Used Car Loan by Muthoot Fincorp
Buy a second-hand car to live an independent life! Take a used-car loan to help cover the cost of the car and get the status and comfort to travel at your convenience.
Advantages of Availing a Used Car Loan from Muthoot Fincorp
Buying a second-hand car can’t be simpler! Muthoot Fincorp is here to turn your dream into reality with Used Car Loans from Muthoot Capital, at low-interest rates and with hassle-free procedures. Our schemes and repayment options are designed to support your buying decision for the car of your choice.
Low Interest & Flexible Repayment Options
The low-interest rate on our used car loan will help you save costs. We offer flexible repayment... read more options for loans taken for second-hand cars. You can get loans ranging from Rs. 50,000 to Rs. 10 lakhs for tenures ranging from 12 to 60 months. Get in touch for our attractive and cost-effective used car loan financing schemes
Hassle Free Application Process
We make the whole process of applying for and getting a used car loan hassle-free and straightforward.... read more When you walk into a Muthoot Fincorp branch near you, and our customer care representatives are always there to help you. Get quick approvals and disbursements with minimum paperwork.
Muthoot Capital app for enhanced convenience
You can now pay your EMIs on the move with our Muthoot Capital app. It will help you track ... read more repayments, get queries answered, and stay updated on your car loan for a used car.
You can visit any one of our branches in Kerala, apply online, or call us at 1800-102-1616 for a used car loan
Used Car Loan Eligibility Criteria
We make the process of getting finance for a second-hand car very easy with simple eligibility criteria:
- You must be salaried, or self-employed or an agriculturist to avail the used cars loan.
- Age must be 21 or above when you apply or 65 when your loan tenure ends.
- Minimum net salary – Rs 15,000/- per month / Net Profit of Rs 1,50,000/- per annum
Used Car Loan Documents
Muthoot Fincorp follows simple documentation norms and makes it very easy for you to apply for used car loan financing. Read the checklist provided below to know the documents you are required to submit to get a loan for a used car.
Valid Address Proof
- Aadhar Card / Voters ID Card / Passport / Driving License / Landline telephone bill / Electricity bill / Ration Card / LIC Policy / Gas Connection Bill
Valid Identity Proof
- Aadhar Card< / Voters ID Card< / Passport< / Driving License< / PAN Card
- Bank Statement / ITR / Salary Slips / Form 16
- Latest land or building house tax receipt
- A recent passport size photograph
Please note: You can contact our helpline (1800 102 1616) or get in touch with our representative (at our branch or the dealership) if you have any doubts regarding your used car loan documents.
First-hand account of customer experiences
BLUE SOCH STORIES
Namaste! I am Chirumamilla shobha. I am staying at Road No 10, Triumulanagar, Hyderabad, very near to Muthoot Blue BN Reddy branch. In 2015, I planned to purchase land to construct my own house independently. During land registration I needed extra Rs. 2 Lakhs. I visited Muthoot Blue branch and received Gold loan of Rs. 2 lakhs within 15 minutes. Now I am at my own house! Second instance that I’d like to share with you is UPSC-IRS coaching of my Son. ... Read More
Hi, my name is Jeevanand. I have a shop at Chrompet, 44. I have been running this shop for many years. Muthoot Blue branch has been opposite to my shop since many years now. They often come and speak to me and explain their products. I have been taking SME loans from them as they have great customer service and their interest rates are also lesser compared to many other finance providers. I have always seen customers walk into the Muthoot Blue branch and come out happily. ... Read More
I had requirement of funds , that is when the Branch Manager of KM doddi Blue Muthoot told me about small business loan, with minimal documentation, which I availed for my business requirements. Started of the first loan with initial Rs.25 thousand as the trust built up my loan was enhanced to 50k and then 1 lacs to expand my shop and move to a bigger one. I now have a bigger shop and started some agencies as well. ... Read More
Frequently Asked Questions
You can take a used car loan for a tenure ranging from 12 to 60 months. You should be 21 years or above at the time of applying for the loan and within 65 years of age at the end of the tenure to avail finance for a used car. Please get in touch with our customer care helpline number (1800-102-1616) for further details.
It is easy to get a used car loan from us. All you need to do is apply online. Once you click on Apply Now, you will be asked to fill a form. The form will ask for your personal requirements and details. On completion of form-filling process, a company representative will connect with you. You can also walk into any of our branches to apply for finance for a used car.
It is a good idea to pay 20% of the Insurance Declared Value or IDV as a down payment for a loan for a second hand car. It may help you get a better interest rate, quicker approvals and the EMIs will be much lower. It is easier to own a used or second hand car with flexible finance options.
Yes, it is a good idea to buy a second hand car on finance. First, you can own the car you want, even a big car of your choice. Secondly, you can repay the loan amount in easy monthly instalments. Thirdly, a loan for a second hand car allows you to stay cash rich as you do not need to spend all your money in buying the car you dream of owning.
The documents needed to avail a used car loan are simple. When you want to initiate financing for a used car loan from Muthoot FIncorp, please keep the following documents ready:
- Income proof- ITR or Form 16.
- Address proof-Passport/ Aadhaar / voter Id card,/ driving license / utility bills/ ration card / LIC policy.
- Identity proof- Passport/ Aadhaar card/ driving license/ PAN card/ Voter’s Id card
- Asset proof – land/ house/ building tax receipt
- The filled application form is required along with a passport size photograph.
We have a straightforward eligibility criteria to help you with a loan for used cars. The eligibility criteria to get a loan for a second hand car is:
- You should be an agriculturist/ self-employed person / salaried individual.
- Your age should be 21 when you apply for the loan and below 65 when the tenure of the loan ends.
- For salaried individuals, your minimum net salary should be Rs 15,000 per month.
- For business people, your net business income should be Rs 1,50,000 per annum
A loan taken for buying a pre-owned or second-hand car is called a loan for a used car.
You can apply for a used car loan online or visit any one of our branches In Kerala to fill out the loan application.
The different components of a used car loan are:
- The principal amount is the amount disbursed as loan.
- The amount is disbursed for a set tenure or time.
- You pay interest on the principal amount.
- You repay the loan in EMIs or equated monthly instalments (principal amount and interest)
Why Choose Muthoot Blue for A Used Car Loan?
Muthoot Blue (Muthoot Pappachan Group) has a reputation that has been shaped over decades with high-quality practices, total customer satisfaction, and steady growth. Today, Muthoot Fincorp, our flagship company, is one of the largest NBFCs in India and we continue to work with the aim of providing timely credit to common man with Blue Soch. Hence, our used car loans are designed to make it easy to own one’s dream ride!
- We have over 4200 branches across India. Visit your nearest Muthoot Blue branch to get a loan quickly and without any hassle.
- Nearly 1,00,000 customers walk into our branches daily and are assured of trustworthy and simple services.
- Our customer-centric approach and innovation over the past +132 years without compromising on the God-given values of trust, truth, transparency and tradition is what helps us in empowering the human ambitions.
Now turn your dream of owning a vehicle into reality with Muthoot Blue – all you need to do is apply for our loan which comes with many benefits. Trust us: we will offer you the best car loan to buy a second-hand or pre-owned car in India!