Get Used Car Loan with a Hassle-Free Experience
Buying a car is an overwhelming experience that you should enjoy without compromise. With Poonawalla Fincorp's Pre-owned Car Loan, you can get the used car of your choice. It makes buying your dream car affordable and convenient. Our convenience-first features help you avail loan up to ₹ 75 Lakh.
The loan process is optimized to deliver a quick and hassle-free experience. You can easily qualify for the sanction with our easy requirements. With our second-hand car loan, you can get instant approval and tailored repayment to suit your requirements. Our relationship manager guides and assists you in buying a Pre-owned Car of your choice without any stress.
Calculate your monthly EMI for Old Car Loan
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EMI Amount = *
Interest Rate, Schedule of Charges & Other Features of Used Car Loan
| Pre-Owned Car Loan Interest Rates | 11% p.a onwards |
| Loan Amount | ₹1 Lakh - ₹75 Lakhs |
| Loan Processing Fees | Up to 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. 4% of the outstanding loan amount plus taxes if paid from other sources |
| Default Charges | 24% per annum |
| Repayment Instrument Dishonour Charges | ₹500 per bounce plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
| No Other Hidden Charges | |
Note: Default Charges: Penalty will be charged for non payment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.
Apply for Pre-Owned Car Loan online in 4 Easy Steps
Apply
Online
Apply Online
Click on ‘Apply Now’ and provide your contact details and loan details
Personal
Details
Personal Details
Enter your DOB, Qualification and other necessary details
Employment & Car
Details
Employment & Car Details
Enter your employment details, car details (if car is finalized) and submit the form
Verification
Verification
Application will then proceed for verification and assessment
Interest Rate
APR starting from 11%* p.a. | One-time Processing Fee of up to 1% of sanction amount.
Repayment
Flexible repayment tenure from 1 year to 6 year with 0% foreclosure charges if paid from own sources and 4% foreclosure charges on the outstanding loan amount plus taxes if paid from other sources.
Example
Loan Amount ₹10 Lakh, Interest Rate: 11%, Tenure: 5 years, equates to EMI of ₹21,742 per month.
* T&C Apply
Features and Benefits of Second-Hand Car Loan
Used car loan offers you exciting features and benefits that helps enhance your overall borrowing experience,
Top Features of the second-hand car loan:
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High-value sanction for purchase
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Flexible loan tenure
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Competitive interest rate & charges
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Online loan application in few steps
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Minimal documentation
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Quick loan processing
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Swift approvals
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100% transparency with no hidden charges
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Customized second-hand car loan for easy loan planning
Eligibility Criteria for Second-Hand Car Financing
While purchasing a car, you deserve a hassle-free and seamless experience. With simple process and digital approach, you can get loan within few minutes.
To know about each of these requirements in detail, check the used car loan eligibility criteria.
Age
Work Experience
Income
Indian Citizen
Note: The above-mentioned car loan for second-hand Loan eligibility criteria is indicative. Additional eligibility criteria may be required during loan processing by Poonawalla Fincorp.
Documents Required for a Used Car Loan
Our used car loan demands you submit basic documentation to ensure less time is consumed on paperwork while buying a used car. This ensures quick processing and fast approval without getting hassled by the loan formalities.
The list of required documents for getting a Pre-owned Car Loan includes:
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KYC documents
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Financial/Income documents
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Ownership and Insurance documents
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Address proof documents
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Bank Statement
Find more information about the documents required for our Pre-Owned Car Loan online.
Note: The above-mentioned second-hand car loan documents list is indicative. Additional documents may be required during loan processing.
We Offer Used Car Loans for
We have a simple 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
Frequently Asked Questions About Used Car Loan
A second-hand car loan makes buying your dream car affordable and convenient. With Poonawalla Fincorp, you can get a loan amount of up to ₹ 75 Lakh and enjoy various benefits such as minimal documentation, flexible repayment tenure, etc.
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.
Firstly, finalising a car model is important and ensuring 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.
You can search for used car loans online to find loan to purchase an old car with lower interest rates. You can avail a used car loan within just a few easy steps with Poonawalla Fincorp.
To avail of the Poonawalla Fincorp used car loan, follow these simple steps:
- Step 1: Click on the ‘Apply Now’ button.
- Step 2: Fill in the required details on the loan application form.
- Step 3: Upload necessary documents.
On successful verification, the loan amount will be disbursed into your bank account instantly.
With our used car loan, you can buy all kinds of cars, including premium cars, SUVs, sedans, and hatchbacks.
With our simple and straightforward process, your loan application won’t take a lot of time. You need to follow a 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.
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 offer an instant loan to get an old car to eligible applicants. With our online old car loan EMI calculator, applicants can plan the loan easily.
If you are a self-employed 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
