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.
|Loan Processing Fees
|Late Payment Penalty
|Loan to Value (LTV)
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