Used Car Loan
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- Already Applied?
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Key Features
Age Requirement
Salaried: 21-60 Years
Non-Salaried: 23-65 Years
Minimum Net Income
Salaried: 2,00,000
Non-Salaried: 2,50,000
Loan Amount For
Car & Against Car: 25,00,000
Transfer & Top Up: 15,00,000
For detailed fees and charges Click here *T&C apply
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Our Car Loan Offerings
Loan Against Car
Secure a loan against your car effortlessly to meet your financial needs....
Top Up Loan
Need extra funds? Get them quickly with our top-up car loan facility...
Balance Transfer
Save on EMIs and interest rates through our balance transfer offer. It's the smart way to manage your finances...
Get Used Car Loan up to ₹25 Lakh*
We understand what owning a car means to you. That’s why we offer easy and quick used car loans to make car ownership stress-free. With flexible repayment options and minimal paperwork, getting your dream car has never been simpler. Apply today and take the first step toward driving your car home!
Features That Benefit You
We ensure competitive interest rates, quick approvals & minimal documentation for pre-owned car loans.
- Get Up to 90% Financing
You can get up to 90% of the car’s total value as a loan. - Flexible Repayment Tenure
You can choose a suitable repayment tenure from 12 to 60 months. - Competitive Interest Rates
We ensure minimum interest rates to allow budget-friendly repayments. - Hassle-Free Documentation
Minimal KYC and income proof are sufficient for your used car loan application. - Quick Loan Sanction
Get your loan sanctioned and disbursed quickly without delays. - Complete Digital Application
Apply online and our team will get back to you.
Important Things You Should Know for Used Car Loan Application
Before applying for a used car loan you should know the following important factors
- Loan Eligibility:
Your loan Eligibility is defined by multiple factors such as age, occupation, annual income credit score, etc. - Loan Tenure:
Loan tenure is the time period you prefer for the loan repayment. Choosing the shorter loan tenure lets you save interest whereas the longer loan tenure gives you lower EMIs. - Loan to Value Ratio:
In simple words, LTV is the percentage of the loan amount you can borrow against the car’s total cost. The remaining amount needs to be paid in a downpayment. - Credit Score:
A higher credit score leads to lower interest rates and faster loan disbursal. - Processing Fees:
These are the charges for documentation and processing used car loans.
Eligibility Criteria for Used Car Loan
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Row 1
- For Salaried Individuals
- For Self-Employed Individuals
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Row 2
- Age: 21 to 60 years
- Age: 23 to 65 years
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Row 3
- Minimum Annual Income: ₹2,50,000
- Minimum Annual Income: ₹3,00,000
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- Proof of at least 1 year of continuous employment is required
- Business Proof: Valid registration and 2 years of continuity
How You Can Improve Used Car Loan Eligibility
Here are some steps to help you increase the loan Eligibility to buy a second-hand car.
- Maintain a Good Credit Score:
A credit score above 750 improves your chances of loan approval and ensures low interest rates in most cases. - Clear Existing Loans:
Clearing the existing loans will help you to increase your eligibility for the used car loan. Also, it will allow you to manage your finances better. - Plan For Larger Downpayments:
With a large downpayment you get the benefits of easy loan approval and effective loan repayment. - Highlight Additional Income Sources:
If you have multiple income sources, you can highlight those in the loan application. It will allow you to get a higher loan amount. - Opt for a Co-Applicant:
You can opt for a co-applicant which can improve your eligibility for the used car loan.
How To Apply For Used Car Loan
Piramal Finance simplifies the used car loan process for you. You just need to follow these simple steps.
Step 1:
Select the Used Car Loan Option from the Loans Product and Click on Apply Now.
Step 2:
Register with your mobile number and fill in the basic details.
Step 3:
Our Used Car Loan expert will get in touch with you shortly.
We ensure the most transparent and quick processing of used car loans.
Eligibility Criteria
Fees & Charges Required for Used Car Loan
We offer minimum processing fees for used car loans so that you can manage your finances better.
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Row 1
- Features & Fees
- Details
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- Interest Rates
- 15.5%* p.a. onwards
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- Loan Processing Fees
- Up to 5% of the loan amount + applicable taxes.
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- Documentation Fees
- Up to Rs 1,000 + applicable taxes.
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- Pre-closure & Part Payment Fees
- 5% of the principal amount + taxes.
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Row 6
- Car valuation & Inspection Fees
- 1500 + applicable taxes
Here are detailed applicable fees and charges.
Documents Required For: Loan Against Car
Advantages Piramal Finance’s Used Car Loan
Convenience
We ensure that the entire used car loan process offers the utmost convenience to you. We extend complete support at all the stages of a used car loan application.
Transparency
We keep the applicable fees and charges upfront and ensure no hidden costs to you.
Accessibility
You can simply apply and track your used car loan application. Our used car loan experts offer end-to-end guidance throughout the process.
Quick Turnaround
We emphasize on quick sanction and disbursal of the used loan car amount.