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Avail a loan of up to Rs. 50 lakhs* | Attractive interest rates starting at 10.75% | Easy repayment with a long tenure of up to 72 months
Get an instant loan against car with Tata Capital and access funds quickly, without having to sell or stop using your vehicle. Secure a loan of up to Rs. 50 lakhs on a used car with a flexible tenure of up to 72 months and competitive interest rates. The application process is straightforward with minimal documentation and quick disbursal. In case you need extra funds, opt for a top-up loan on an existing car loan at affordable interest rates and manage your financial needs with ease. Apply 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
10.75%
Age must be between 21 and 60
Minimum monthly salary of Rs 25,000
Minimum of one year of work experience
Age must be between 21 and 65
Business must be in existence for at least two years
Minimum income of 3 lakhs per annum
Either the applicant or the partner must have a minimum income of Rs. 3 lakhs per annum
Three months’ bank statements
ABB should be 0.5x the EMI
Minimum income of 3 lakhs per annum
Three months’ bank statements
ABB should be 0.5x the EMI
The eligibility criteria are simple, thereby allowing you to make an informed decision easily. Furthermore, with various loan options available, you can choose one that suits your situation or explore alternatives too.
To apply for a loan against car, you must meet the eligibility criteria. Once eligible, you need to submit the following documents to complete your application.
For more details, refer to our dedicated page for documents required for a loan against car.
When it comes to securing 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 against car to meet your financial requirements. That’s right. Getting a loan on a used car has never been easier. Here’s how:
Almost every category of loan has pre-approved offers. Whether it is personal loans or home loans, these pre-approved offers are major incentives for customers to take loans.
The good news is that, apart from existing customers, new customers can avail of pre-approved offers for used car loans. This can be useful for the following reasons:
Instant disbursal
Minimal documentation
Attractive interest rates
Better deals
Convenience
Improved financial planning
Higher approval rates
The topmost benefits of securing a loan against car are:
Quick access to funds
Minimal documentation
Attractive interest rates
No need to sell the vehicle
Retention of the ownership and usage rights of the vehicle
Flexible repayment terms
No restrictions on the usage of the loan amount
Here’s a checklist on the eligibility criteria for a loan against car from Tata Capital:
Age:
Salaried employees: Between 21 and 60 years
Self-employed professionals: Between 21 and 65 years
Nationality: Indian
Employment type: salaried employees, self-employed professionals, including sole proprietorships, partnership firms, private limited companies, and Hindu Undivided Family (HUF)
Minimum income:
Salaried individuals: Rs. 25,000 per month
Self-employed professionals: Rs. 3 lakhs per annum
Work experience:
Salaried individuals: Minimum one year of experience
Self-employed individuals: A business in existence for at least 2 years
Generally, you require a minimum CIBIL score of 700 to 750 to secure a loan against car. However, it varies between lenders. A high CIBIL score increases your loan approval chances.
Your monthly income indicates your repayment capacity. If you have a steady and sufficiently high income, it is proof that you will be able to make timely loan payments, and the lender’s risk is reduced. Generally, a larger loan amount and favorable loan terms are the benefits of a higher income.
Salaried individuals must meet the following eligibility criteria to get a loan against car:
Age: 21 years at the time of loan application and 60 years at the time of loan maturity
Minimum income: Rs. 25,000 per month
Work experience: The applicant must have at least one year of experience
CIBIL score: 700+
The eligibility criteria for a self-employed professional to secure a loan against car are:
Age: 21 years at the time of loan application and 65 years at the time of loan maturity
Minimum income: Rs. 3 lakhs per annum
Category: Sole proprietorships, partnership firms, private limited companies, and HUFs
Minimum turnover: Rs. 4.5 lakhs per annum
Asset-based borrowing: 0.5x the EMI
Nature of business: The company must have been in existence for at least 2 years and engaged in manufacturing, trading, or services
The loan against car at Tata Capital is available at an interest rate starting from 10.75% per annum. The other charges you need to pay on a loan against car are:
Processing fee
Documentation charges
Foreclosure charges
Loan cancellation charges
Statement of account charges
Valuation charges
Stamp duty
NACH/PDC charges
Part-prepayment charges
Penal charges
The minimum and maximum loan amount you can avail of from Tata Capital on a loan against car ranges from Rs. 1 lakh to Rs. 50 lakhs. The amount sanctioned to you will depend on your car’s valuation and individual application eligibility.
The tenure for a loan against car is flexible. At Tata Capital, you can get a loan against car for a minimum tenure of 12 months and a maximum tenure of up to 72 months. A longer tenure means lower EMIs, while a shorter tenure means higher EMIs.
A loan against car EMI calculator helps to estimate your monthly EMI based on varying loan amounts, interest rates, and loan tenures. It can easily help you arrive at a pocket-friendly installment amount.
The documents you must submit with your loan against car application are:
Age/identity proof: A copy of your Voter’s ID, passport, driving license, Aadhaar Card, or PAN Card
Address proof: A copy of your Voter’s ID, electricity bill, telephone bill, ration card, etc.
Income proof: A copy of your salary slips, Income Tax Returns (ITR), balance sheet, profit & loss accounts, and savings and current account statements
Car-related documents: Registration certificate, insurance copy
Signature proof: A copy of your signature with proof
Salaried individuals, specifically, must submit the following documents with their loan against car application:
Form 16
Salary slips for the past 3 months, with a minimum per-month salary of Rs. 25,000
Bank account statements, in which the salary is credited, for the past 3 months
Employment proof/ID Card
Income Tax Return (ITR)
The documents that self-employed professionals must specifically provide while applying for a loan against car are:
Business proof: Registration certificate, GST certificate
Income Tax Returns (ITR) for the past two years
Audited balance sheets and profit & loss accounts for the past two years
Current account statement for the past 1 year, with a minimum monthly income of Rs. 3 lakhs
Here’s the step-by-step application process for a loan against car:
1. Visit the ‘Loan Against Car’ page on Tata Capital’s official website.
2. Fill out the online application form and submit the required documents.
3. Await car valuation and physical document verification.
4. Allow the lender to perform a credit assessment.
5. Receive the loan sanction letter.
6. Get the funds credited into your bank account.
Yes, a car valuation is necessary before approving a loan application because it helps determine the car’s current market value to arrive at the loan-to-value (LTV) ratio and loan amount you’re eligible to secure.
A loan against car approval usually takes 24 to 48 hours after the successful submission of the application. The process is faster if you’ve applied online and submitted all the required documents correctly. You will receive a loan sanction letter, mentioning the loan terms, once the lender approves the loan. Loan disbursement takes around 24 to 36 hours post approval.
Your car’s value and the lender’s policies determine the loan amount you can obtain. Generally, the maximum age limit for a vehicle is 10 years. Some lenders may sanction loans on 12-year-old cars.
You can make your immediate family members, like your spouse, parents, or siblings, a co-applicant for a loan against car. Adding a co-applicant increases your chances of loan approval and helps get favorable loan terms.
No. You don’t need a guarantor for a loan against car since your car already serves as collateral. However, if you are applying as an NRI or your credit score, income, or overall financial profile doesn’t fulfill the lender’s eligibility criteria, you may have to provide a guarantor.
Yes, you can pre-pay or foreclose a loan against car. At Tata Capital, if you foreclose the loan within 12 months of the date of the first disbursement, you must pay 6% of the principal outstanding at the time of foreclosure. The rate changes to 5% if you pre-pay or repay the loan amount after 12 months from the date of the first disbursement.
It is possible to reduce or change your EMI through part-prepayments or balance transfers. You can also negotiate the interest rates before availing of the loan by adding a co-applicant. Tata Capital offers specific restructuring options, subject to terms and conditions.
The common methods to pay your EMIs include:
Auto-debit (NACH/ECS)
Debit Card
NetBanking
UPI
E-wallets
Visit the lender’s website to explore the various options.
No, you cannot apply for a top-up loan on your existing loan against car. However, there are other financing options Tata Capital offers on an existing finance-free car. These include Refinance, Car and Cash (CNC), Multiplier, or Repurchase. These car loan programs help you meet your personal expenses/working capital requirements.
Yes. A loan against car doesn’t require you to surrender your vehicle to the lender. You continue to own it and can use it as per your requirements. The lender places a lien/hypothecation on the vehicle’s title to secure its risk. In the event that you fail to repay the loan, the lender has the potential to repossess your car.
Cars older than 12 years aren’t eligible for a loan against car. Moreover, you cannot avail of a loan against car on commercial cars, yellow plate vehicles, and car models that are no longer in production. Do check the specific terms with your lender before applying.
You can pay your loan on a used car through the following options:
Visit the official Tata Capital website or mobile app
Deposit a cheque at the nearest branch
You can also pay via e-wallets, UPI, or NetBanking facilities.
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