How to apply for a used car loan

Follow these simple steps to get our used car loan.

How to apply for used car loan

Video Image 01:09
   

Step-by-step guide to applying for a used car loan

  1. Click on the 'APPLY' button on this page.
  2. Enter if you have identified a car.
  3. Fill in the used car loan application form with car details, such as make, model, variant and colour. 
  4. Enter your personal details including your full name, mobile number, email ID, and more.
  5. Once you enter all your details, please click on ‘SUBMIT' to complete your application.

Our representative will call you on the next steps. And the loan amount will be transferred to your bank account upon the verification of your submitted documents.

Frequently asked questions

What is the maximum used car loan amount that you can get after applying?

You can get a loan of up to Rs. 77 lakh by meeting our simple eligibility parameters.

What are the documents required to apply for a used car loan online?

Our used car loan requires minimal documentation. You will need documents such as:

  • KYC documents - Aadhaar/ passport/ voter’s ID
  • PAN card
  • Employee ID card
  • Salary slip 3 months
  • Bank account statements for the previous 3 months
  • Vehicle registration certificate and insurance copy
Can I apply for a used car loan if I already have an existing loan?

You can apply for a used car loan even if you have an existing loan. Approval of your application will depend on several factors like your income, debt-to-income ratio and more. Before we approve, we'll evaluate your creditworthiness on several such parameters. Remember that applying for more than one loan could hurt your CIBIL Score and make it harder for you to get another loan.

What is the Flexi Term Loan?

Our used car loan has 3 unique variants – Term Loan, Flexi Term Loan and Flexi Hybrid Loan. With our Flexi Term Loan, you get a sanctioned loan amount from which you can withdraw and prepay whenever needed. You only need to pay interest on the money you withdraw. There is also no fee for part-prepayment.

What are the common mistakes to avoid while applying for a used car loan?

When you apply for a used car loan, You must meet eligibility criteria of our used car loan and ensure that you have all the documents. This will help you avoid any rejection while you are applying for a used car loan.

Can I apply for a used car loan if I have a low credit score?

You can apply for our used car loan if you have CIBIL Score of 720 or higher.

Is it necessary to have a salary account in order to avail of a used car loan?

Salary account is not mandatory to get our used car loan.

How much time will it take for a pre-owned car loan to be approved?

We offer approval within 24 hours* when you apply for our used car loan. Once approved, the funds are disbursed within 48 hours*.

*T&C apply

Show More Show Less