Interest Rates Starting @ 0.70% P.M. (8.50%* P.A.)
Instant Approvals Within 15 Minutes 
Safe & Secure Digital Application & Disbursal ProcessBuying a car is a dream for everyone. It is not only a luxury but also an emotional investment for many. But, the increased prices of Cars have made it difficult for many to buy a new one. On the other hand, instead of buying a four-wheeler from a showroom, it is smart to get a used one. In this regard, a second hand car loan can be helpful.
- Muthoot Capital has brought you fascinating Used Car Loans that can help you buy your favorite vehicle.
- We offer you reasonable interest rates that easily fit into your financial strategy.
- Simple procedures, a fully digital process, and minimum eligibility documents are the key benefits of second hand car loan by Muthoot Capital.
- We also offer you special schemes, attractive interest rates, and flexible repayment options that will make buying your dream car easier.
Get used car loan:
| Interest Rates | 8.5-9% onwards* |
| Maximum Repayment Tenure | 12 to 60 Months* |
- Up to 20 lakhs
- Competitive interest rates at 8.5-9% onwards*
- 12 to 60 Months* Repayment Tenure
- Loans up to 100%
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
You should be aware that a loan for a used car entails some charges other than the interest rates.
There is a nominal, one-time, processing charge that is levied on the loan amount. This is a non-refundable charge.
There are assorted charges for documentation, registration certificate collection, stamp duty, amortization charges, and so on.
There is a nominal charge for pre-paying the loan or foreclosure if you plan to repay before the due date.
How To Get a Loan for Used Car Online Instantly?
You can get a loan for a used car at attractive rates instantly. You need to consider the following criteria before applying for second hand car loan.
- You should be 21 years of age or above when you apply for second hand car finance. Your age should be under 65 at the end of the tenure of the loan.
- You should be salaried with an annual salary of Rs 1,80,000 or have a business income/net profit of Rs 1,50,000 per annum.
- Fill out the ‘Apply Now’ form online or visit our nearest branch to apply offline.
- Check your eligibility and the amount you can borrow for the second-hand car loan.
- Use the EMI calculator on the website or the App to find the tenure and amount that suits you the best.
- Submit your documents (Identity Proof, Income Proof, Address Proof, Passport Size Photo, etc)
- Get fast approval and disbursal of your loan and drive away in the car of your dreams.
- Before making the decision, compare the terms and conditions, eligibility criteria, processing fees, and other aspects of different lending institutions.
- In your research, it should be the priority to find a good lender. Compare different lending institutions and their features, and choose wisely.
How to apply for a used car loan Offline?
Applying for a Used Car Loan Offline with Muthoot Capital is very simple.
- Firstly, you need to call our representative or visit our branch office.
- Secondly, our customer care executive will guide you through the process of applying for a Used Car loan, and you have to fill up the application form.
- Lastly, you will be asked to submit a few documents- Valid Identity Proof, Income Proof, and Valid Address Proof to initiate the application.
- After all the formalities, you will be notified with approval, and within 1-2 working days.
Why Should You Choose Muthoot Capital for a Used car loan?
Used car loans can be a great help for buying your favourite four-wheeler. Muthoot Capital Used Car Loan is the best platform to avail second hand car Loan. The easy procedure and instant Loan approvals bring you the best experience.
Here are a few reasons why you should choose a Muthoot Capital Used Car Loan 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
You can visit the official website or the retail loan branch for more details. However, a few more questions are answered in the used car loan FAQs. Go through them to clear your doubts.
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!
-
Muthoot FinCorp Ltd.
-
Thoppumpady
-
No 16/1551K, 1st Floor, P T Jacob Rd, Kanankulathu
Thoppumpady
Ernakulam – 682005
-
Muthoot FinCorp Ltd.
-
Dilshad Garden
-
Plot No 4, No 488/6, Ground Floor, Block West
Dilshad Garden
New Delhi – 110095
Near Radha Krishna Mandir
-
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
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.
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.
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.
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.
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