• 9863020202    
  • contact@financeseva.in
Used Car Loan @12.00% Onwards
100% finance for your used car with hassle free processing ,minimal documentation and faster disbursement .
Enquiry Form
Used Car Loan
Bank Name Interest Rate Range (%) Processing Fee (%) Maximum Loan (Lacs) Maximum Tenure (Month) Forclosure Charge
14.80% - 16.80%
200
360
4%
13.75% - 16.00%
200
360
4%
10.20% - 17.51%
200
360
4%
11.20%
200
360
4%
9.90% - 10.90%
200
360
4%
15%
200
360
4%
Bank Name Key Features
Interest rate

14.80% - 16.80%

Max loan amount

200

Interest rate

13.75% - 16.00%

Max loan amount

200

Interest rate

10.20% - 17.51%

Max loan amount

200

Interest rate

11.20%

Max loan amount

200

Interest rate

9.90% - 10.90%

Max loan amount

200

Interest rate

15%

Max loan amount

200

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Customer Support
Questions ? We are only a call away. (+919863020202)
Documents Required

  • Individual
  • Prop Firm
  • Partnership Firm-LLP
  • PVT. LTD.
  1. Photographs 2
  2. PAN Card Copy
  3. AADHAR CARD + PASSPORT
  4. ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
  5. LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
  6. LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
  7. LOAN SCHEDULE & SANCTION LETTER (IF RUNNING
  8. COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
  9. PROCESSING FEE CHEQUE IN FAVOUR OF BANK
  10. COPY OF RC
  11. COPY OF INSURENCE
  12. LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
  1. PHOTOGRAPH BOTH
  2. PAN CARD CLEAR COPY PROPRIETOR.
  3. ADD PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR.
  4. OFFICE ADDRESS PROOF LATEST. (ELECTRICITY BILL, TELEPHONE BILL)
  5. FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
  6. LAST 1 YEAR GST RETURN COPY
  7. FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
  8. PROVISIONAL FINANCIAL AY 2019-20
  9. BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED.
  10. 6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
  11. IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
  12. AGREEMENT TO SELL COPY
  13. PROPERTY PAPERS WITH CHAIN SANCTION MAP
  1. PHOTOGRAPH PARTNERS
  2. PAN CARD - COMPANY, ALL PARTNERS
  3. ADD PROOF - ALL PARTNERS (PASS PORT, VOTER I CARD ,PAN ,ADHAAR)
  4. FIRM ADD PROOF- LATEST ANY UTILITY BILL.
  5. PARTNERSHIP DEED COPY
  6. GST CERTIFICATE
  7. GST Return last 1 years
  8. 3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED.
  9. PROVISIONAL FINANCIAL AY 2019-20
  10. 3 YEAR.ALL PARTNER INDIVIDUALS ITR + COMPUTATION
  11. FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
  12. ALL PARTNER SAVING A/C STATEMENT 6 MONTH.
  13. IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED.
  14. Agreement To Sell copy
  15. PROPERTY PAPERS COMPLETE CHAIN WITH MAP
  1. ALL DIRECTORS PHOTOGRAPH
  2. CLEAR PAN CARD - COMPANY AND ALL DIRECTORS.
  3. ADDRESS PROOF – COMPANY AND DIRECTORS.
  4. LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
  5. MEMORANDOM
  6. ORDER IN HAND AND COMPLETE COPY (if applicable)
  7. GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE.
  8. 1 YEAR GST RETURN
  9. ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS.
  10. LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE.
  11. PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
  12. COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED.
  13. ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH.
  14. IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED.
  15. AGREEMENT TO SELL COPY
  16. PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
  17. COPY OF RC
  18. COPY OF INSURANCE
Frequently Asked Questions

What is a used car loan?

A car loan is a borrowing instrument that a lender such as a bank or NBFC (non-banking financial company) provides an individual allowing him/her to purchase a used car. Car loans have gained popularity in recent times as instead of being a luxury item or a symbol of status, cars have grown to become an essential commodity for the continuously growing middle class of India. With the increased popularity of car loans, most banks and NBFCs currently offer this type of loan to individuals who have a good credit history.

Can I get a loan to purchase a used car?

Yes, car loan is offered for pre-used cars. But, the interest rate for such a loan would differ from that of a new car. However, the loan would only cover the price of the car itself, other costs as transfer of registration, etc. will have to be borne by you.

Do I need collateral for a car loan?

Just as the name suggests, a car loan is a loan granted to an individual interested in buying a car. Therefore a car loan is a secured loan where the car you buy acts as a collateral. Therefore, there is no additional collateral requirement for a car loan. However, you do have to get the RC (registration certificate) of the car endorsed with the bank. This endorsement is cancelled after repayment of the loan is completed.

What are the benefits of applying for a car loan with Finance Seva?

When you input your basic details into the Finance Seva.com car loan eligibility tool, we provide you with all available options based on the information you provide us. After you get the complete list of lenders who might suit your specific requirement you can compare the various loan options based on tenure, interest rate, maximum loan amount as well as other factors.

What is the difference between a fixed rate and a floating rate car loan?

In case of a fixed rate car loan, the rate of interest applicable on the car loan remains the same over a period of time. Therefore fixed rate car loans have a specific EMI payout requirement that does not change due to market conditions. In case of a floating rate car loan, the applicable interest rate of the car loan varies periodically as per the decision of the lender. Thus the payable EMI on a floating rate loan may change from time to time.

How does the implementation of MCLR change the car loan EMI?

As per the RBI directive, from April 2016 onwards, banks are using MCLR (marginal cost of lending rate) to fix the interest rate on various loans including car loans. Currently the MCLR-based car loan rates are slightly lower than the base rate method that banks used earlier. However, changes in CRR, margin, bank operating expenses and deposit interest rates will change the MCLR and by extension the interest rates offered on car loans. Moreover, as per new regulations, banks are required to revise their loan interest rates after every six months.

Can I pre-pay my car loan?

Pre-payment of car loans is allowed by many lenders however there are usually a few terms and conditions attached. For starters, the lenders only allow car loan repayment after you have completed specified loan tenure and there is usually a pre-payment penalty as well. The prepayment penalty charges usually range from 1%-4% of the. It is recommended that you confirm all relevant charges with a bank before you make a pre-payment.

How can I make my loan EMI payments?

Repayment of loan can be done through post dated cheques (PDC) provided by you to your lender when signing up for the car loan. The other option is an auto debit facility where the EMI is automatically debited from your savings account after you have provided an ECS (Electronic Clearing Service) mandate to the lender. 

What if I don't pay EMIs on time?

Generally, banks treat you as a defaulter if you fail to pay two or more EMIs in a timely manner. You will initially be charged a penalty fee and asked to regularise your payments. If you fail to regularise your payments after repeated notifications, the financial institution can legally repossess your vehicle. Subsequently, your credit score will also take a hit and in the future, you will face complications in future loan approvals.

What should I do after paying the last EMI?

Once you have paid off your loan in full, the bank issues Form 35 & NOC (No Objection Certificate) to the RTO (Road Transport Office) and the lender’s name will get removed from the RC book endorsement.

What is zero percent Financing?

Zero percent financing is an offer provided by a few automobile manufacturers in collaboration with the lender. Under this plan, the automobile manufacturer is responsible for paying back the interest on the car loan to the financier instead of the borrower.

Why are zero percent financing car models more expensive than the other ones?

As the manufacturer is liable to pay the interest component of the car loan, the manufacturer would have to maintain a higher profit margin on the sale. That is the reason why, the cost of zero financing car models is usually greater than the cost of car models that do not have this feature.     

What are some of the top car loan providers in India?

Car loans are provided by most traditional banks including HDFC Bank, SBI, ICICI Bank, Union Bank, Kotak Bank, Axis Bank and many others. You can easily apply for a car loan with these as well as many others banks through Finance Seva.

Popular personal loan Lenders

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