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Used Car Loan Purchase

At Lowest Interest Rates - Calculate EMI - Check Eligibility - Instant e-Approval - Special Offers

8.75% *
  • No hidden charges.
  • Affordable Interest Rates.
  • Easy monthly repayment options
  • Easily and quickly available loans.
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Used Car Loan Purchase



Whenever an individual or non individual is purchasing a pre owned car either directly from a customer ( owner of the car ) or a used car dealer it is termed as used car purchase and the loan availed on this purchase is categorized as Used Car Purchase Loan .

The maximum tenure in to a used car loan is 5 years.

Age of the car in a used car loan

The age of the car into used car refers to the difference of date of manufacturing and loan completion date .

Age of the car in petrol fuel

10 years(Few models can be funded upto 12 years*)

Age of the Car in Diesel fuel

8 Years(Few models can be funded upto 10 years*)

The Maximum funding that can be availed here is upto 90 % of the car valuation .

Used Car Refinance



Used Car refinance refers to the cash loan taken by a customer on a loan free car.

Rest terms and conditions remains same.

Note :- The maximum funding that can be taken on a loan free car is 140 % of the current value *

Used Car Loan BT + Top up



As the name suggests this is a balance transfer of existing loan running on a car along with some extra funds.

This loan is availed with only one single reason and that is cash loan which a customer gets on his existing car which is quite significant.

The maximum loan that can be availed into this product is as high as 200% of the existing car value *.

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Service Charges & Fees

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Easy Documentation

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FAQs

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Car Loan Documentation



Car Loan - Only applicable for Salaried Partnership Firm Company Applicant Individual / Proprietorship Firm
2 Year Form -16 / Letter of Appointment 3 Year ITR/Computation/Audit report with 3cd report and all the annexures ** 3 Year ITR/Computation/Audit report with 3cd report and all the annexures ** 3 Year ITR/Computation/Audit report with 3cd report and all the annexures **
3 Month Latest salary slip 1 Year Current account statement 1 Year Current account statement 1 Year Current account statement
6 Month Salary slip Firm Pan Card Company Pan card Pan Card of individual/proprietor
Pan Card Firm registration Company registration- VAT /RST/CST Firm registration
Adhar Card / Current residence address proof Partnership Deed MOA Vat Returns
2 Photo GST Returns List of directors & shareholding pattern ( CA Attested) Residence address proof
Running Loan details Loan details , if any 2 Photo ---
--- Coapplicants Coapplicants ---
--- Pan Card of any one partner Pan Card of any one Director ---
--- Residence address proof of any one partner Residence address proof of any one Director ---
--- 2 Photo of any one partner 2 Photo of any one Director ---
--- Qutation of Car Qutation of car ---
** - If Unaudited than ITR/Computation with P & L ,Capital account and BS ** - If Unaudited than ITR/Computation with P & L ,Capital account and BS ** - If Unaudited than ITR/Computation with P & L ,Capital account and BS

Frequently asked questions (FAQ)



New Car Loan

1. What is the maximum loan can be given on a new car ?

One can avail upto the 100% of the ex-showroom price of the car subject to the financial eligibility of the customer .


2. What are the eligibility norms to avail a car loan ?

A salaried person can avail upto the 3 times of the annual salary and a self employed can avail upto the 6 times of the annual declared profit .

Used car Loan

1. What is the Age of the car in a Used Car Loan ?

Petrol Car :-
The age of car for a petrol version is 10 years i.e. if a customer is purchasing a used petrol car of a 2012 model and he is applying a used car loan in 2017 than the maximum tenure of loan offered to him would be 5 years .

Diesel Car :-
The age of car for a diesel version is 08 years i.e. if a customer is purchasing a used diesel car of a 2012 model and he is applying a used car loan in 2017 than the maximum tenure of loan offered to him would be 3 years .


2. What is the maximum loan amount can be funded over a Used Car

The maximum loan amount can be funded over a used car is 90 % of the Valuation declared by bank for that particular model .
There are certain programs with some bank wherein the customer can avail upto the 150 % of the original loan amount approved over a car into a Balance transfer case

Car Loan Processing Fees & Charges

Here is an exhaustive list of all the fees and charges to be paid for the Car loan.

  • Description of Charges
    Car Loan
  • Loan Processing Charges*
    0.50% of Loan Amount + GST*
  • Stamping Charges*
    Actual(0.1% of Loan Amount)*
  • AMC(Annual Maintance Charges)
    N/A
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