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Top Benefits of a Used Car Loan and Eligibility Criteria

  • Want to buy a used car for your family? This is the best time to invest in a car that will protect you and your loved ones against, the sun, rain, and coronavirus. It can be your key to relaxing long drives and your ride to bring home your newborn baby. 

    Times are tough and it’s only apt to invest in a used car that won’t cost you a fortune but will give you the comfort and convenience you are looking for. With the help of used car finance, you will be able to bid adieu to the crowded public transport options and the bike that has suddenly become small for your growing family. 

    Perks of a Used Car Loan

    1. High Loan Amount

    Second-hand car loan provides a high loan amount. You can get as much as INR 50 lakhs for your dream used car. Of course, it’ll depend on various factors but it’s possible to get a higher amount. A higher amount gives you a chance to look at a number of options in different budget brackets. 

    2. Flexible Terms

    Second-hand car finance lets you be flexible about your loan amount, your tenure, and the EMI you would like to pay. It also lets you pay using a payment method of your choice, such as online payment, post-dated cheques, auto-debit facility, etc. This kind of flexibility lets you have a stress-free experience. 

    3. Minimum Paperwork

    Second-hand car loans require minimal paperwork and can also be applied online. The entire loan application process is hassle-free and quick. With Muthoot FinCorp, you can also request for a customer executive to visit you for the loan process. 

    If you would like to apply for used car finance and would like to do your math, you can always head to Muthoot FinCorp’s website and check out the used car loan EMI calculator. Input your numbers and understand the used car loan interest rate, the amount you will need to pay every month, and the loan tenure. 

    Muthoot FinCorp Used Car Loan Eligibility Criteria

    1. The first and foremost criteria is that you must be salaried or self-employed or an agriculturist.
    2. Your age must be 21 years or above when you apply. You also need to be 65 years when your loan tenure ends. 
    3. Your minimum net salary should be Rs.15000 or if you are self-employed, your net profit must be INR 1,50,000.  

    Muthoot FinCorp Used Car Loan

    Muthoot FinCorp offers used car loans in Kerala with low-interest rates, flexible tenures, and hassle-free application procedures. It makes buying a second-hand car as simple as a few clicks on your computer. 

    Muthoot has designed its repayment options to support your decision of buying your dream car. It is dedicated to easing your money woes and hence, all the processes take minimal time and paperwork. 

    Muthoot FinCorp is also available on Muthoot Capital app. So, you can now carry financial convenience in your pocket. This app is user-friendly and gets the job done in a few minutes without the need for branch visits. 

    Used Car Loan FAQs

    1. What is the maximum tenure for a used car loan?

    The maximum tenure for a used car loan is 60 months. The minimum is 12 months. 

    2. How much down payment should be made for a used car loan?

    Ideally, you should pay 20% of the Insurance Declared Value or IDV as a down payment for second-hand car finance

    3. What are the documents required for a used car loan?

    With Muthoot FinCorp, you will have to provide the following documents:

    1. Income proof – ITR or Form 16
    2. Address Proof – Aadhar Card, Passport, Driving License, Utility Bills, etc.
    3. Identity Proof – Aadhar Card, Passport, Driving License, PAN Card, etc. 
    4. Asset proof – Land/House/Building Tax Receipt
    5. Filled application form along with a passport size photograph. 


    Want to calculate your used car loan or would you like to understand how a used car loan can be the answer to owning a car, call us today. Simply give us a missed call in 02248926600 and our customer care executive will get back to you at the earliest. For your convenience, we are also available on WhatsApp

    Muthoot FinCorp is dedicated to making your life easy with its simple financial products. Its used car loan is one of its many products that can help you manage your savings while enjoying the luxuries of life. We, at Muthoot, are always ready to answer your questions and help you with faster loan disbursals. 

    Harshit Agrawal 14-Dec-2020 2603 Views

About Author

Harshit Agrawal -
Harshit Agrawal heads digital marketing for Muthoot Pappachan Group from its head quarter based in Kochi, India. He has managed digital marketing & activations for brands such as Maruti Suzuki, Hero MotoCorp, Bharti Airtel, Google, Mankind Pharma...read more

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