Used Car Loan
What is a Used Car Loan?
A used car loan is a loan facility extended to people who are interested in buying used cars or pre-owned cars. Used cars offer value for money, slow rate of depreciation, lower insurance and registration charges, and lower loan amount to be borrowed. Given that there are numerous dealerships selling reliable and good condition pre-owned cars, you may opt for them.
What does it cover?
Tata Capital offers used car loans with the following features
What are the Interest Rates on Used Car Loans?
The car loan interest rate on used car loans is a minimum of 13.5%. Interest rate is applicable on individual cases depending on various factors such as
What is the maximum second hand car loan amount?
The maximum used car loan amount granted is as follows
What is the tenure of the car loan?
The tenure of the car loan is as follows
The tenure depends on the maximum age of the car at the time of maturity of the loan which is 9 years. For instance, if the age of the car at the time of borrowing is 2 years, then the maximum tenure is 7 years in special cases and 5 years in normal cases.
How much EMI do you have to pay?
You can decide the EMI you want to pay depending on your ability to pay and the tenure. The EMI will be lower if the tenure is higher. You can use our car loan EMI calculator to arrive at a comfortable EMI subject to terms and conditions operable at the time of borrowing.
Are you Eligible for a Used Car Loan?
You are eligible for a used car loan from us if you satisfy the following conditions
We extend loans on the value of the used car under the loan to value ratio (LTV) principle. Here, the LTV is usually limited to a maximum of 90% but in special cases, it can go up to 100% in respect of select vehicle models and select category of salaried individuals employed in Super Cat A and Cat A company list. Before you decide to apply, check your car loan eligibility.
What are the documents required?
We seek copies of standard documents from you along with your application for a used car loan which includes
For salaried and self-employed persons
For self-employed non-individuals
Learn in depth about the documents required for a car loan before you choose to apply.
Why Tata Capital?
We provide you with the most liberal terms and conditions for used car loans. They include
Repayment of Loan
Our loan repayment options are among the best in the industry with four choices. You can choose the one that suits you the best. The options are as follows
Step Up EMI Option
In this option, you can increase the EMI every year.
Step Down EMI Option
In this option, you can reduce your EMI every year
Bullet Payment EMI Option
In this option you can prepay lump sum amounts periodically
Ballooning EMI Option
In this option, you can pay lower EMIs for all but one of the EMIs. The last EMI can be a large amount.
Buy a Pre-Owned Car at our Online Store
We have made choosing a used car very simple for you. We have tied-up with reputed dealers across the length and breadth of the country in all major cities and towns. We have created an online store for your benefit. You can choose from over 2000 used car dealers and over 17000 used car listings in our online used car store. We urge you to visit the online car store to make your choice and you will get a deal from us that you cannot refuse.
Car Loans are brought to you by Tata Capital Financial Services Limited ("TCFSL") and are at its sole discretion. The indicative interest rates mentioned on the website only pertain to loans availed for cars which are for personal use. For loans for cars which are for commercial use, interest rates may differ. Interest rates may differ from time to time at the discretion of Tata Capital Financial Services Limited. Terms and conditions apply.