Used Car Loan

Pre-Owned (Used) Car Loan @11%* p.a

Loan Amount Up to ₹75 Lakh | Quick Disbursal | Flexible EMIs

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.

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 Interest 2% per month
Repayment Instrument Dishonour Charges ₹500 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 up to 1% of sanction amount.


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.


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

* T&C Apply

Used car loan offers you exciting features and benefits that helps enhance your overall borrowing experience,

Top Features of the second-hand car loan:

  • High-value sanction

    High-value sanction for purchase

  • Comfortable and flexible loan tenure

    Flexible loan tenure

  • Low used car loan interest rate & charges

    Competitive 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

    Quick loan processing

  • Swift approvals

    Swift approvals

  • 100% transparency with no hidden charges

    100% transparency with no hidden charges

  • Customized Pre-Owned Car Loan for easy loan planning

    Customized second-hand car loan for easy loan planning

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 Requirement


Work Experience Required

Work Experience

Monthly Salary Required


Citizenship Status

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.

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:

  • 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.

Note: The above-mentioned second-hand car loan documents list is indicative. Additional documents may be required during loan processing.

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
What is a second-hand 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.

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 consider before applying for a used car loan?

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.

How to find a used car loan?

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.

How to apply for second hand car loan?

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.

What type of cars can I buy with a used car loan in India?

With our used car loan, you can buy all kinds of cars, including premium cars, SUVs, sedans, and hatchbacks.

How long will it take to process a second hand car loan?

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.

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 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.

Is there a tax benefit on car loans?

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

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