Used Car Loan

Owning a car can still be a reality with our loans for used cars. Easy approvals, convenient payback options and attractive interest rates make sure you enjoy the luxury of driving a four wheeler.

Salient features

• Flexible repayment options, ranging from 12 to 60 months.
• Attractive interest rates.
• Loan approvals in 24 hours.
• Repayment through any of Muthoot Fincorp branches across the country.
• Instalment can be paid daily/weekly/fortnightly/monthly according to the customer’s convenience
• Hassle free loans - no post dated cheques required
• Easy and simple documentation.

 

Eligibility

• Salaried / self employed person / Agriculturist
• Age between 21 and 65.
• Minimum net income / net profit of Rs.1, 80,000/- p.a.
• Residence stability: minimum one year in the current address.
• Job/Business stability: minimum one year in the present job

 

Documentation

• Valid identity proof: Any one of passport /voters ID card/ driving license/ PAN card
• Valid address proof: Any one of passport / voters ID card/ driving license/ telephone bill/electricity bill/ gas connection bills/ ration card/ LIC policy.
• Income proof: ITR / form 16 / pay slip / salary credit bank statement.
• Asset Proof: Latest land/building/house tax receipt
• Recent passport size photo.

 

FAQ

Q: How long will it take to approve the loan?
A: Within 24* hours of completing the documentation.

Q: How much finance can I avail of ?
A: Maximum of 80% of the insurance declared value (IDV) / market value subject to the condition of the vehicle.

Q: What are the tenure options?
A: You can choose from any of the well-paced repayment options of 12,18, 24, 30,36,42,48,54 or 60 months,     subject to the age of the vehicle not exceeding 10 years at the time of maturity of the loan.

Q: How can I remit the monthly installment?
A: By way of cash (daily / weekly / fortnightly / monthly) according to your cash flow, at any of Muthoot Fincorp     branches across the country

Q: Do I have the option of pre-paying the entire loan amount?
A: Yes. You can pre-pay the loan any time, at a nominal charge.

*conditions apply