Vehicle finance
Used Car Loan
Finance for a certified pre-owned or privately purchased car. The vehicle is hypothecated to the lender and funding is based on a valuation of the car rather than the sticker price you negotiate.
- Interest rate
- 11.25% – 18% p.a.
- Loan amount
- ₹1 Lakh – ₹75 Lakh
- Tenure
- 12 – 84 months
- Processing fee
- ₹3,000 – 2% of loan amount
Features
What the used car loan gives you
- Funding up to 85-90% of the lender's valuation of the vehicle
- Cars up to 10-12 years old at loan maturity accepted
- Dealer and direct private-seller purchases both financed
- Refinance on a car you already own to release cash
- Quick sanction with minimal income documentation for salaried buyers
Eligibility
Who qualifies
- Age 21 to 65 years, salaried or self-employed
- Net monthly income of ₹20,000 or above
- 1 year of employment or 2 years of business continuity
- Vehicle age plus loan tenure not exceeding 12-15 years
- Credit score of 680 and above
Documents
Checklist to keep ready
KYC
- • PAN
- • Aadhaar
- • Address proof
- • Photographs
Income
- • 3 months salary slips or 2 years ITR
- • 6 months bank statements
Vehicle
- • RC copy of the vehicle
- • Valid insurance policy
- • Valuation report
- • Sale agreement with the seller and NOC from existing financier
Calculator
Estimate your EMI and eligibility
Indicative figures only. Your final rate depends on the lender's assessment of your credit profile, income and, for secured loans, the property.
Monthly EMI
₹15,749
- Principal
- ₹7,00,000
- Total interest
- ₹2,44,913
- Total payable
- ₹9,44,913
Your personalised explanation will appear here. Indicative only — final approval depends on the lender.
Want the full picture?
Read our written eligibility guide — how FOIR at 80% of income works, credit score bands, and eligibility checklists for all 13 loan products.
Read the Eligibility GuideFAQs
Used Car Loan questions
Ready to move on your used car loan?
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