Used Car Loan

Pre-Owned Car Loan

Attractive Interest Rates | Quick Approvals | Easy Application Process

Buying a car is an exciting experience that you should enjoy without any compromise. With Poonawalla Fincorp, you can get the used car of your choice, and fund the purchase affordably with our Pre-Owned Car Loan. We offer several convenience-first features to help make this purchase convenient and easy on your finances.

Every step of the loan process is optimized to deliver a quick and hassle-free experience. You can easily qualify for the sanction, thanks to the easy requirements. With Poonawalla Fincorp’s Pre-owned Car Loan, you can get instant approval, and tailored repayment to suit your capabilities. With a relationship manager guiding and assisting you, buying a pre-owned car of your choice is now easier than ever.

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
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Apply Online

Click on Apply Now and provide your contact details and loan details

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Personal Details

Enter your DOB, Qualification and other necessary details

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& Car

Employment & Car Details

Enter your employment details, car details (if car is finalized) and submit the form

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Application will then proceed for verification and assessment

Interest Rate

APR starting from 11%* p.a. | One-time Processing Fee of 1% of sanction amount plus taxes.


Flexible repayment tenure from 1 year to 6 year with 0% foreclosure charges if paid from own sources and 5% foreclosure charges on the outstanding loan amount plus taxes if paid from other sources.


Loan Amount ₹10 Lakh, Interest Rate: 11%, Tenure: 5 years, equates to EMI of ₹21,742 per month.

* T&C Apply

Our Pre-Owned Car Loan also referred to as a used car loan, is customized to offer you some of the best benefits. Every provision is designed to facilitate a seamless and easy purchase experience.

Top Features of the Poonawalla Fincorp Pre-Owned Car Loan

  • High-value sanction

    High-value sanction for purchase or re-finance of a wide range of used cars

  • Comfortable and flexible loan tenure

    Comfortable and flexible loan tenure

  • Low used car loan interest rate & charges

    Low used car loan interest rate & charges

  • Online loan application in few steps

    Online loan application in few steps

  • Minimal documentation, quick loan processing, and swift approvals

    Minimal documentation, quick loan processing, and swift approvals

  • 100% transparency with no hidden charges

    100% transparency with no hidden charges

  • Customized EMI Calculator

    Customized Pre-Owned Car Loan EMI Calculator for easy loan planning

You deserve a hassle-free and seamless experience while making a car purchase. Because of its simple process and digital approach, the Poonawalla Fincorp Pre-Owned Car Loan provides the same. We make it simple to get funds, provide quick approval, and expedite loan processing.

Pre-Owned Car Loan Eligibility Criteria

Age Requirement


Work Experience Required

Work Experience

Monthly Salary Required


Citizenship Status

Indian Citizen

To know about each of these requirements in detail, check the pre-owned personal vehicle loan eligibility criteria.

Note: The above-mentioned Pre-Owned Car Loan eligibility criteria is indicative. Additional eligibility criteria may be required during loan processing by Poonawalla Fincorp.

We require you to submit basic documents to ensure that there is less time consumed on paperwork while buying a used car. This facilitates quick processing and ensures that you can get approval without getting hassled about loan formalities.

The list of required documents for getting a Pre-Owned Car Loan includes:

  • KYC Documents

    KYC documents

  • Income Proof

    Financial/Income documents

  • Financial Documents

    Ownership and Insurance documents

  • Address Proof

    Address proof documents

  • Proof of Employment

    Bank Statement

Find more information about the documents required for our Pre-Owned Car Loan online. Click

Note: The above-mentioned Pre-Owned Car Loan documents list is indicative. Additional documents may be required during loan processing.

Poonawalla Fincorp Pre-Owned Car Loan has an effortless loan application process, thanks to minimum requirements and a digital process. We ensure easy access to funds to:

  • Salaried Individuals
  • Self-employed Individuals
  • Firm/company
What is a Pre-Owned Car Loan?

A Pre-Owned Car Loan is a financial instrument that individuals can avail of to purchase a used car. Lenders usually provide a percentage of the car’s value in funding. In Poonawalla Fincorp we provide up to 100% of the car’s value as a sanction. These loans are offered at affordable rates and feature a flexible tenure.

How do used car loans work?

Knowing how used car loans work is crucial to making the right decisions. Firstly, you must approach a lender and check if you qualify for the loan. Secondly, either choose from the lender’s online marketplace of used cars or present the lender with a vehicle of your choice. Based on the condition and age of the used car, the lender will determine approval and the subsequent loan terms.

What should I keep in mind before I apply for a used car loan?

Firstly, it is important to have a car model finalized and to ensure you meet all the eligibility criteria. Secondly, you may be required to make a down payment, so be sure to have enough funds on hand.

How to find a used car loan?

It is easy to find such offerings. You can search for used car loans online. The Poonawalla Fincorp Pre-Owned Car Loan is the top offering, and you can avail of it easily in just few easy steps.

How to get a used car loan?

Learning how to apply for a used car loan is easy. To avail of the Poonawalla Fincorp Pre-Owned Car Loan, follow these simple steps:

  • Visit the official webpage
  • Click on ‘Apply Now’
  • Fill out the easy form with a few basic details
  • Await verification and assessment
  • Get loan approval and authorize disbursal
What type of cars can I buy with a Pre-Owned Car Loan in India?

With our Pre-Owned Car Loan, you can buy all kinds of cars including premium cars, SUVs, sedans, and hatchbacks.

How long will it take to process a Pre-Owned Car Loan?

The loan application won’t take a lot of time. The process is straightforward. You need to follow few basic steps: apply for the loan on our website, provide basic details, and wait for your assessment and verification. Once you get loan approval and authorize disbursal, your loan will be disbursed immediately.

Are there any digital provisions offered by Poonawalla Fincorp?

Yes, we offer a wide range of digital provisions to ensure borrowers have a smooth and hassle-free experience. Thanks to our online loan applications and processing protocols, we can offer an instant used car loan to eligible applicants. With our online EMI calculator, applicants can plan the loan easily.

Is there a tax benefit on car loans?

If you are a self-employed car loan borrower or your car is used for business purposes, you can save on taxes. However, since an automobile is considered a luxury purchase, this does not apply to salaried persons. If the car loan is utilized to purchase a vehicle for business purposes, the interest payment is calculated as a business expense that can be deducted for tax saving benefit.

*Terms & Conditions Apply

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