Pre-Owned Car Loan: Frequently Asked Questions
Get accurate information about our Pre-Owned Car Loan. Here are some of the most Frequently Asked Questions (FAQs) surrounding this instrument to offer you more insights.
Yes. We offer a Pre-Owned Car Loan, which is a specialized offering designed to help you buy a second-hand vehicle at pocket-friendly and cost-effective terms.
Yes. You avail of a loan for used cars online through our website. All you must do is meet the simple criteria, fill out an easy application form, and await loan approval. In just a few quick steps, you can get the funds needed to purchase the used car of your choice.
The main benefit of our online Pre-Owned Car Loan is that it is a completely hassle-free process. We have optimized the experience to be completely effortless and intuitive. With a strong profile, you can get funding in no time.
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
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.
With the Poonawalla Fincorp Pre-Owned Car Loan, you can avail yourself of up to ₹75 Lakhs to get the car of your choice. Do note that the final approved sanction amount will completely depend on your financial and credit profile along with the LTV (Loan to Value) provided to you on the value of your car.
Our loans are offered at a competitive and cost-effective interest rate starting at just 11%* p.a.
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.
Yes. There is a 5% fee charged on the outstanding principal amount, plus additional taxes as applicable, for foreclosing the loan after 6 months from the date that the loan was availed.
We offer several convenience-first perks to our borrowers. The loan has a fully digital application feature, and the entire process can be completed with minimal effort.
Yes. Self-employed professionals can avail funds through this instrument. We also offer Pre-Owned Car Loans for salaried persons, firms, and companies.
Bureau/ Income/ Repayment/Banking/Work Experience.
No. There’s no need to pledge any assets but you may be required to make a down payment based on the LTV offered. Only the car needs to be hypothecated.
No. The used car’s documents such as the RC and insurance are a critical requirement for loan processing.
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.
*Terms & Conditions Apply
