Transfer Your Existing Pre-owned Car Loan to Poonawalla Fincorp!
Higher rate of interest rates and steep charges on your current 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 car loan at a lower rate of interest and favourable loan 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 loan at attractive interest rates, a loan of up to 100% of the car’s value, favourable terms, and instant disbursal. Apply now!
Pre-owned Car Loan EMI Calculator
Plan your monthly payments with our Pre-owned Car Loan EMI calculator. Enter the amount, interest rate, and tenure to instantly view your monthly EMIs. Try it now!
Why Choose Poonawalla Fincorp
Up to 100%of Car’s Value
Attractive Interest Rate
Minimal Documentation
Flexible Repayment Tenure
SwiftDisbursal
No HiddenCharges
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.
Although eligibility for a Pre-owned Car Loan Balance Transfer differs based on your repayment history and whether you are salaried, self-employed, or an established firm/company, here are some of the main details:
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Age limit:
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For salaried employees: 21-60 years
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For self-employed individuals: 24-65 years
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For a proprietor, partner or director of a firm/company: At least 24 years
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Nationality: Indian
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Work experience (for salaried):
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Loan amount of up to ₹10 Lakh: At least 3 months in current employment with total work experience of 12 months
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Loan amount of ₹10 Lakh to ₹75 Lakh: At least 6 months in current employment with total work experience of 24 months
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Business vintage (for self-employed):
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Loan amount of up to ₹10 Lakh: Minimum 24 months in current business
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Amount of ₹10 Lakh to ₹75 Lakh: Minimum 36 months in current business
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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.
Submit the necessary documents to transfer your existing 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 required documents for a car loan in detail.
You can opt for a second-hand car loan transfer to Poonawalla Fincorp at competitive interest rates and nominal processing fees:
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
- Salaried Individuals
- Self-employed Professionals
- Firms/Companies
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Check your credit score
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Avoid multiple loan applications
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Add a co-applicant to strengthen your loan application
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Keep the required documents handy
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Fulfil the eligibility criteria
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Borrow only what you need
Happy Customers, Happy Us
Poonawalla Fincorp’s Pre-owned Car Loan made the entire financing process effortless. The loan approval was quick, and the minimal documentation made it even more convenient. Within just a couple of days, the funds were disbursed, allowing me to purchase a well-maintained pre-owned vehicle without any hassle. The repayment options were flexible, and the entire experience was seamless. Thanks to Poonawalla Fincorp, I could get my car without any financial strain. Highly recommended!
I had a great experience with Poonawalla Fincorp’s Pre-owned Car Loan. The offered loan amount was as per my expectations, and the entire process was smooth and hassle-free. The documentation was minimal, and the loan was disbursed in just two days! What stood out was the flexibility—repayment was easy, and the EMI structure was well-planned. The loan approval process was straightforward, making it convenient to get the car I wanted without any delays. Overall, the service was excellent, and I highly recommend Poonawalla Fincorp to anyone looking for an easy and quick loan process!
Pre-owned Car Loan
Very professional staff knowledgeable and polite should be always a first choice to choose Poonawalla i always get gentle reminder about my due date and once payment is made love the teamwork thankyou
Thats a smooth process. It helped me getting my query resolved within fraction of seconds.
Pre-owned Car Loan
All Good Services has Provided From Poonawalla Fincorp I will Definitely Recommend the Company.
Pre-owned Car Loan
The service is very good I have received the payment at the time they were given everything is very good.
Pre-owned Car Loan
I will definitely recommend the company if someone ask or need as I have been associated with company from last 10 years
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Frequently Asked Questions
A good time to opt for a balance transfer facility for your Used Car Loan is when your existing lender is not giving you favourable loan terms, like ideal repayment terms or lower interest rates. You should opt to transfer it to a new lender if they are willing to offer you better terms.
You can avail of a maximum 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 history, repayment capacity and condition of the used car.
Yes, it is necessary to pay a fee to foreclose a Second-Hand Car Loan with Poonawalla Fincorp. A foreclosure fee of 4% plus applicable taxes is levied if you decide to wrap up your loan payments early.
To conduct a balance transfer from your existing Car Loan to a new lender, you must first see if the loan terms permit a loan transfer. If this is the case, then you can choose a lender who may have better loan terms or a longer tenure. With Poonawalla Fincorp, you can initiate the transfer process by applying on our page and submitting the used car registration and other documents, along with identity and income proofs. The new borrower must have a good credit rating for the loan transfer to be approved.
Many lenders allow car loan transfers, but you should check the specific terms of your current loan. You can transfer a car loan to a family member or friend following specific procedures set by the lender. To do this, you must seek approval from the current lender and check the eligibility of the other person.
A car loan transfer can lower your monthly payments, since the improved rate of interest can mean lower EMIs. In addition, transferring a car loan may provide better customer support from the new lender, making your financial journey easier.
You need to transfer the car's registration to the new owner after approving a loan transfer to another person. The lender will inform both parties when the car loan transfer process is completed.
RTO charges for transferring car ownership typically range between ₹300 and ₹500, depending on the state.
Yes, transferring your loan to a lender can give you an extended tenure and reduced EMIs.