Get a Pre-owned Car Loan in Mumbai With Flexible EMIs
Mumbai, the financial capital of India, is known for its lavish lifestyle, commerce and culture. Drive home your chosen used car in Mumbai without financial stress. Our Pre-owned Car Loan in Mumbai comes with flexible EMI plans, quick approvals, and a smooth documentation process, helping you get behind the wheel on your terms. Get up to ₹75 Lakh at attractive interest rates with an online application and zero hidden charges. Apply now!
What is a Pre-owned Car Loan?
A Pre-owned Car Loan is a financing solution designed to help you purchase a used or second-hand car without straining your savings. Whether you are buying your first vehicle or upgrading to a better one, this loan covers a significant portion of the car’s cost, letting you repay in easy monthly instalments. With competitive interest rates, quick processing, and minimal paperwork, owning a reliable vehicle becomes simpler and more affordable.
Pre-owned Car Loan EMI Calculator
Plan your used car purchase smartly with our easy-to-use Pre-owned Car Loan EMI calculator. Just enter the loan amount, interest rate, and tenure to get an instant estimate of your monthly EMI. This used car loan EMI calculator helps you budget efficiently and choose the loan terms that best suit your needs.
Formula to Calculate Used Car Loan EMI
The EMI for your used car loan is calculated using the standard formula:
EMI = [P x R x (1+R) ^N] / [(1+R) ^N - 1]
Where:
P = Principal Loan Amount
R = Monthly Interest Rate
N = Loan Tenure in Months
For example: if you take a Pre-owned Car Loan of ₹4,00,000 at an interest rate of 11% p.a. for 36 months, your EMI will be approximately ₹13,075.
Use this used car loan EMI calculator to try different combinations and choose a repayment plan that suits your financial goals.
Why Choose Poonawalla Fincorp
Affordable Interest Rate
Flexible Repayment Tenure
MinimalDocumentation
Zero Hidden Charges
Quick Approval
SwiftDisbursal
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.
The eligibility criteria for a second-hand car loan vary based on whether you are a salaried individual, self-employed or a firm/company depending on aspects like:
- Age Limit
- Nationality
- Work Experience
- Business Vintage
Click to know more about the eligibility criteria in detail.
Apply for our used car loan with minimal documentation:
- KYC Documents
- Financial Documents
- Bank Statements
- Address Proof
- Car Documents
Click to know more about the documentation in detail.
Benefit from our competitive interest rates and nominal charges:
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
- Hatchbacks
- Sedans
- SUVs
- MPVs
- Electric vehicles
- Self-employed individuals
- Salaried Individuals
- Companies or firms
- Use the EMI calculator to plan your EMIs
- Maintain a CIBIL score of 750 or above
- Check your credit report for accuracy
- Gather the necessary documents in advance
- Fill out the loan application carefully
- Apply for a loan according to your budget
Poonawalla Fincorp Limited
Address: Unit No. 73, 7th floor, Kalpataru Square, Kondivita Lane, Andheri-Kurla Road, Andheri (East), Mumbai, Maharashtra -400059
Contact Number: 1800-266-3201 (Toll Free)
Timing: 10 am – 6:30 pm (Weekly off on first and second Saturdays and all Sundays.)
Happy Customers, Happy Us
I am incredibly grateful for the outstanding support I received throughout my loan process. The guidance provided made every step feel manageable and stress-free. What stood out most was the humility and genuine willingness to help at every stage, qualities that made a significant difference in my experience. Without this support, the journey would have been far more challenging. I truly appreciate the dedication and helpful nature that was consistently demonstrated. The efforts put forth were invaluable, and I feel fortunate to have worked with someone so committed and supportive.
Throughout my loan journey, the Poonawalla Fincorp team showcased exceptional dedication, in-depth product knowledge, and a truly customer-centric approach. At every stage, they guided me with patience and clarity, making the entire process seamless, transparent, and timely. Their proactive communication and unwavering willingness to go the extra mile are a testament to the organization’s high standards of service excellence. Such professionalism not only fosters strong customer trust but also reinforces Poonawalla Fincorp’s reputation as a leading, customer-focused financial institution. I extend my heartfelt thanks to the entire team for their commendable efforts and wish them continued success in all their endeavors.
It was really great working with Poonawalla Fincorp. Thanks to the support and coordination by the team. I was able to get a significant portion of my requirements despite having a bit of a mess in my financial records. The loan processing and disbursement process at Poonawalla Fincorp was super smooth. They were incredibly cooperative and helpful. I’m looking forward to building a healthy relationship with them in the future. Thank you.
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pre owned car loan16 Oct 2025| 7 min -
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Frequently Asked Questions
You can calculate your used car loan EMIs using our online EMI calculator. Simply enter your loan amount, the interest rate, and the loan tenure. Our EMI calculator will display the monthly instalment amount instantly.
You can reduce your Pre-owned Car Loan monthly instalment by extending the loan tenure and paying a higher down payment amount to the lender. In addition, you can negotiate with your lender to lower the interest rate.
The documents required may vary based on whether you are a salaried individual, self-employed person or firm/company. The basic documents required are:
- KYC Documents
- Financial Documents
- Bank Statements
- Address Proof
- Car Documents
Click to know more about the documentation in detail.
Used car loan tenure ranges from 12 to 72 months, allowing you to choose a repayment period that aligns with your financial plan.
Compare lenders, check your CIBIL score, choose a newer used car with good resale value, and opt for a reasonable loan amount with affordable EMIs.
Repurchase involves buying a used vehicle with loan assistance, whereas refinance means taking a new loan on an already financed car, often at better terms.
Most registered passenger vehicles under a certain age limit (commonly 10 years) that pass valuation and documentation checks are eligible for financing.
Charges may include processing fees, late payment penalties, foreclosure charges, and stamp duty, depending on the lender.
You can apply online by submitting your basic KYC documents, income proof, and car details. Instant approval and doorstep service may also be available.
Flexible EMIs are available with tenures from 1 to 6 years, allowing you to tailor your repayment schedule to match your monthly income and expenses.
Yes, you can prepay or foreclose your loan early with a nominal foreclosure fee
Car valuation is done based on factors like make, model, year, mileage, condition, and current market price, usually assed by an authorized evaluator.