Used Car Loan FAQs

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Wedding Loan

A marriage today comes with its fair share of frills, thrills and not to mention - Bills. A Personal Loan for Wedding enables you to pay for anything related to your special day. We help you find a loan that fits your budget in a timely manner and make your fairy-tale wedding come to life.

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Thinking of revamping your home? We help you do just that with our Personal Loan for Home Renovation. Whether you want to remodel your kitchen or turn your children’s bedroom into a magical fairy land, our Home Renovation Loan facility will help in giving your home a new look.

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Consumer Durable Loan

A better and more comfortable lifestyle is now within your reach. Tata Capital’s Consumer Durable loan covers 100 + lifestyle products from that giant TV to the home theatre system. We offer 0% interest on most of the consumer durable products and are the one-stop solution for your every needs.

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LOAN AGAINST PROPERTY UP TO RS. 3 CRORES WITH FLEXIBLE LOAN TENURES

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Used Car Loan

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Full Name

Name (as per PAN Card)

Email ID

Mobile No.

OTP will be sent after you click 'Proceed'

City of Residence

Date of Birth

(dd/mm/yyyy)

Occupation

Time Since Purchase (Months)

Vehicle Manufacturer

Vehicle Model

Vehicle Variant

By submitting the application, I agree and accept the Terms and Conditions as specified here

Overview

Eligibility & Documentation

Ways to Apply

Fees & Charges

Calculators

EMI Calculator

EMI Options

FAQs

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Getting Started

What are the benefits of a Used Car Loan?

Here’s why our Used Car Loan is perfect for you:

Quick loan payment
Easy documentation
Spot Approvals
Attractive Interest Rates

Can I avail of a Used Car Loan on my existing car?

Yes, you can avail a loan on your existing car. Up to 120% of the existing value of your car shall be available as cash at your disposal subject to a maximum of ₹ 20 lacs.

What are the stages involved in availing a used car loan from Tata Capital?

The stages of availing a Used Car Loan include:

Application
Documentation
Processing
Sanctioning of the loan
Disbursement

Can I get 100% financing for my car?

Yes, we do offer funding up to 100% of the ex-showroom price on select models, subject to the applicant meeting our underwriting criteria.

Can all types of cars be financed by these loans?

We finance almost all passenger cars and multi-utility vehicles manufactured by India's leading automobile companies. Imported vehicles are also funded on case-to-case basis.

How do I approach Tata Capital for a Used Car Loan?

You can approach us in any of the following ways:

Write to contactus@tatacapital.com or SMS 'Auto' to 56161561.

Can I get a TATA Capital loan in my city?

Yes, you can apply for a Tata Capital loan in any of the major cities in India including Mumbai, Pune, Bangalore, Kolkata, Chennai, Noida, New Delhi, Hyderabad and Vizag.

EMI Options

Can the EMI on my Used Car Loan be reduced or changed?

No, the EMI is fixed for the life of the loan. However, we offer flexible solutions to fit your requirement.

What are Flexi EMIs?

At Tata Capital, we offer Used Car Loans with multiple repayment options. Our Flexi EMIs allow you to choose a plan that suits your need as per your cash flow.

Fixed EMI

You get to choose the Used Car Loan EMI Plan that suits your cash flow. Flexible EMI plans include. Under Fixed EMI, the interest and principal component charged to you is fixed during the entire loan tenure.

EMI amount remains the same for the entire used car loan period

Ideal if

You have a consistent income

Structured EMI

Our Structured EMI option allows you to select a repayment method that suits you best

Customised EMI options as per your requirement

Ideal if

You expect your income to increase at regular intervals

Loan Details

How long will it take for my loan approval?

Once we have all your documents with us, it generally takes about 30 Minutes for us to approve your loan request.

How long does it take to process the Used Car Loan?

It takes us 24-36 hours from the completion of documentation to sanction a used car loan.

Can the tenure and amount of Used Car Loan taken be changed after the loan amount has been disbursed?

No, the tenure, once selected, is fixed for the life of the second hand car loan.

What are the lending rates?

Imported vehicles are also funded on case-to-case basis. The lending rates are dependent on various factors including cost of funds, customer credentials, geography, asset, tenor and discounts offered in the market. Tata Capital ensures that you get a transparent and good deal at the time of availing the Used Car Loan.

What are the loan tenure options available?

The tenure of loan could be from one to maximum 5 years for used cars.

What is the minimum and maximum loan amount?

We provide Used Car Loan from a minimum of ₹ 1,00,000/- to a maximum of ₹ 50, 00,000/- depending on your eligibility.

What are the mandatory documents required in applying for a Used Car Loan?

The mandatory documents are:

Bank Statements for the last six months
Salary Slips for the last three months
Address Proof and Identity Proof documents
RC book
Insurance

Repayment

How can the Used Car Loan be repaid?

The loan can be repaid through ECS, Direct debit and post-dated cheques drawn on "Tata Capital Financial Services Limited".

Can I prepay my Used Car Loan?

You can prepay the loan, if you are closing it fully. However, we do levy a prepayment charge. For more details, view our service charges.

Other Details

How does credit report impact Used Car Loan approval process?

Credit report provides details on your financial status and your ability to repay a Loan. This helps us evaluate your financial history. A good credit report with a score of 750 will help you take a loan easily.

Who can avail Used Car Loan from Tata Capital?

Salaried individuals
Self-employed individuals
Partnership firms
Public and Private Ltd. companies
HUFs and Trusts

Will my car insurance and registration charges be included in the Used Car Loan?

Yes, registration is included in a few loan offerings, but insurance of the vehicle does not form part of this value and would need to be paid up-front.

Who can be the co-applicants of the Used Car Loan?

Your spouse or any blood relative staying in the same residence as yours can be a co-applicant.

Is a guarantor required for gaining approval of the Used Car Loan?

Generally, no. But if your income does not meet our credit criteria, then you may require a guarantor to stand surety for your loan.

Does any other security/collateral need to be provided?

No additional security/collateral needs to be provided, apart from the car against which the Used Car Loan is granted, being hypothecated to Tata Capital documentation.