Loan Amount
Up to ₹75 Lakh
Interest Rate
Starting at 11%* p.a.
Loan Tenure
12-72 Months

Transfer Your Existing Pre-owned Car Loan to Poonawalla Fincorp!

Higher interest rates and steep charges on your existing Pre-owned Car Loan can inflate your overall borrowing costs and make repaying the loan a difficult task. Choose the Used Car Loan balance transfer facility to transfer your existing loan at lower interest rates and favourable terms. Secure a loan of up to ₹75 Lakh with simple eligibility criteria and swift approval.

At Poonawalla Fincorp, we offer the balance transfer facility to transfer your existing Used Car Loan at attractive interest rates, a loan of up to 100% of the car’s value and instant disbursal. Apply now!

Why Choose Poonawalla Fincorp

Up to 100%
of Car’s Value
Attractive
Interest Rate
Minimal
Documentation
Flexible
Repayment Tenure
Swift
Disbursal
No Hidden
Charges

Pre-owned Car Loan EMI Calculator

Plan your monthly repayments with our Pre-owned Car Loan EMI calculator. Enter the loan amount, interest rate, and tenure to instantly view your EMI. Try it now!

Optimise Your Pre-Owned Loan Experience
With Monthly Budget Planning

Monthly Payable Amount₹8,791
Principal Amount
₹200000
Interest Payable
₹5,493

Loan Amount

Interest Rate

%
11 %
30 %

Tenure

Months
12Months
72Months

Apply for a Pre-owned Car Loan in Just 3 Steps

Click on "Apply Now"

Tap the “Apply Now” button to initiate your application.

Enter Details

Enter your DOB, contact, employment and car details.

Upload Documents

Upload the necessary documents for quicker approval.

On successful verification, the loan amount will be disbursed into your bank account instantly.

Get exclusive offers thoughtfully customised just for you

Eligibility Criteria for Pre-owned Car Loan Balance Transfer

Although the eligibility criteria for a Pre-owned Car Loan Balance Transfer differs based on whether you are salaried, self-employed or an established firm/company, here are some of the main details:

  • Age limit:
    • For salaried employees: 21-60 years
    • For self-employed individuals: 24-65 years
    • For a proprietor, partner or director of a firm/company: At least 24 years

  • Nationality: Indian

  • Work experience (for salaried):
    • Loan amount of up to ₹10 Lakh: At least 3 months in current employment with total work experience of 12 months
    • Loan amount of ₹10 Lakh to ₹75 Lakh: At least 6 months in current employment with total work experience of 24 months

  • Business vintage (for self-employed):
    • Loan amount of up to ₹10 Lakh: Minimum 24 months in current business
    • Loan amount of ₹10 Lakh to ₹75 Lakh: Minimum 36 months in current business

  • Business vintage (for firm or company): Should be in the same business for at least 2 years

Click to know more about our eligibility criteria in detail.

Documents Required for Used Car Loan Balance Transfer

Submit the necessary documents to transfer your second-hand car loan based on whether you are salaried, self-employed or an established firm/company:

  • Car Documents
  • Identity Proof
  • Address Proof
  • Income Proof
  • Bank Account Statement

Click to know more about our documents required in detail.

Interest Rate and Charges for Used Car Loan Balance Transfer

You can transfer your existing second-hand car loan to Poonawalla Fincorp at competitive interest rates and nominal charges:

Interest Rate
11%* p.a. onwards 
Loan Amount
₹2 Lakh - ₹75 Lakh
Loan Processing Fees
Up to 2% plus applicable taxes
Lowest EMI Per Month
Starting from ₹1903* per Lakh for 72 months
Loan Tenure
12 - 72 months
Prepayment/Foreclosure Charges
4% plus applicable taxes
Default Charges
24% p.a. + taxes
Repayment Instrument Dishonour Charges
₹500/- Per Bounce
Stamp Duty
At actuals (as per state)
Hidden Charges
Nil

Default Charges: Penalty will be charged for nonpayment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.pdf

*T&C Apply

Who Can Avail of a Used Car Loan Balance Transfer

  • Salaried Individuals 
  • Self-employed Professionals  
  • Firms/Companies 

Tips for a Successful Used Car Loan Application

  • Check your credit score 
  • Borrow only what you need  
  • Fulfil the eligibility criteria 
  • Keep the required documents handy 
  • Add a co-applicant to strengthen your loan application 
  • Avoid multiple loan applications 

Get Funds Quickly With
Minimal
Documentation

1

Click 'Apply Now' Fill out the online form to start your loan application.

2

Upload Documents Provide your KYC documents to complete the verification.

3

Get Funds Get the loan amount
disbursed to your bank account.

Happy Customers, Happy Us

Get Exclusive Access to Simplified
Personal Finance Information at
Poonawalla Fincorp’s FinHub

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Frequently Asked Questions

When can I opt for a second-hand car loan balance transfer?

You can opt for a balance transfer facility for your used car loan when you are getting lower interest rates and favourable terms by transferring your loan.  

What is the maximum loan amount for a second-hand car loan from Poonawalla Fincorp?

You can avail of a maximum loan amount of ₹75 Lakh on our used car loan. We provide a loan of up to 100% of the car’s value depending on your credit profile, repayment capacity and condition of the used car. 

Is paying a fee to foreclose a second-hand car loan from Poonawalla Fincorp necessary?

A forclosure fee of 4% plus applicable taxes is levied.