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Used Car Loan Interest Rate
You aspire to buy a car and need a loan to get your dream vehicle. Choosing a second hand car is a good option when your budget is low, or you are buying your first car. A pre-owned car needs to be chosen with care. A well-maintained vehicle will cost you less in maintenance over time.
The used car loan interest rate is low and makes the cost of buying a four-wheeler affordable. The Muthoot Capital’s used car loan is hassle-free, and the second hand car loan interest rate is competitive. You can
he value of the car to be provided as a loan.
Use our Car Loan EMI calculator to know your monthly installment
Use our EMI calculator to know your monthly installment. Select the loan amount, the applicable rate of interest, and tenure. In an instant, you will get the details of the installment, and the total amount payable. It is a free tool which is easy to use and is designed to help you make informed decisions.
Required loan amount
min ₹10,000
max ₹20 Lac
Interest rate
min 10%
max 32%
Tenure up to
1 month
84 months
Loan Amount
₹ 10,000
Interest Payable
₹ 83
Monthly EMI
₹ 10,083
Key Benefits & Features of Car Loan
Flexible Repayment
Flexible repayment options, ranging from 12 to 84 months
Special schemes
Special schemes to suit your needs
Attractive interest
We offer attractive interest rates on Car Loans
Quick approval
Get quick approvals with minimum paperwork
Easy documentation
Easy and simple documentation
Hassle free loans
Quick and convenient processing
Who can apply for a Car Loan at Muthoot Capital?
Getting a car loan is simple and straightforward. Here are the basic eligibility criteria you need to meet:
01
Salaried, Self-employed persons, NRI's and Pensioners.
02
Age between 21 (at the time of application) and 70 (at the end of the loan tenure)
03
Minimum net income of Rs.1,80,000/- p.a. for salaried profile & Pensioners and Rs. 2,50,000/- p.a. for self-employed profile
Documents Required for Car Loan
Applying for a Car loan? Ensure you have the following documents ready
Valid Address Proof
Aadhaar Card, Passport, Voter ID or Driving License
Income Proof
Salary Slips, Bank Statements, ITR, GST Returns or Form 16
Asset Proof
Property Documents, Electricity Bill, Property Tax receipt, Building Tax or Water Bill
Car Loan Interest Rate Charges & Processing Fees
Please click the link below to view charges.
Benefits of Used Car Loan
A second hand car loan from Muthoot Capital has many benefits. The used car loan rates are low, and the loan process is seamless.
- Attractive schemes allow you to avail up to 100% of the total ‘Insurance declared value’ of the used car as a loan.
- The flexible repayment option allows you to choose a tenure ranging from 12 to 60 months.
- Attractive interest rates for used cars. There are various schemes available.
- The approval and disbursement are quick and hassle free.
- Muthoot Capital offers loans under no income base, income base and asset proof base for its customers.
- The documentation is simple and easy.
- The application process is also very simple.
- You can avail of a loan from Rs 50,000 to Rs 10 Lakhs.
Factors that Impact Used Car Loan Interest Rate
Many factors that affect the second hand car loan interest rate.
- Credit score: Muthoot Capital runs a credit report check that evaluates your credit score. This includes your closed and current credit accounts, the history of payments made and the length of your credit usage.
- Ratio of debt to income: It is a simple way to understand the amount of money you owe to various lenders in ratio to your total income.
- Size of loan and down payment: The size of your down payment also affects used car loan rates. A larger down payment means favourable terms and conditions.
- Age of the vehicle: The age of the vehicle affects lending rates as the value of the vehicle is an important consideration. Newer vehicle implies a higher resale value of the car in an unfortunate case of repossession of the vehicle.
- Tenure of the loan: Customer has to pay smaller EMIs when loan tenure is longer due to bigger payout duration. The EMIs increase when the loan tenure gets shorter.
- Loyalty: If you are an existing customer of Muthoot Capital and fulfil the eligibility criteria you may get a favourable rate of interest as you have a relationship with the company.
Frequently Asked Questions
Get all your questions answered about Muthoot Car Loan!
The current used car loan interest rate starts from as low as 13%* and varies according to the customer profile (T&C; apply). The rates are dependent on the different schemes that are active at the time and other variables like model, age and condition of car, your credit history and the type of car you want to buy.
The lowest used car loan rates is 13%* (T&C; apply). You can contact our customer care representative to help you know the lowest interest rate that will be charged for the second hand car you are planning to buy.
There are some easy ways to lower the interest rate for your used car. The best way is to have a good credit history which will give you a higher CIBIL score. A higher score means a lower interest rate. You need to have a good CIBIL score to avail the loan and get a low loan interest rate on your second hand car.
When compared to interest rate on brand new models and cars, yes, the used car loan interest rate is slightly higher. The main reason for this difference is the car vintage which signals more services. However, if you are buying a two-year old car as compared to a seven-year old car, the interest rate will be lower.
When choosing between loan interest rate for a second hand car, you need to keep your future income and predicted interest rates in mind. Both have their advantages and disadvantages. You can contact our customer care representative at 1800 102 1616 or walk into your nearest branch to get clarity on which one would suit you more.
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