pre owned car loan interest rates

Pre-Owned Car Loan Interest Rate & Charges

Loan up to 75 Lakhs | Attractive Interest Rate | Zero Foreclosure Charges

Affordability is a key factor when buying a second-hand car, and it is important to pick an instrument that works in line with such goals. To cater to this need and to help borrowers purchase a vehicle of their choice, our Pre-Owned Car Loan has one of the most competitive rates and lowest charges in the market. With Poonawalla Fincorp, you are sure to have a pocket-friendly experience when buying a used car.

Interest Rate Logo Interest Rate
  • Buying a used car is a lot more affordable when you opt for the Poonawalla Fincorp’s Pre-Owned Car Loan. With our competitive interest rate starting at just 11%* p.a., you get the best price for your car and are assured of an affordable experience all through.
Loan Fees Logo Loan Processing Fees
  • Processing fees are the charges we levy for handling loan processing and other administrative services. Our Pre-Owned Car Loan has a nominal processing fee of 1% of the approved sanction amount, plus taxes. Our low fee ensures that you can take home your second-hand car on affordable terms.
Foreclosure Charges Logo Foreclosure Charges
  • Foreclosing the loan is a smart option and can help you save big. To make this experience easy, we charge 0% fee if paid from own sources and a nominal 5% fee if paid from other sources, on the outstanding principal, plus additional taxes as applicable on foreclosures, after you have completed 6 months of your loan tenure.
Late Replayment Logo Late Payment Penalty
  • Defaulting on loan payments will attract a penalty of 3% of EMI amount, plus taxes. In case of cheque bounce there will be a charge ₹1000 per bounce, plus taxes as applicable.
Loan Value Logo Loan to Value (LTV)
  • Buying a car is an overwhelming experience and we want to ensure you don’t have to make any compromises. With our Pre-Owned Car Loan, you can usually get up to 100% of the car’s value as a sanction. In some cases, and when buying select cars, you may also enjoy the benefit of 200% financing (Terms and Conditions applied).
Pre-Owned Car Loan Interest Rates 11% p.a onwards
Loan Amount ₹1 Lakh - ₹75 Lakhs
Loan Processing Fees 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.

5% of the outstanding loan amount plus taxes if paid from other sources
Late Payment Charges 3% per month
Cheque Bounce Charges ₹1000 per bounce plus applicable taxes
Stamp Duty At actuals (as per state)
No Other Hidden Charges
What are the processing fees applicable to a Pre-Owned Car Loan?

Applicants can purchase a used car with our loan on cost-effective terms. We levy a nominal 1% processing fee on the sanction amount, plus taxes, on the Pre-Owned Car Loan.

What are the used car loan rates offered by Poonawalla Fincorp?

Poonawalla Fincorp offers lowest rates, and our Pre-Owned Car Loan rates start at just 11%* p.a. With this instrument, you can be sure to enjoy an affordable experience without worrying about exceeding your budget.

How can I get the lowest used car loan interest rate?

To get the lowest interest rate for a used car loan from Poonawalla Fincorp, meet all the eligibility criteria, submit the required paperwork, and maintain a good financial profile.

Are there any penalties levied on the Poonawalla Fincorp Pre-Owned Car Loan?

Yes. Defaulting on loan payments will attract a late payment penalty. Here, borrowers are charged 3% of EMI amount as penal interest, plus taxes.

*Terms & Conditions Apply

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