs based on the applicant type.

Salaried applicants must maintain annual income of Rs.2.5 lakh
Self-employed individuals must maintain gross annual income of Rs.2.5 lakh
Firms and companies must have ITR of Rs.7.5 lakh or annual turnover of Rs.20 lakh

Do I need to pledge any assets to qualify for the Poonawalla Fincorp Pre-Owned Car Loan?

No. There’s no need to pledge any assets but you may be required to make a downpayment based on the LTV offered. Only the car needs to be hypothecated.

Can I get funding without having the vehicle’s paperwork?

No. The used car’s documents such as the RC and insurance are a critical requirement for loan processing.

Do I need work experience to qualify for this loan?

Yes. All applicants are required to meet the minimum work experience requirements. Check the specific conditions for your borrower type on our website or contact our support team to know more.