A loan for used car is the best way to easily buy your dream vehicle. The used car loan allows you freedom to buy the car you want by paying small installments that you can afford every month. You can own a car at affordable interest rates and flexible repayment options. You are set to experience the joy of owning your own vehicle when you apply for a used car loan.Your dream of owning a vehicle is now easily a reality! Ride your own four-wheeler with our Used Car Loans, as we offer to you the best deals for financing used cars with hassle-free procedures, low-interest rates and faster approval of loans.
Used Car Loan: Key Benefits and Features
Flexible repayment options, ranging from 12 to 60 months.
Attractive Schemes
Attractive interest rates.
Quick approval
We provide loans under income base, no income base, and asset proof base.
Hassle free loans.
Easy and simple documentation
We provide loans up to 95% for specific models under specific schemes*
Simple and easy application process
Flexible tenure
Quick disbursement
Loans ranging from RS.50,000 to 10 Lakhs
Used Car Loan Eligibility
In order to find out if you meet our used car loan eligibility, you have to fulfill only a few conditions after which we process your loan.
01
Salaried / Self-employed person / Agriculturist
02
Age between 21(at the time of application) and 65(at the end of the loan tenure)
03
Minimum net Salary – 15,000 p.m / net profit of Rs.1, 50,000/- p.a.
Valid identity proof: Any one of passport / Adhaar card / voters ID card / driving license / PAN card
Valid address proof: Any one of passport / Aadhaar card / voters ID card / driving license / telephone bill / electricity bill / gas connection bills / ration card / LIC policy.
Income proof: ITR / form 16 / pay slip / salary credit in bank statement
Asset proof: Latest land / building / house tax reciept
Get instant access to your loan details and pay EMI easily.
Fees & Charges of Used Car Loan
You should be aware that a used car loan entails some charges other than the interest rates.
There is a nominal, one-time, processing charge that is levied on the loan amount. This is a non-refundable charge.
There are assorted charges for documentation, registration certificate collection, stamp duty, amortization charges and so on.
There is a nominal charge for pre-paying the loan or foreclosure, if you plan to repay before the due date.
How To Get Used Car Loan Instantly
You can get a loan for a used car at attractive rates instantly. You need to consider the following criteria before applying for a loan for a second hand car.
You should be 21 years of age or above when you apply for used car loan financing. Your age should be under 65 at the end of the tenure of the loan.
You should be salaried with an annual salary of Rs 1,80,000 or have a business income/net profit of Rs 1,50,000 per annum.
Fill the ‘Apply Now’ form online or visit our nearest branch to apply offline.
Check your eligibility and the amount you can borrow for the second hand car loan.
Use the EMI calculator on the website or the App to find the tenure and amount that suits you the best.
Submit your documents.
Get a fast approval and disbursal of your loan and drive away in the car of your dreams.
Used Car Loan FAQs
There are many good reasons why you should take used cars loan. The best one being that you pay an affordable monthly installment to bring home the car of your dreams if you opt for used car loan financing.
You get up to 95% of the value of the car in some schemes. A smaller down payment can allow you to reserve your available cash for emergencies.
The tenure is flexible and you can repay the car loan for second hand cars in 12-60 months.
Interest rates are extremely competitive.
The eligibility criteria are simple and most people can avail loans for used cars.
The loan is hassle free and guarantees a quick approval and disbursement.
The application process is easy, you can even apply online.
The documentation is simple.
You can take loans ranging from Rs 50,000 to Rs 10 lakhs.
You can pre-pay the loan at a nominal charge.
Getting a used car loan is easy.
Here is the step-by-step process to apply online:
• Click Apply Now
• Fill in your details
• You will get an OTP on your phone
• Fill in the OTP
• Choose your location
• Choose the car model you want
• Give us your basic details such as date of birth and gender.
• Click submit
• Our customer care representative will be in touch as soon as its possible
Alternatively, contact our customer care representative directly for a loan for a used car by:
• Calling 1800 102 1616
• Walking into the nearest Muthoot Fincorp Branch
• Contacting Muthoot Capital representative stationed at your dealer.
Yes, it is possible to pre-pay your loan for used car. If you have got a bonus or a windfall payment you can close the loan at any time. You pay nominal pre-payment charges to pre-pay the amount taken as finance for your second hand car.
You can choose tenures of 12 months to 60 months when you opt to take a car loan for used car from Muthoot Capital. Please do keep in mind that the age of the car should be less than 10 years by the end of the loan tenure. For example, you can buy a car which is just under 5 years old, then you will get finance for a maximum tenure of 5 years or 60 months for this second hand car.
We can offer a loan of up to 95% of the IDV or Insurance Declared Value as a used car loan. The loan amount also depends on the model, age and condition of the second hand car. Your credit history, and past association with us may also determine the amount of loan that can be sanctioned to you.
Taking finance or paying cash for a second hand car should depend on your budget and requirement. A loan for a used car is considered a better option as it does not burden your finances, and allows you to pay off the cost of the vehicle in easy monthly installments over a certain tenure. If you have a good credit score, you can get a lower interest rate on the used cars loan, making the finance option better.
