Interest Rates Starting @ 0.70% P.M. (8.50%* P.A.)
Instant Approvals Within 15 Minutes 
Safe & Secure Digital Application & Disbursal ProcessUsed Car Loan
Owning a car is a dream for many, but the high prices of new cars can make it difficult to achieve. Fortunately, buying a used car is a great alternative. Used cars are not only more affordable but also offer great value. Muthoot Capital’s Used Car Loan is the perfect solution to help you buy a used car. This second hand car loan features a fully digital process and minimal eligibility requirements. Make your dream of owning a car a reality today with Muthoot Capital’s loan for a used car.
With Muthoot Capital’s second hand car finance, you can enjoy the best interest rates on the market. Benefit from rates as low as 0.70% per month (8.50% per annum). Apply online for a pre-owned car loan and receive instant approval with minimal documentation.
| Used Car Loan Interest Rates | 8.5-9%* p.a. onwards |
| Loan Amount | Up to ₹ 50 lakh |
| Loan Processing Fees | Up to 4% plus applicable taxes |
| Lowest EMI per month | Starting from ₹2,550* per Lakh |
| Loan Tenure | Up to 20 months* |
| Ownership | Up to four owners |
| Late Payment Charges | 2% per month |
| Cheque Bounce Charges | ₹500 per bounce plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
| No Other Hidden Charges | |
Used Car Loan EMI Calculator
Key Benefits and Features of Used Car Loan
Flexible Repayment
Flexible repayment options, ranging from 12 to 60 months
Special schemes
Special schemes to
suit your needs
Attractive interest
We offer attractive interest rates
Quick approval
We offer quick approval with minimum paperwork
No income base
We provide loans under income base, no income base, and asset proof base
Hassle free loans
We provide Hassle
free loans
Easy documentation
Easy and simple documentation
Loans upto 100%
We provide loans up to 100% for specific models under specific schemes*
Low Down Payment
Low Down Payment/EMI schemes to suit the customers' financial requirement
Used Car Loan Eligibility Check
In order to find out if you meet our second hand car finance eligibility, you have to fulfill only a few conditions after which we process your loan for used car.
01
Salaried / Self-employed person / Agriculturist
02
Age between 21 year (at the time of application) and 65 year (at the end of the loan tenure)
03
Minimum net Salary – 15,000 p.m / net profit of Rs.1, 50,000/- p.a.
Documents Required for Second Hand Car Loan
- Valid identity proof:
Any one of passport / Adhaar card / voters ID card / driving license / PAN card
- Income proof:
ITR / form 16 / pay slip / salary credit in bank statement
- Asset proof:
Latest land / building / house tax reciept
- Valid address proof:
Any one of passport / Aadhaar card / voters ID card / driving license / telephone bill / electricity bill / gas connection bills / ration card / LIC policy.
- Photo proof:
Recent passport size photo
Muthoot Online Payment Options
Instant Used Car Loan EMI Payment App
Get instant access to your loan details and pay EMI easily.
Download AppFees & Charges of Used Car Loan
A used car loan involves additional fees beyond just the interest rates. Learn about the costs associated with financing a used vehicle.
Fee Type Details Processing Fees Muthoot Capital charges a minimal processing fee of 2.5% to 3.5% of the loan amount, depending on your credit score and eligibility. Late Payment Charges If you miss your loan repayment deadline, Muthoot Capital may charge a late payment fee of up to 3% per month on the overdue amount. Foreclosure Charges In case you want to close your Used Car Loan before the end of its tenure, Muthoot Capital may levy foreclosure charges ranging from 0% to 3%, depending on how long you have been repaying the loan.
How To Apply For A Used Car Loan Online?
You can quickly secure a loan for a used car at competitive rates. However, make sure to review the eligibility criteria before applying for a pre-owned car loan. Here are the steps to apply for a used car loan online -
- Visit the MuthootCap official website and click on the "Apply Now" button.
- Fill in your name, email, and mobile number in the form opened on the screen.
- Select your desired loan type. In this case, click on the “Used Car Loan” option.
- Complete the form with additional details like your preferred automobile brand, state of residence, monthly income, required amount, gender, and date of birth.
- Check the box to agree to the terms and conditions.
- Click on the "Submit" button.
- A company representative will contact you shortly after you submit the form.
How to apply for a used car loan Offline?
Applying for a Used Car Loan Offline with Muthoot Capital is very simple. Follow these steps to get started:
- Visit the nearest Muthoot Capital branch or an authorized dealer
- Meet a loan officer and express your interest in applying for a Used Car Loan.
- Complete the application form and submit all necessary documents, such as proof of income, identity proof, address proof, etc.
- The loan officer will then process your application and verify your documents.
- Once approved, you can choose the repayment options that best suit your financial situation.
- Sign the loan agreement and provide any additional required documents.
- Receive the loan amount in your bank account within a few working days.
- Start your journey with your dream used car.
Why Should You Choose Muthoot Capital For A Used Car Loan?
Used car loans can be a great help in buying your favourite four-wheeler. Muthoot Capital Used Car Loan is the best platform for second-hand car loans. The easy procedure and instant loan approvals bring you the best experience.
Here are a few reasons why you should choose a Muthoot Capital loan for a used car to get funds to buy a used car:
- Up to 100% loan amount on specific models under specific schemes
- Quick Approval
- Quick and Convenient Process
- Flexible repayment options ranging from 12-60 months
- Competitive interest rates
- Easy Documentation
- Low down payment
So, don’t let budget constraints stop you from owning your dream car. Apply for a Used Car Loan with Muthoot Capital today and make your dreams a reality.
Additionally, Muthoot Capital also offers several value-added services to make the process of buying a used car even smoother. These include insurance coverage for your vehicle, assistance in finding the right used car at an affordable price, and guidance on the documentation required for ownership transfer.
Moreover, Muthoot Capital has a wide network of authorised dealers and branches across India, making it convenient for you to apply for a Used Car Loan no matter where you are located.
Muthoot FinCorp Branches
If you have been searching ‘used car loan near me’, we are here to serve you. Find your nearest branch and pay us a visit!
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Muthoot FinCorp Ltd.
-
Thoppumpady
-
No 16/1551K, 1st Floor, P T Jacob Rd, Kanankulathu
Thoppumpady
Ernakulam – 682005
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Muthoot FinCorp Ltd.
-
Dilshad Garden
-
Plot No 4, No 488/6, Ground Floor, Block West
Dilshad Garden
New Delhi – 110095
Near Radha Krishna Mandir
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Muthoot FinCorp Ltd.
-
NIT
-
No 5P/29, 1st Floor, Mittal Complex, P Block, Main Market
NIT
Faridabad – 121001
Above Indian Overseas Bank
Find Muthoot FinCorp Two Wheeler Loan Branch near you – Locate Now
Frequently Asked Questions
What is used car loan?
Used car loan, also known as a second-hand car loan or pre-owned car loan, is a type of financing that is used to purchase a previously owned vehicle. This type of loan can be acquired from banks, credit unions, and private lenders.
Why Should I Choose A Loan for a Used Car?
There are many good reasons why you should take a loan for used car. The best one is that you pay an affordable monthly installment to bring home the car of your dreams if you opt for used car loan financing.
- You get up to 95% of the value of the car in some schemes. A smaller down payment can allow you to reserve your available cash for emergencies.
- The tenure is flexible and you can repay the car loan for second hand cars in 12-60 months.
- Interest rates are extremely competitive.
- The eligibility criteria are simple and most people can avail of loans for used cars.
- The loan is hassle free and guarantees quick approval and disbursement.
- The application process is easy, you can even apply online.
- The documentation is simple.
- You can take loans ranging from Rs 50,000 to Rs 10 lakhs.
- You can pre-pay the loan at a nominal charge.
How Do You Get a Loan for a Used Car?
Getting a used car loan is easy. Here is the step-by-step process to apply online:
- Click Apply Now
- Fill in your details
- You will get an OTP on your phone
- Fill in the OTP
- Choose your location
- Choose the car model you want
- Give us your basic details such as date of birth and gender.
- Click submit
- Our customer care representative will be in touch as soon as its possible
- Calling 1800 102 1616
- Walking to the nearest Muthoot Fincorp Branch
- Contacting the Muthoot Capital representative stationed at your dealer.
How Can I Pay Off My Used Car Loan Faster?
Yes, it is possible to pre-pay your loan for used car. If you have got a bonus or a windfall payment you can close the loan at any time. You pay nominal pre-payment charges to pre-pay the amount taken as your second hand car finance.
What’s The Longest Term of Car Loan for a Used Car?
You can choose tenures of up to 60 months when you opt to take a car loan for a used car from Muthoot Capital. Please do keep in mind that the age of the car should be less than 10 years by the end of the loan tenure. For example, you can buy a car that is just under 5 years old, then you will get finance for a maximum tenure of 5 years or 60 months for this second hand car.
How Much Will Muthoot Capital Loan On Used Cars?
We can offer a loan of up to 95% of the IDV or Insurance Declared Value as a used car loan. The loan amount also depends on the model, age, and condition of the second hand car. Your credit history and past association with us may also determine the amount of loan that can be sanctioned to you.
Which Is Better To Buy A Used Car With Cash Or Finance?
Taking finance or paying cash for a second hand car should depend on your budget and requirement. A loan for a used car is considered a better option as it does not burden your finances and allows you to pay off the cost of the vehicle in easy monthly installments over a certain tenure. If you have a good credit score, you can get a lower interest rate on the second hand car loan, making the finance option better.
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