Used Car & Vehicle Loan Interest Rate and Eligibility

Rate of Interest Varies from 13% to 24.03% pa
Minimum Age 23 or above
Minimum Salary Required ₹ 15,000
Loan Amount Starting from ₹ 3000 to ₹ 5 lakh
Annual Fee ₹ 499 plus GST

MoneyTap’s Features and Benefits:

Instant approval of a credit line of up to
₹ 5 Lakh in real-time

Withdraws can be up to your approved limit or even as small as ₹ 3,000

Interest is charged as and when you use the funds

Enjoy 100% cash withdrawal with the credit card and get rewards

Repay your spends in flexible EMIs of 2-36 months

As far as documentation is concerned, all you need is an ID proof and an address proof

Eligibility
Criteria

  1. Must be a full-time salaried employee with a take-home salary of ₹ 20,000/month
    OR
    Must be a self-employed professional with an income of at least ₹ 20,000/month

    (Only certain professionals like doctors, lawyers, or business owners qualify)

  2. Must be above 23 years and below 55 years of age
  3. Must be a resident of one of the following cities:

    Ahmedabad, Anand, Bangalore, Chennai, Chandigarh, Coimbatore, Delhi, Gandhinagar, Hyderabad, Indore, Jaipur, Mumbai, Mohali, NCR, Panchkula, Pune, Rajkot, Secunderabad, Surat, Vadodara, Vijayawada, Vizag

Used Car & Vehicle Loan Related Pages

Reasons You’re Here:

  • Looking for financing options to buy a used car or vehicle
  • Need a simpler process to finance your purchase
  • Confused between taking a personal loan vs an auto loan
  • Need better interest rates on used car/vehicle loans
  • Need better repayment plans
  • Need to make an immediate down payment
  • Approved used car loan limit is lower than expected
  • The monthly EMIs on vehicle loans are too high

Buying a vehicle, especially a car is definitely a big decision and an even bigger investment. However, investing all your savings into one big purchase might not be the most preferable option. In such cases, you have two choices; opt for an auto loan or a personal loan. While an auto loan is the most obvious choice, when it comes to financing your used car or vehicle, a personal loan from your line of credit, will give you more flexibility. Here’s where the MoneyTap app can help you.

Why Buying a Used Car or Vehicle on Personal Loan Makes Sense?

  • Buying a used vehicle on a personal loan allows for more leeway when it comes to the final loan amount.
  • A personal loan amount is not dependent on the valuation of the used vehicle or car you plan to purchase, so you can finance the entire amount through it.
  • The loan approval process for personal loans takes lesser time than one for a used car loan.
  • Your auto loan amount is highly influenced by your credit score.
  • You don’t have to jump through hoops to get the loan approval on the vehicle or car of your preference.
  • Auto loans for used vehicles have strict repayment rules and require the loan to be fulfilled within a specific duration which is dependent on the original invoice date, while personal loans will have different terms which are often more flexible.
  • You will not be required to pledge any collateral as security against the personal loan.

Tips on Buying a Used Car or Vehicle on EMI:

  • Get the vehicle and its papers inspected thoroughly to ensure it is in top condition.
  • Don't forget to transfer the vehicle’s Registration Certificate (RC) in your name.
  • Calculate the actual cost of ownership which includes the cost of the used car or vehicle, the running costs, paperwork charges as well as repairs and maintenance charges.
  • Make sure you have your insurance and related paperwork in place and protect yourself from unforeseen costs such as auto loan processing fees.

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Different Ways to Use MoneyTap Personal Loan 2.0

Used Car & Vehicle Loan FAQs

Yes, you can get a used car loan in India with low-interest rates with MoneyTap. At MoneyTap, the interest rates start at 1.08% per month (13%pa).

MoneyTap offers a flexible repayment tenure of 2-36 months. Also, your personal line of credit gets recharged once you repay your loan amount.

The best ways to finance a used car are:

  • Auto loans
  • Dealer financing
  • Online lenders
  • Personal loans
  • Personal line of credit

To calculate your used car loan EMI, you need to enter the loan principal amount, tenure and rate of interest into an EMI calculator.

You can also make use of MoneyTap's personal loan EMI calculator to find out your EMI amount.

You can buy a second-hand car on EMI if your seller or dealer agrees with the EMI option. Most good used car dealers have tie-ups with a bank for finance options.

You can you can use a personal loan to cover the cost of the used car and the leftover funds can be used to cover the other expenses associated with the second-hand car purchase.

MoneyTap Personal Loan 2.0 is the best option if you want to buy a second-hand car on EMI. Here’s why:

  1. Low-interest rate
  2. Flexible repayment tenure
  3. Pay interest only on the amount used

There are several benefits of using MoneyTap for buying a second-hand car.

You can buy a second-hand car on EMI through MoneyTap by following this application process:

  1. Download MoneyTap app and register
  2. Fill in your basic information
  3. Complete your KYC documentation

Pre-approval is done in just a few minutes. Final approval and disbursement will be done once your KYC documentation is complete.

The eligibility differs for each lender depending on what you choose.

You are eligible to apply for a used car loan with MoneyTap if you fulfil these requirements:

  • You must be an Indian resident
  • Minimum eligible age is above 23 years and below 55 years
  • You must have an Indian bank account
  • You must have a valid Indian ID proof
  • Your monthly net income should be at least ₹ 20,000