Loan Amount
Up to ₹75 Lakh
Interest Rate
Starting at 11%* p.a.
Loan Tenure
12-72 Months

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

Interest rate icon Affordable
Interest Rate
Flexible tenure icon Flexible
Repayment Tenure
Minimal documentation icon Minimal
Documentation
No hidden charges icon Zero
Hidden Charges
Quick approval icon Quick
Approval
Swift disbursal icon Swift
Disbursal

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.

Optimise Your Pre-Owned Loan Experience
With Monthly Budget Planning

Monthly Payable Amount₹8,791
Principal Amount
₹200000
Interest Payable
₹5,493

Loan Amount

Interest Rate

%
11%
30%

Tenure

Months
12 Months
72 Months

Apply for a Pre-owned Car Loan in Just 3 Steps

step1

Click on "Apply Now"

Tap the “Apply Now” button to initiate your application.

step2

Enter Details

Enter your DOB, contact, employment and car details.

step3

Upload Documents

Upload the necessary documents for quicker approval.

On successful verification, the loan amount will be disbursed into your bank account instantly.

Get exclusive offers thoughtfully customised just for you

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:

Interest Rate
11% p.a. onwards 
Loan Amount
₹2 Lakh - ₹75 Lakh
Loan Processing Fees
Up to 2%
Lowest EMI Per Month
Starting from ₹1903* per Lakh for 72 months
Loan Tenure
12 - 72 months
Prepayment/Foreclosure Charges
4% plus applicable taxes
Default Charges
24% p.a. plus taxes
Repayment Instrument Dishonour Charges
₹500 per bounce
Stamp Duty
At actuals (as per state)
Hidden Charges
Nil

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.) 

 

Get Funds Quickly With
Minimal
Documentation

1

Click 'Apply Now' Fill out the online form to start your loan application.

2

Upload Documents Provide your KYC documents to complete the verification.

3

Get Funds Get the loan amount
disbursed to your bank account.

Happy Customers, Happy Us

Get exclusive access to simplified
Personal Finance
Information at
Poonawalla Fincorp’s FinHub

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Frequently Asked Questions

How can I calculate the monthly instalments for a used car loan?

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. 

How can I reduce the EMI on my Pre-owned Car Loan?

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. 

 

What documents do I need to submit when applying for a Pre-owned Car Loan in Mumbai?

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. 

What is the used car loan tenure?

Used car loan tenure ranges from 12 to 72 months, allowing you to choose a repayment period that aligns with your financial plan.

What are some tips for getting an affordable used car loan?

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.

What is the difference between repurchase and refinance/loan against car?

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.

Which car can be financed for a used car loan?

Most registered passenger vehicles under a certain age limit (commonly 10 years) that pass valuation and documentation checks are eligible for financing.

What are the different types of charges that can be levied in a Pre-owned Car Loan?

Charges may include processing fees, late payment penalties, foreclosure charges, and stamp duty, depending on the lender.

How can you apply for a used car loan in Mumbai?

You can apply online by submitting your basic KYC documents, income proof, and car details. Instant approval and doorstep service may also be available.

What are the EMI options available for a Pre-owned Car Loan?

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.

Can I prepay or foreclose my Pre-owned Car Loan?

Yes, you can prepay or foreclose your loan early with a nominal foreclosure fee

How is the car valuation done for a used car loan?

Car valuation is done based on factors like make, model, year, mileage, condition, and current market price, usually assed by an authorized evaluator.