pre owned car loan interest rates

Pre-owned Car Loan
Up to 90% of car value

Attractive interest rates
starting @ 13%* p.a.

Loan-Amount-up-to

Loan Amount
Up to ₹30 lakh

Minimum-Documentation

Minimum
Documentation

Pre-Owned Car Loan: Interest Rate& Charges

Affordable Rates | Nominal Charges | Complete Transparency

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 needand to help borrowers get the best price on a vehicle of their choice, our offering features some of the lowest and most competitive rates and 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 Logo Interest rate
  • Buying a used car is a lot more affordable when you opt for the Poonawalla Fincorp Pre-Owned Car Loan. With our competitive interest rate starting at 13% p.a., you get the best price for your car, and are assured 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%, plus taxes, of the approved sanction. 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 a nominal 5% fee on foreclosures, when done 6 months after the date of availing the loan.
Late Replayment Logo Late payment penalty
  • Defaulting on loan payments will attract a penalty of 3%, plus taxes.
Loan Value Logo Loan to Value (LTV)
  • Buying a car is an exciting experience, and want to ensure you don’t have to make any compromises. With our pre-owned car loan, you can usually get up to 90% of the car’s value as a sanction. In some cases, and when buying select cars, you may enjoy the benefit of 100% financing.

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 or vehicular breakdown
4. Do a cost-benefit analysis to determine if it’s the right decision

What are the processing fees applicable on a pre-owned car loan?

Applicants can purchase a used car with our loan on cost-effective terms. We levy only a 1% processing fee, plus taxes, on the pre-owned car loan. This is a nominal fee and can help you save money for other formalities involved in the purchase.

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

Poonawalla Fincorp offers some of the lowest rates in the market. Our pre-owned car loan rates start at just 13% p.a. With this instrument, you can be sure to enjoy an affordable experience without worry about exceeding your budget.

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

To get the lowest interest rate for 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% penal interest, plus taxes.

Interest Rate

APR ranging from 13% to 18% | One-time Processing Fee of 1% plus taxes.

Repayment

Flexible repayment tenure from 1 year to 5 years with 5% Foreclosure charges on your loan after 6 months from date of availing.

Example

Loan Amount Rs.10 lakh, Interest Rate: 10%, Tenure: 5 years, equates to EMI of Rs. 21,247 per month.

This rate of interest is prone to fluctuation basis our internal credit and risk policy, and as per an algorithmic multivariate score card.
*T&C Apply

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Click on Apply online and fill in the basic details in application form.

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Submit your KYC and Income documents to check your loan eligibility.

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The application and documents are processed for quick verification and assessment.

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You get a quick update once your loan application is approved.

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That’s it! Your car loan is instantly disbursed and ready for you to drive your dream car.

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6 important questions to ask before buying a pre-owned car.

Owning a car in today’s time is much more than a convenience for a commute. It is a matter of safety, freedom to innumerable memories and a proud valuable asset.

Car Loans
What should you look for in a car loan?

Buying a car involves a significant amount of investment! Before finalising a car you should do a thorough research of various car models, their features and mileage, and finally the mode of finance. Most people prefer a car loan rather than dipping into your savings, whether it is for a brand new or used car.

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