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
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Interest Rate
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Loan Processing Fees
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Foreclosure Charges
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Late Payment Penalty
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Loan to Value (LTV)
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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 |
Pre-Owned Car Loan Foreclosure Guidelines
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
Frequently Asked Questions
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