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We are one of India's Most Progressive Automobile Finance Companies. With an aspiration to empower Indians human ambition, we offer fund and non-fund based financial services to retail, corporate and institutional customers through the wide network of branches of Muthoot Fincorp Ltd, group's flagship Company.

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  • Two Wheeler Loan
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Copyright © 2025 Muthoot Capital Services Ltd. All Rights Reserved

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  • Muthoot Capital Services Ltd. 3rd Floor, Muthoot Towers M.G. Road, Kochi - 682035 Kerala, India
  • CIN: L67120KL1994PLC007726
  • GST Number: 32AADCM1805H1ZZ

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  • Email us :secretarial [at] muthootcap [dot] com
  • Call us : 4847119400 | 4846613450
  1. Home
  3. Products
  5. Car Loan

Smart Choices Deserve Smart Loan - Get yours today

  • Attractive Rate Of Interest
  • Instant Approval
  • Loan amounts up to 50 lakhs
  • Tenure up to 7 years 

Enquire Now

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I authorize Muthoot Capital & other Muthoot Pappachan Group companies (including its Agents/representatives) to call/communicate with me on their product offerings/promotions through Telephone/Mobile/SMS/email ID/WhatsApp.

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Used Car Loan Interest Rate

You aspire to buy a car and need a loan to get your dream vehicle. Choosing a second hand car is a good option when your budget is low, or you are buying your first car. A pre-owned car needs to be chosen with care. A well-maintained vehicle will cost you less in maintenance over time. The used car loan interest rate is low and makes the cost of buying a four-wheeler affordable. The Muthoot Capital’s used car loan is hassle-free, and the second hand car loan interest rate is competitive. You can borrow up to 100% of the value of the car to be provided as a loan.

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Use our Car Loan EMI calculator to know your monthly installment

Use our EMI calculator to know your monthly installment. Select the loan amount, the applicable rate of interest, and tenure. In an instant, you will get the details of the installment, and the total amount payable. It is a free tool which is easy to use and is designed to help you make informed decisions.

Required loan amount
min ₹10,000
max ₹20 Lac
Interest rate
min 10%
max 32%
Tenure up to
1 month
84 months
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Loan Amount
₹ 10,000
Interest Payable
₹ 83

Monthly EMI

₹ 10,083
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Key Benefits & Features of Car Loan

Flexible Repayment

Flexible repayment options, ranging from 12 to 84 months

Special schemes

Special schemes to suit your needs

Attractive interest

We offer attractive interest rates on Car Loans

Quick approval

Get quick approvals with minimum paperwork

Easy documentation

Easy and simple documentation

Hassle free loans

Quick and convenient processing

Who can apply for a Car Loan at Muthoot Capital?

Getting a car loan is simple and straightforward. Here are the basic eligibility criteria you need to meet:

01

Salaried, Self-employed persons, NRI's and Pensioners.
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02

Age between 21 (at the time of application) and 70 (at the end of the loan tenure)
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03

Minimum net income of Rs.1,80,000/- p.a. for salaried profile & Pensioners and Rs. 2,50,000/- p.a. for self-employed profile
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Documents Required for Car Loan

Applying for a Car loan? Ensure you have the following documents ready

Valid Identity Proof

Aadhaar Card, Passport, Voter ID or Driving License

Valid Address Proof

Aadhaar Card, Passport, Voter ID or Driving License

Income Proof

Salary Slips, Bank Statements, ITR, GST Returns or Form 16

Asset Proof

Property Documents, Electricity Bill, Property Tax receipt, Building Tax or Water Bill

Car Loan Interest Rate Charges & Processing Fees

  • Please click the link below to view charges.

    Schedule of Charges

Used Car Loan Interest Miscellaneous Charges

Some miscellaneous charges are a part of availing a used car loan. You can calculate the EMI amount by using the free EMI calculator that is available on the site. However there might be other charges such as:

Used Car Loan Interest Rates13% to 19% p.a. onwards
Loan AmountMaximum amount – Rs 50,00,000/-
Loan Processing Fees 1% to 3% plus applicable taxes
Lowest EMI per month    Rs 2280/- where the maximum loan tenure is from 1 year to 5 years
Loan Tenure    60 months
Prepayment/Foreclosure Charges   4% to 5%
Late Payment Charges    2% per month
Cheque Bounce Charges    ₹500 per bounce plus applicable taxes
Default Interest    1% to 3% depending on the amount.
Repayment Instrument Dishonour Charges    Rs 1000/- + GST
Penal Charged    As per the deal rate

 

No Other Hidden Charges

All the costs are transparent and clear when you avail of the loan. The Muthoot Capital representative will ensure that you have the requisite knowledge before you sign the deal.

Benefits of Used Car Loan

A second hand car loan from Muthoot Capital has many benefits. The used car loan rates are low, and the loan process is seamless.

  • Attractive schemes allow you to avail up to 100% of the total ‘Insurance declared value’ of the used car as a loan.
  • The flexible repayment option allows you to choose a tenure ranging from 12 to 60 months.
  • The used car loan interest rate is as low as 13%* per annum. There are various schemes available.
  • The approval and disbursement are quick and hassle free.
  • Muthoot Capital offers loans under no income base, income base and asset proof base for its customers.
  • The documentation is simple and easy.
  • The application process is also very simple.
  • You can avail of a loan from Rs 50,000 to Rs 10 Lakhs.

Factors that Impact Used Car Loan Interest Rate

Many factors that affect the second hand car loan interest rate.

  • Credit score: Muthoot Capital runs a credit report check that evaluates your credit score. This includes your closed and current credit accounts, the history of payments made and the length of your credit usage.
  • Ratio of debt to income: It is a simple way to understand the amount of money you owe to various lenders in ratio to your total income.
  • Size of loan and down payment: The size of your down payment also affects used car loan rates. A larger down payment means favourable terms and conditions.
  • Age of the vehicle: The age of the vehicle affects lending rates as the value of the vehicle is an important consideration. Newer vehicle implies a higher resale value of the car in an unfortunate case of repossession of the vehicle.
  • Tenure of the loan: Customer has to pay smaller EMIs when loan tenure is longer due to bigger payout duration. The EMIs increase when the loan tenure gets shorter.
  • Loyalty: If you are an existing customer of Muthoot Capital and fulfil the eligibility criteria you may get a favourable rate of interest as you have a relationship with the company.
     

Frequently Asked Questions

Get all your questions answered about Muthoot Car Loan!