Pre-Owned Car Loan: Interest Rate & 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.

Pre-Owned Car Loan Fees & Charges

	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 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 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 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 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).

Foreclosing a loan is the act of completely repaying the outstanding loan amount in one single payment. This is one of the best ways to save on interest, but it requires a sizable amount of money and must be done early in the tenure to be truly effective.

To ensure you make the best decision for yourself, follow this checklist.

1. Assess your financial standing and check if you can afford to foreclose the loan
2. Use the online calculator to know how much you can save
3. Ensure to have enough funds to cover emergencies
4. Do a cost-benefit analysis to determine if it’s the right decision

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