Can I reduce or change my EMI?

No, your EMI will remain the same throughout the2nd hand car loan. However, you can enjoy flexible solutions with Tata Capital that fit your2nd hand car financerequirement.

What are the benefits of a loan on car?

Availing of aused car loanhas the following benefits – Easy car purchase –Bring home your favourite car in only a few simple steps.No collateral needed –Your four-wheeler will serve as theused vehicle loansecurity. You don't have to pledge any other asset while availing offinance for used cars.High loan amount –You can get a loan as high as Rs. 50 lakhs to buy the car of your choice.Minimum paperwork –You can apply forused car loans onlineto avoid any hassle related to lengthy paperwork.Repayment flexibility –You can choose between fixed and flexi EMI plans to repay your2nd hand car financecomfortably.

What are the minimum and maximum amounts for a loan on used car?

Every lender has a minimum and maximum amount you can borrow as a loan. Tata Capital offersused car financethat covers a wide bracket - from Rs. 1 lakh to Rs. 50 lakhs.

What is the maximum tenure available for a loan on car?

Loan tenure is the period within which you need to repay your loan, including the interest. Tata Capital's maximum tenure is 72 months or 6 years.

What are the eligibility criteria and required documents for a loan against a used car for salaried individuals?

For salaried individuals, theloan eligibilitycriteria are – The age of the applicant must be between 21 and 65 years.The minimum monthly salary must be Rs. 20,000.At least one year of work experience is mandatory. Salaried individuals need to furnish – Photo identity proof documentsIncome proof documentsSalary slips for the past three monthsAddress proof documentsVehicle Registration Certificate

What are the eligibility criteria and required documents for a loan against a car for self-employed individuals?

The following are thesecond-hand car loaneligibility criteria for self-employed individuals – Age must be between 21 and 65 years.A minimum annual income of Rs. 2 lakhs.The business must have been in existence for at least two years. Self-employed individuals need to furnish – Identity proofCopy of their signatureAddress proofIncome proof for the past three months

How long does it take to process a loan against used car?

An online approval takes only about 30 minutes. However, the entire process, from documentation to loan sanctioning can take anywhere from 24 to 36 hours.

Who can be the co-applicants for loan on used car?

A co-applicant is a person who applies for a loan along with the main borrower. They will be equally responsible for the loan repayment in case of any default by the primary borrower. If you want to improve your loan eligibility, you can have a co-applicant apply along with you. The following are the acceptable co-applicants for asecond-hand car loan– SpouseFamily memberBlood relatives

How do I approach Tata Capital for a loan against car online?

You can apply for aused car loan financingwith Tata Capital in the following ways – Apply online through our website.Email our customer support team.Call us on our toll-free number – 1860 267 6060.Take the help of our virtual assistant, TIA.Visit a nearby branch and talk to our lending experts.

What is the eligibility for a loan against car at Tata Capital?

To avail of a loan from Tata Capital as a salaried individual, you must pass the followingused car loan eligibility check– Age – Between 21 to 65 yearsMonthly salary – at least Rs. 20,000Work experience – minimum of one year For self-employed individuals, you must pass the followingused car loan eligibility check– Age – 21 to 65 yearsBusiness stability – minimum three yearsAnnual income – minimum Rs. 2 lakhs

How does monthly income affect your eligibility for getting a loan?

To determine yourused car loan eligibility, checkyour current and potential income. You will need to repay your loan in Equal Monthly Instalments or EMIs. Income plays a key role in determining how much money you can spend each month to pay yourloan EMI. The higher your income, the higher will be your eligibility and vice-versa. A high income also makes you eligible to borrow a higher loan amount.

Is a car valuation required prior to loan approval?

Yes, a car valuation is required before approving your loan on the car at Tata Capital. This is because the used car acts as collateral and determines your loan eligibility. This makes verification doubly necessary.With Tata Capital’s loans on cars, you can finance the purchase of second-hand passenger vehicles, including hatchbacks, sedans, SUVs, MUVs, etc. That said, remember that car models that are now out of production are not eligible for a loan on used cars.

How does a Loan Against Car Work?

A loan against a car is a simple and hassle-free way to access a loan amount of up to Rs. 50 lakhs to buy a vehicle without dipping into your savings.In this loan, your vehicle acts as collateral against which a loan amount is disbursed to your account. All new passenger vehicles, including hatchbacks, sedans, SUVs, MUVs, etc., are eligible for a loan on used car finance.Note that commercial cars, yellow plate vehicles and car models that are now out of production are not eligible for a loan against vehicles.

How much loan can I get against my car?

You can get a loan against car eligibility pre-approved offers ranging between Rs.1 lakh to 50 lakhs with Tata Capital. You also get a flexible loan repayment tenure that can be extended up to 72 months. We also offer online and offline payment methods to help you pay the loan conveniently.

What is the rate of interest on a loan against a car?

Tata Capital offers the industry's lowest loan against car interest rates, starting at just 10.99%. Such low interest rates mean you pay lower overall interest on your car loan. This reduces your monthly EMIs.Note that the interest rate is determined by various factors such as your eligibility, income, the car against which the loan is requested, and so on.A high down payment, for instance, highlights that you are a financially responsible individual and can repay the loan, reducing your loan against car interest rates. Whereas, a high CIBIL score (750 or above) and a healthy loan repayment pattern indicate that you are more likely to pay off your debts on time.While a higher and more stable income may indicate a better loan repayment ability, a better used car will have a higher value. You can get a used car loan at a lower interest rate in all these instances.

Is a guarantor required for a loan against car?

No, typically a guarantor is not required for a loan against a car. The car itself serves as collateral, reducing the need for additional guarantees.

What is the minimum CIBIL score required to get a loan against car?

The minimum CIBIL score required to get a loan against a car usually ranges from 650 to 750, depending on the lender. A higher score improves the chances of approval and may result in more favourable terms.

What are the payment options available for a loan on used car?

You can visit our website or use your mobile phone to pay your EMIs online anytime and anywhere. You can also make EMI payments for your car loan with a cheque. All you need to do is visit the nearest Tata Capital branch, write a cheque, and drop it off at your convenience.

What are the benefits of a loan on a car?

A loan on a car gives you instant funds while you continue using your vehicle. With flexible repayment, competitive interest rates, and minimal paperwork, it’s a convenient way to handle urgent financial needs without depleting your savings.

What are the minimum and maximum amounts for a loan on a used car?

Tata Capital offers loans on used cars ranging from Rs. 1,00,000 to Rs. 50,00,000, based on your eligibility. The loan amount depends on factors like your income, credit score, and the car’s value.

What is the maximum tenure available for a loan on a car?

With Tata Capital, you can choose a repayment tenure of up to 72 months (6 years), allowing you to plan your EMIs conveniently.

What are the eligibility criteria and required documents for a loan against a used car for salaried individuals?

If you're a salaried individual, you must be between 21 and 60 years old to apply for a used car loan. You'll need to submit identity proof, salary slips for the last three months, proof of residence, and a copy of the vehicle’s registration certificate.

What are the eligibility criteria and required documents for a loan against a car for self-employed individuals?

If you're self-employed, you must be between 21 and 65 years old to apply. You need to provide identity proof (such as a Voter ID or Aadhaar Card), signature proof, proof of residence, and income proof, including your latest Income Tax Returns (ITR), audited balance sheet, profit and loss statements, and bank statements for the last three months.

How long does it take to process a loan against a used car?

Tata Capital ensures a quick and seamless loan process. Once you submit all the required documents, your loan is typically processed and disbursed within 24 to 36 hours. This fast approval process allows you to get funds quickly without unnecessary delays.

Who can be the co-applicants for a loan on a used car?

A co-applicant shares the loan responsibility with the primary borrower and helps improve loan eligibility. Your spouse, family members, or blood relatives can be co-applicants for a second-hand car loan. Having a co-applicant can increase your chances of approval and help secure better loan terms.

How do I approach Tata Capital for a loan against a car online?

You can apply for a used car loan with Tata Capital in multiple ways. Visit the website and apply online, email the customer support team, or call the toll-free number 1860 267 6060. You can also use Tata Capital’s virtual assistant, TIA, for guidance or visit a nearby branch to speak with lending experts.

What is the eligibility for a loan against a car at Tata Capital?

For salaried individuals, you must be between 21 and 60 years old and have a minimum monthly salary of Rs. 20,000. If you’re self-employed, you must be between 21 and 65 years old, have been in business for at least two years, and earn a minimum of Rs. 2 lakh per annum. Additionally, you should have at least one year of work experience.

What are the payment options available for a loan on a used car?

You can visit our website or use your mobile phone to pay your EMIs online anytime and anywhere. You can also make EMI payments for your car loan with a cheque. All you need to do is visit the nearest Tata Capital branch, write a cheque, and drop it off at your convenience.

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Loan on Used Car

Loan Against Car

Loan Up to ₹ 50 Lakhs* | Tenure Up to 72 months | Interest Rates Starting at 10.75%

Avail Instant Loan Against Car

Get an instant loan against a car with Tata Capital and drive home a pre-owned vehicle effortlessly. Avail a loan on a used car of up to Rs. 50 lakh with flexible tenure of up to 72 months and competitive interest rates. Enjoy a hassle-free process with minimal documentation and quick disbursal. Need extra funds? Opt for a top-up loan on an existing car loan at affordable interest rates and manage your financial needs with ease. Apply today!

Loan on Vehicle Amount

₹1,00,000 – ₹50,00,000

Loan on Vehicle Tenure

Up to 72 months

Loan on Existing Car Interest Rate Starting at

10.75%

View Rates & Charges

Features of Loan on Used Car

Flexible Tenure for Loan On Used Car

You have the freedom to repay your Loan On a car over a period of 72 months.

Quick Processing for Loan Against Car

With minimal paperwork and a quick online application process, you can get your loan in no time. You just need to fill in our application form, and we will take care of your loan request. Whether you're looking for a short-term Loan On Used Car, you can get access to credit instantly with Tata Capital.

Flexi EMI Options for Top-Up Loan on Used Car Loan

Our Flexi EMI Loans allow you to repay your loan according to your convenience. You can choose a tenure that best fits your requirements to repay your loan on used car comfortably.

Competitive Interest Rates for a Loan On Used Cars

Our interest rates are the best in the industry. We offer affordable rates and tools that will benefit you the most. You can also use our EMI calculator to calculate your potential EMIs in advance.

Avail TATA Capital loans directly from WhatsApp

Apply via WhatsApp

Eligibility Criteria for Loan Against Used Car

Age must be between 21 and 60

Minimum monthly salary of Rs 20,000

Minimum of one year of work experience

Age must be between 21 and 65

Business must be in existence for at least two years

Minimum income of 2 lakhs per annum

Either the applicant or the partner must have a minimum income two lakhs per annum

Three months’ bank statements

ABB should be 0.5x the EMI

Minimum income of 2 lakhs per annum

Three months’ bank statements

ABB should be 0.5x the EMI

As you can see how straightforward the eligibility criteria are, you can make an informed decision much more easily now. Furthermore, with the different options available, you can choose one that suits your situation or explore alternatives too.

Documents Required for a Loan Against Car

To apply for a loan against a car, you must meet the eligibility criteria. Once eligible, you need to submit the following documents to complete your application process-

Identity Proof: Voter ID, Passport, Driving License, or Aadhaar Card
Income Proof: Last three months' bank statements, Income Tax Returns (ITR), or audited Balance Sheet and Profit & Loss Statements
Employment Proof: Salary slips for the last three months
Residence Proof: Voter ID, Passport, Driving License, or Aadhaar Card
Vehicle Documents: Copy of the Vehicle Registration Certificate
Signature Proof: Copy of your signature along with supporting proof

How to Apply for a Loan On a Used Car?

Online Application

You can easily avail of a Loan On Used Car online by filling out an application form. This form includes your personal as well as financial information.

Document Submission

Whether you're availing of finance against cars or top-up loans on a car, you'll have to submit minimal documentation for the application process. The documents required will depend on your type of employment- salaried or self-employed.

Loan On existing car

After you submit the Loan On existing car application and documents, we will verify them to process your request.

Approval

After we successfully verify your application and find no discrepancies, you will receive instant approval for your loan on used car.

Loan Disbursal

After we approve your LAC or top-up loan on an existing car loan request, we will sanction your loan and disburse the amount directly to your bank account. That's it! You can now use the loan amount to find all your big-ticket expenses.

How to Avail Credit with Tata Capital's Loan Against Car?

When it comes to availing of a loan, your car can be your asset too. With Tata Capital's car top-up loan, you can pledge your car as collateral and avail of an instant Loan On Used Car to meet your financial requirements. That's right. Availing of a Loan On a used car has never been easier.
Here's how-

Refinance

Car refinance enables you to avail of credit against your car. Through car refinancing, you can raise quick funds by pledging your car as collateral. Tata Capital allows you to Refinance a car top-up loan on an existing finance-free car to meet your personal expenses/working capital requirement.

When you refinance a car top-up loan with Tata Capital, you can get up to 90% of your Car value.

CNC- car and cash

CNC is a top-up car loan program where we take over the loan of your existing car, and you will receive cash in hand to meet your personal or business requirements. In this option, Tata Capital will fund up to 180% of the Car Value.

Multiplier

A multiplier is a one-of-its-kind hybrid top-up car loan program where you can secure funds up to 250% of your Car Value. This will depend on a good CIBIL score and a clean repayment history.

Repurchase

A used car, a pre-owned vehicle, or a second-hand car is a vehicle that has previously had one or more retail owners. Such cars are sold through a variety of outlets, including franchise and independent car dealers, rental car companies, leasing offices, auctions, and C2C transactions.

Re-purchase is a transaction where you buy a car from another customer or a Used Car dealer. In such a situation, Tata Capital will fund up to 100% of the value of the Car. For premium segment cars, we fund up to 110% LTV. In this option, the car ownership will get transferred.

Pre-approved offers for new customers

Almost every category of loan has pre-approved offers. Whether it be personal loans or home loans, these pre-approved offers act as major incentives for customers to avail of loans.

The good news is that apart from existing customers, new customers can avail of pre-approved offers for used car loans too. This can be useful for reasons such as the following:

What Our Customers Say About Us

Everything went well with my loan process. Thank you.

Babu Lal Saini

Used Car Loan | 17 Jan, 2025

Already very good service.

MANE YUVRAJ SHIVAJI

Used Car Loan | 16 Jan, 2025

A very good finance company.

D SOWMIYAN

Used Car Loan | 12 Jan, 2025

Good and spontaneous service. The documentation and other processes were done very fast. Their behavior and explanation about the loan process and interest rate were very clear.

ARYA VIJAYAN

Used Car Loan | 27 Dec, 2024

I have found interactions with Tata Capital employees to always be satisfactory and stress-free. Keep up the good work. No suggestions for now.

MAHESH RAMCHANDRAN IYER

Used Car Loan | 17 Dec, 2024

Good experience with Tata Capital loan journey. Quick disbursement and fast payment process.

BASANT KUMAR JAIMAN

Used Car Loan | 09 Dec, 2024

Good and spontaneous service. The documentation and other processes were done very fast. Their behavior and explanation about the loan process and interest rate were very clear.