Used Car Loan Competitive Interest Rates and No Hidden 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.
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Pre-Owned Car Loan – Schedule of Charges & Other Features
| 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 | |
Frequently Asked Questions about Interest rate & Applicable Charges for Used 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.
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.
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.
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
