Get a Pre-owned Car Loan in Mumbai With Flexible EMIs
Mumbai, the financial capital of India, is known for its lavish lifestyle, commerce and culture. Drive home your chosen used car in Mumbai without financial stress. Our Pre-owned Car Loan in Mumbai comes with flexible EMI plans, quick approvals, and a smooth documentation process, helping you get behind the wheel on your terms. Get up to ₹75 Lakh at attractive interest rates with an online application and zero hidden charges. Apply now!
What is a Pre-owned Car Loan?
A Pre-owned Car Loan is a financing solution designed to help you purchase a used or second-hand car without straining your savings. Whether you are buying your first vehicle or upgrading to a better one, this loan covers a significant portion of the car’s cost, letting you repay in easy monthly instalments. With competitive interest rates, quick processing, and minimal paperwork, owning a reliable vehicle becomes simpler and more affordable.
Why Choose Poonawalla Fincorp
Pre-owned Car Loan EMI Calculator
Plan your used car purchase smartly with our easy-to-use Pre-owned Car Loan EMI calculator. Just enter the loan amount, interest rate, and tenure to get an instant estimate of your monthly EMI. This used car loan EMI calculator helps you budget efficiently and choose the loan terms that best suit your needs.
Formula to Calculate Used Car Loan EMI
The EMI for your used car loan is calculated using the standard formula:
EMI = [P x R x (1+R) ^N] / [(1+R) ^N - 1]
Where:
P = Principal Loan Amount
R = Monthly Interest Rate
N = Loan Tenure in Months
For example: if you take a Pre-owned Car Loan of ₹4,00,000 at an interest rate of 11% p.a. for 36 months, your EMI will be approximately ₹13,075.
Use this used car loan EMI calculator to try different combinations and choose a repayment plan that suits your financial goals.
Apply for a Pre-owned Car Loan in Just 3 Steps
Click on "Apply Now"
Tap the “Apply Now” button to initiate your application.
Enter Details
Enter your DOB, contact, employment and car details.
Upload Documents
Upload the necessary documents for quicker approval.
On successful verification, the loan amount will be disbursed into your bank account instantly.
Eligibility Criteria for a Pre-owned Car Loan in Mumbai
The eligibility criteria for a second-hand car loan vary based on whether you are a salaried individual, self-employed or a firm/company depending on aspects like:
- Age Limit
- Nationality
- Work Experience
- Business Vintage
Click to know more about the eligibility criteria in detail.
Documents Required for a Pre-owned Car Loan in Mumbai
Apply for our used car loan with minimal documentation:
- KYC Documents
- Financial Documents
- Bank Statements
- Address Proof
- Car Documents
Click to know more about the documentation in detail.
Interest Rate and Charges for a Used Car Loan in Mumbai
Benefit from our competitive interest rates and nominal charges:
Default Charges: Penalty will be charged for nonpayment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.pdf
*T&C Apply
Different Types of Cars You Can Buy with a Used Car Loan
- Hatchbacks
- Sedans
- SUVs
- MPVs
- Electric vehicles
Who Can Get a Pre-owned Car Loan in Mumbai
- Self-employed individuals
- Salaried Individuals
- Companies or firms
Tips for a Successful Second-hand Car Loan Application
- Use the EMI calculator to plan your EMIs
- Maintain a CIBIL score of 750 or above
- Check your credit report for accuracy
- Gather the necessary documents in advance
- Fill out the loan application carefully
- Apply for a loan according to your budget
Poonawalla Fincorp Branch Address in Mumbai
Poonawalla Fincorp Limited
Address: Unit No. 73, 7th floor, Kalpataru Square, Kondivita Lane, Andheri-Kurla Road, Andheri (East), Mumbai, Maharashtra -400059
Contact Number: 1800-266-3201 (Toll Free)
Timing: 10 am – 6:30 pm (Weekly off on first and second Saturdays and all Sundays.)
Happy Customers, Happy Us


I opted for a Loan Against Property balance transfer with Poonawalla Fincorp, and the experience exceeded my expectations. The application process was completely digital, quick, and required minimal paperwork. Getting a significantly lower interest rate helped me reinvest in my business. With better financial flexibility, I was able to scale operations efficiently, leading to a 30% increase in business turnover. Poonawalla Fincorp made the entire journey stress-free, and I highly recommend their services to any business owner looking for smart financial solutions.


Poonawalla Fincorp’s Pre-owned Car Loan made the entire financing process effortless. The loan approval was quick, and the minimal documentation made it even more convenient. Within just a couple of days, the funds were disbursed, allowing me to purchase a well-maintained pre-owned vehicle without any hassle. The repayment options were flexible, and the entire experience was seamless. Thanks to Poonawalla Fincorp, I could get my car without any financial strain. Highly recommended!


Securing a loan to purchase a commercial property with rental income was crucial for my business. Having previously worked with Poonawalla Fincorp, I was confident in their services. The process was incredibly smooth and transparent. The quick disbursement and excellent post-sales support made the entire experience stress-free. Thanks to Poonawalla Fincorp, I now own a prime commercial property in Mumbai, which has significantly boosted my business. Their quick turnaround time and excellent post-sales support made all the difference. I wholeheartedly recommend them to anyone in need.


I had a great experience with Poonawalla Fincorp’s Pre-owned Car Loan. The offered loan amount was as per my expectations, and the entire process was smooth and hassle-free. The documentation was minimal, and the loan was disbursed in just two days! What stood out was the flexibility—repayment was easy, and the EMI structure was well-planned. The loan approval process was straightforward, making it convenient to get the car I wanted without any delays. Overall, the service was excellent, and I highly recommend Poonawalla Fincorp to anyone looking for an easy and quick loan process!


A friend in need, is a friend indeed. Poonawalla fincorp has been like one of those friends for me, who has supported me in my journey. With no hidden charges and no prepayment charges, the company has provided me with the adequate funds I needed for me professional practice. From the loan application process to the disbursal of funds, I did not face any problems. My experience was hassle-free and smooth. Not just me, all my fellow professionals and friends have had a wonderful experience with Poonawalla Fincorp’s Professional Loan.


I am practicing Chartered Accountant (CA) based out of Hubli. There were working capital issues that i was facing like upgrading my firm’s overall infrastructure, hiring well-qualified staff and digitization. Poonawalla fincorp hab been of great support when it comes to funding these requirements. I’ve got one of the best interest rates available in the market, my documentation process was fast & hassle-free. and the digital application process made it very simple to get a Professional Loan as a CA. I recommend to CAs to consider Poonawalla Fincorp for their working capital or any other funding requirements.


I run a chain of farmacy stores with 5 branches in pune. With the growing polpularity of home delivery, my customers were expecting the same from me as well. However, the extra capital requirement made it difficulf for me to hire delivery persons. With Poonawalla fincorp’s Business loan, I am now able to compete with online pharmacy retailers, manage working capital and upgrade my system. My customers have grown 50-60%. The loan applicatipn process is digital, simple and speedy. I was delighted to get my loan amount disbursed quickly, allowing me to upgrade my operationg seamlessly.
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Frequently Asked Questions
You can calculate your used car loan EMIs using our online EMI calculator. Simply enter your loan amount, the interest rate, and the loan tenure. Our EMI calculator will display the monthly instalment amount instantly.
You can reduce your Pre-owned Car Loan monthly instalment by extending the loan tenure and paying a higher down payment amount to the lender. In addition, you can negotiate with your lender to lower the interest rate.
The documents required may vary based on whether you are a salaried individual, self-employed person or firm/company. The basic documents required are:
- KYC Documents
- Financial Documents
- Bank Statements
- Address Proof
- Car Documents
Click to know more about the documentation in detail.
Used car loan tenure ranges from 12 to 72 months, allowing you to choose a repayment period that aligns with your financial plan.
Compare lenders, check your CIBIL score, choose a newer used car with good resale value, and opt for a reasonable loan amount with affordable EMIs.
Repurchase involves buying a used vehicle with loan assistance, whereas refinance means taking a new loan on an already financed car, often at better terms.
Most registered passenger vehicles under a certain age limit (commonly 10 years) that pass valuation and documentation checks are eligible for financing.
Charges may include processing fees, late payment penalties, foreclosure charges, and stamp duty, depending on the lender.
You can apply online by submitting your basic KYC documents, income proof, and car details. Instant approval and doorstep service may also be available.
Flexible EMIs are available with tenures from 1 to 6 years, allowing you to tailor your repayment schedule to match your monthly income and expenses.
Yes, you can prepay or foreclose your loan early with a nominal foreclosure fee
Car valuation is done based on factors like make, model, year, mileage, condition, and current market price, usually assed by an authorized evaluator.