Interest Rates Starting @ 13%* P.A.
Instant Approvals Within 15 Minutes 
Safe & Secure Digital Application & Disbursal ProcessUsed Car Loan
Used car loans from Muthoot Capital help turn your dream of buying a car into reality. Own the vehicle of your choice by applying for a used car loan online, and receive approval quickly. Whether you’re looking to upgrade to a better car or purchase the latest model, Muthoot Capital’s used car loans ensure you don’t have to wait long. With a hassle-free loan process, you can apply for a second hand car loan online and get instant approval to drive your car home the same day!
Muthoot Capital’s easy pre-owned car loans allow you to borrow up to ₹35 lakhs, with a flexible repayment tenure of up to 5 years. Additionally, minimal paperwork, no collateral, and interest rates as low as 13%* p.a. make the loan application process fast and simple.
For example, a used car loan of ₹5 lakhs from Muthoot Capital for 5 years at an interest rate of 13%* will result in an EMI of ₹11,377.
Used Car Loan EMI Calculator
Features & Benefits 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
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 AppInterest Rate, Schedule of Charges & Other Features 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.
| Used Car Loan Interest Rates | 13% to 19% p.a. onwards |
| Loan Amount | Maximum amount – Rs 50,00,000/- |
| Loan Processing Fees | 1% to 3% plus applicable taxes |
| Lowest EMI per month | Rs 2280/- where the maximum loan tenure is from 1 year to 5 years |
| Loan Tenure | 60 months |
| Prepayment/Foreclosure Charges | 4% to 5% |
| Late Payment Charges | 2% per month |
| Cheque Bounce Charges | ₹500 per bounce plus applicable taxes |
| Default Interest | 1% to 3% depending on the amount. |
| Repayment Instrument Dishonour Charges | Rs 1000/- + GST |
| Penal Charged | As per the deal rate |
| No Other Hidden Charges | |
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.
Muthoot Capital 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!
-
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
Used Car Loan FAQs
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 100% 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 100% 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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