Apply for Used Car Loan Online @ 8.50 %*

  • Flexible EMI options
  • Get LTV up to 95%* of Car’s value
  • Used car loan approval within 20 minutes
  • Used car loan ranging from Rs. 50,000 to 10 Lakhs

Used Car Loan by Muthoot Capital

A second hand car loan is the most convenient option to get your dream car. We finance the cost of your car, while you get the flexibility of making small monthly payments that you can afford. Muthoot Capital offers used car loans with low interest rates and flexible repayment choices for both salaried and self employed individuals. Take our pre-owned car loan to experience the simple processing, speedier loan acceptance and utmost freedom.

Used Car Loan EMI Calculator

5,00,000
15
10
5625
5,00,000

Key Benefits and Features

Flexible Repayment

Flexible Repayment

Flexible repayment options, ranging from 12 to 60 months

Special Schemes

Special schemes

Special schemes to
suit your needs

Attractive Interest

Attractive interest

We offer attractive interest rates

Quick Approval

Quick approval

We offer quick approval with minimum paperwork

Hassle Free Loans

No income base

We provide loans under income base, no income base, and asset proof base

Hassle Free Loans

Hassle free loans

We provide Hassle
free loans

Easy Documentation

Easy documentation

Easy and simple documentation

Loans Upto 100%

Loans upto 100%

We provide loans up to 100% for specific models under specific schemes*

Low Down Payment

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 used car loan eligibility, you have to fulfill only a few conditions after which we process your loan.

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.

Apply Now

Documents Required For Used 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

Online Payment Options

Pay Via Websites For Two Wheeler & Second Hand Car Loan

Pay Via Websites

Pay your EMI using our website anytime, anywhere.

Pay Now
M Power For Two Wheeler & Second Hand Car Loan

Muthoot Capital Services Customer APP

Get instant access to your loan details and pay EMI easily.

Download App

Fees & Charges of Used Car Loan

You should be aware that a used car loan 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 Used Car Loan Instantly

You can get a loan for a used car at attractive rates instantly. You need to consider the following criteria before applying for a loan for a second hand car.

  • You should be 21 years of age or above when you apply for used car loan financing. 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 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.
  • Get fast approval and disbursal of your loan and drive away in the car of your dreams.

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.
  •   
    Thalassery
  •  
    No 46/423B, 1st Floor, Goodshed Road, Fly Over Jn
    Thalassery
    Thalassery – 670101
    Near Sangamam Auditorium
  •  
  •  
    Open until 05:30 PM
    Map Website Apply Now
  • Muthoot FinCorp Ltd.
  •   
    Jagannath Shankar Sheth
  •  
    488/B, Ground Flr, Matru Kripa Building, H Marg
    Thakurdwar
    Mumbai – 400002
    Near Rajesh Farsan Mart
  •  
  •  
    Open until 05:30 PM
    Map Website Apply Now
  • Muthoot FinCorp Ltd.
  •   
    Cox Town
  •  
    No 107, 1st Floor, Wheeler Road
    Cox Town
    Bengaluru – 560005
    Opposite Indian Gymkhana Ground
  •  
  •  
    Open until 05:30 PM
    Map Website Apply Now

Find Muthoot FinCorp Two Wheeler Loan Branch near you – Locate Now

Frequently Asked Questions

There are many good reasons why you should take used cars loan. The best one being 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 loans for used cars.
  • The loan is hassle free and guarantees a 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
Alternatively, contact our customer care representative directly for a loan for a used car by:
  • Calling 1800 102 1616
  • Walking into the nearest Muthoot Fincorp Branch
  • Contacting 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 finance for your second hand car.

You can choose tenures of 12 months to 60 months when you opt to take a car loan for 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 which 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.

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.

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 used cars loan, making the finance option better.

Blue Soch Stories

First-hand account of customer experiences

Muthoot Capital

This is exactly what loan providers should be doing! I’ve never had such a positive experience with loan providers before, and this is exactly the type of service I’ve been seeking.  My used car loan experience began with Muthoot Capital, which I obtained instantly. Since then, they have assisted me with credit on multiple occasions. […]

Muthoot Capital

For my needs, I took out a used car loan with Muthoot Capital to purchase a pre-owned i10. The loan was approved on schedule, and a proper callback and follow-up were provided. The interest rate and processing charge were appealing, and I was pleased with the service. Muthoot Capital was recommended to me by a […]

Muthoot Capital

Samar is my relationship manager at Muthoot Capital. It feels weird calling him my relationship manager because he became my friend in such a short period. Samar has gone above and beyond in every phase of the process, not just the display and ultimate approval. Samar was there to hold my hand through every bump […]

Muthoot Capital

Travelling’s always been tough for me. I searched for a new car but had trouble coming up with the cash. I found it increasingly difficult to get around town without a car as summertime approached. I started looking for various financing options for a used car. But I had always worried that my income and […]

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