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Used & New Car Loans

Car Loan

Bringing home the car you've always wanted has never been simpler! We aim to make the experience quick, transparent and hassle-free. Attractive Car Loan Interest Rate, a wide range of cars to pick from and your choice of payment structure. Before applying, check car loan eligibility and how you can structure your loan repayment using a car loan EMI calculator.

Used Car Loan Advantage

  • Minimum Loan Amount of Rs 1 Lakh.
  • Quick Disbursal and Hassle-Free Documentation.
  • Competitive Rate of Interest.
  • Tenure Period up to 5 years.
  • Flexi EMIs- Step Up,Step Down, Bullet or Ballooning.

Used Car Loans

  • Finance for up to 90% of car's valuation.
  • Low income requirements for salaried and self employed.

New Car Loans

  • 100% loan on ex-showroom car price.
  • Low income requirements for salaried and self employed.

Are you also searching for the right car?

Used Cars

Search through our vast range of used cars to find the one that's perfect for you at the best possible price.

New cars

Pick the car that suits you best! Filter down your preferences by budget, colour, make, model, usage and more.

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.

  • Tata Capital offers used car loans with the following features:-
  • Loan up to 90% value of the used car
  • Loan up to 100% in special cases
  • Loan tenure up to 5 years
  • Loan up to 7 years in special cases
  • Customized repayment schedules
  • Choice of EMI plans
  • Easy to use platform
  • Car Loan Interest rate at minimum of 13.5%
  • 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 :-
  • Age of car
  • Type of car
  • Credit Score
  • Ability to pay back
  • Work experience, age and profession of the borrower
  • The maximum used car loan amount granted is as follows
  • Up to 90% of the value of the used car
  • Up to 100% of the value of the used car in special cases
  • The tenure of the car loan is as follows
  • Up to 5 years
  • Up to 7 years in special cases

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.

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.

  • You are eligible for a used car loan from us if you satisfy the following conditions
  • You are a salaried individual with income of at least Rs 2.5 lakhs per annum
  • You are a self-employed person or a self-employed non-individual with income of at least Rs 2 lakhs per annum

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

  • PAN card,
  • Proof of address
  • Proof of signature
  • Photograph
  • Any of Form 16 or salary slip or ITR
  • Three-month bank statement

For self-employed non-individuals

  • Ownership documents - registered partnership deed or certificate of incorporation of public and private limited companies including memorandum and articles of association
  • Commencement of business certificate
  • PAN card and proof of address
  • Photograph
  • ITR and audited balance sheet and profit and loss statement