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Looking to secure a loan against a car for a used four-wheeler? Enjoy low interest rates, a seamless digital process, high loan amounts, and flexible loan tenure with Tata Capital.
Are you facing an unexpected financial requirement? Do you need cash quickly to fund an emergency? We've got you covered. Get instant access to funds with Tata Capital's loan on used car and deal with all your big-ticket expenses conveniently without dipping into your savings. From personal emergencies to business requirements, our multi-purpose loan on used car or loan on used car can be used for any of your sudden requirements.
With Tata Capital, you can also avail of a top-up loan on existing car loans. Now, you can easily deal with all your emergencies at affordable car top-up loan interest rates. What's more? You get to enjoy minimal documentation and a quick application process. Apply for a top-up loan on an existing car loan with Tata Capital today.
Loan on Vehicle Amount
₹1,00,000 – ₹50,00,000
Loan on Vehicle Tenure
Up to 72 months
Loan on Existing Car Interest Rate Starting at
12.99% onwards
Eligibility Criteria for Loan Against Used Car
Age must be between 21 and 60
Minimum monthly salary of Rs 20,000
Minimum of one year of work experience
Eligibility Criteria for Loan Against Used Car
The Applicant must be the proprietor of the business
Age must be between 21 and 65
Business must be in existence for at least three years
Minimum income of 2 lakhs per annum
Eligibility Criteria for Loan Against Used Car
Either the applicant or the partner must have a minimum income two lakhs per annum
Three months’ bank statements
ABB should be 0.5x the EMI
Eligibility Criteria for Loan Against Used Car
Minimum income of 2 lakhs per annum
Three months’ bank statements
ABB should be 0.5x the EMI
As you can see how straightforward the eligibility criteria are, you can make an informed decision much more easily now. Furthermore, with the different options available, you can choose one that suits your situation or explore alternatives too.
| Type of fee | Applicable charges |
|---|---|
| Interest rate | 9.50% to 22% per annum |
| Processing fee | Up to 2.95% (inclusive of taxes) |
| Documentation charges | Rs. 2,360 (inclusive of taxes) |
| Pre-payment charges |
|
| Bounce charges | Rs. 1,500 per bounce |
| Penal charges | Up to Rs. 25 per day per instalment |
| Stamp duty | At actuals |
| Legal and incidental charges | At actuals |
| Repossession charges | Up to Rs. 50,000 (inclusive of taxes) |
| Auction charges | At actuals |
| Valuation charges | At actuals |
| Stockyard charges | Rs. 118 per day for 60 days |
| Loan rebooking charges | Rs. 1,000 (inclusive of taxes) |
| Loan cancellation charges | Rs. 2,360 (inclusive of taxes) |
| Duplicate NOC | Rs. 500 (inclusive of taxes) |
| PG facility charges | Rs. 11 (inclusive of taxes) |
When it comes to availing of a loan, your car can be your asset too. With Tata Capital's car top-up loan, you can pledge your car as collateral and avail of an instant Loan On Used Car to meet your financial requirements. That's right. Availing of a Loan On a used car has never been easier.
Here's how-
Almost every category of loan has pre-approved offers. Whether it be personal loans or home loans, these pre-approved offers act as major incentives for customers to avail of loans.
The good news is that apart from existing customers, new customers can avail of pre-approved offers for used car loans too. This can be useful for reasons such as the following:
You can repay your loan through ECS, Direct debit, and post-dated cheques drawn on "Tata Capital Limited".
With Tata Capita, you can avail of a Loan starting from ₹ 1,00,000/- up to ₹ 50,00,000/- depending on your eligibility.
When you avail of a loan for buying a used car, you receive the loan amount in a lump sum after the submission and verification of relevant documents. You have to repay this principal amount along with the applicable interest over a pre-determined tenure. You can apply for a used car loan online for faster loan processing.
Availing of a used car loan has the following benefits –
Easy car purchase – Bring home your favourite car in only a few simple steps.
No collateral needed – Your four-wheeler will serve as the used vehicle loan security. You don't have to pledge any other asset while availing of finance for used cars.
High loan amount – You can get a loan as high as Rs. 50 lakhs to buy the car of your choice.
Minimum paperwork – You can apply for used car loans online to avoid any hassle related to lengthy paperwork.
Repayment flexibility – You can choose between fixed and flexi EMI plans to repay your 2nd hand car finance comfortably.
Every lender has a minimum and maximum amount you can borrow as a loan. Tata Capital offers used car finance that covers a wide bracket - from Rs. 1 lakh to Rs. 50 lakhs.
Used four-wheeler loan interest rate is the rate at which you have to pay interest on the principal loan amount for a pre-determined tenure. Tata Capital’s used four-wheeler loan rates start at just 15% - one of the most competitive interest rates in the market.
Loan tenure is the period within which you need to repay your loan, including the interest. Tata Capital's maximum tenure is 72 months or 6 years.
For salaried individuals, the loan eligibility criteria are –
The age of the applicant must be between 21 and 65 years.
The minimum monthly salary must be Rs. 20,000.
At least one year of work experience is mandatory.
Salaried individuals need to furnish –
Photo identity proof documents
Income proof documents
Salary slips for the past three months
Address proof documents
Vehicle Registration Certificate
Telephone or mobile bill
The following are the second-hand car loan eligibility criteria for self-employed individuals –
Age must be between 21 and 65 years.
A minimum annual income of Rs. 2 lakhs.
The business must have been in existence for at least three years.
Self-employed individuals need to furnish –
Identity proof
Copy of their signature
Address proof
Income proof for the past three months
Telephone or mobile bill
An online approval takes only about 30 minutes. However, the entire process, from documentation to loan sanctioning can take anywhere from 24 to 36 hours.
A co-applicant is a person who applies for a loan along with the main borrower. They will be equally responsible for the loan repayment in case of any default by the primary borrower. If you want to improve your loan eligibility, you can have a co-applicant apply along with you.
The following are the acceptable co-applicants for a second-hand car loan –
Spouse
Family member
Blood relatives
No, you don't need any additional collateral or security for the loan. The car for which you take the loan is itself the collateral that is needed, hypothecated to Tata Capital documentation.
You can apply for a used car loan financing with Tata Capital in the following ways –
Apply online through our website.
Email our customer support team.
Call us on our toll-free number – 1860 267 6060.
Take the help of our virtual assistant, TIA.
Visit a nearby branch and talk to our lending experts.
To avail of a loan from Tata Capital as a salaried individual, you must pass the following used car loan eligibility check–
Age – Between 21 to 65 years
Monthly salary – at least Rs. 20,000
Work experience – minimum of one year
For self-employed individuals, you must pass the following used car loan eligibility check–
Age – 21 to 65 years
Business stability – minimum three years
Annual income – minimum Rs. 2 lakhs
To determine your used car loan eligibility, check your current and potential income. You will need to repay your loan in Equal Monthly Instalments or EMIs. Income plays a key role in determining how much money you can spend each month to pay your loan EMI. The higher your income, the higher will be your eligibility and vice-versa. A high income also makes you eligible to borrow a higher loan amount.
The following factors affect an applicant’s used car loan eligibility –
Credit or CIBIL score – A high CIBIL or Credit score, preferably 750 or above, increases your eligibility.
Income – The higher the income, the more eligible you will be to opt for a higher principal loan amount.
Work stability – Your work stability will also impact your eligibility for a pre-owned car loan. It is important to have a stable employment status (in the case of salaried individuals) and business status (in the case of self-employed individuals).
Car type – Since the car will be the collateral for the used four-wheeler loan, lenders will also consider its age and make. A car with a high resale value and young age will increase loan eligibility.
Yes, a car valuation is required before approving your loan on the car at Tata Capital. This is because the used car acts as collateral and determines your loan eligibility. This makes verification doubly necessary.
With Tata Capital’s loans on cars, you can finance the purchase of second-hand passenger vehicles, including hatchbacks, sedans, SUVs, MUVs, etc. That said, remember that car models that are now out of production are not eligible for a loan on used cars.
A loan against a car is a simple and hassle-free way to access a loan amount of up to Rs. 50 lakhs to buy a vehicle without dipping into your savings.
In this loan, your vehicle acts as collateral against which a loan amount is disbursed to your account. All new passenger vehicles, including hatchbacks, sedans, SUVs, MUVs, etc., are eligible for a loan on used car finance.
Note that commercial cars, yellow plate vehicles and car models that are now out of production are not eligible for a loan against vehicles.
You can get a loan against car eligibility pre-approved offers ranging between Rs.1 lakh to 50 lakhs with Tata Capital. You also get a flexible loan repayment tenure that can be extended up to 72 months. We also offer online and offline payment methods to help you pay the loan conveniently.
Tata Capital offers the industry's lowest loan against car interest rates, starting at 12.99%. Such low interest rates mean you pay lower overall interest on your car loan. This reduces your monthly EMIs.
Note that the interest rate is determined by various factors such as your eligibility, income, the car against which the loan is requested, and so on.
A high down payment, for instance, highlights that you are a financially responsible individual and can repay the loan, reducing your loan against car interest rates. Whereas, a high CIBIL score (750 or above) and a healthy loan repayment pattern indicate that you are more likely to pay off your debts on time.
While a higher and more stable income may indicate a better loan repayment ability, a better used car will have a higher value. You can get a used car loan at a lower interest rate in all these instances.
No, typically a guarantor is not required for a loan against a car. The car itself serves as collateral, reducing the need for additional guarantees.
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