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UCL

Used Car Loan

A great pre-owned car, sensibly financed.

Funding: Up to 90% of valuation
Vehicle age: Up to 8 years at loan end
Interest rate: From 10.25%* p.a.
Tenure: 12 — 60 months

Apply for UCL or message on WhatsApp

At A Glance

Purpose: A second-hand car from a dealer or a private seller
Who can apply: Around 21–65 years old, with income that can be documented

See all 6 requirements

The Short Version

What Used Car Loan actually does for you.

Financing for a second-hand car from a dealer or a private seller. We arrange an independent valuation so both sides can check that the price is fair.

What's included

Dealer or private-seller purchases both financed
Independent valuation arranged by the lender
RC transfer and hypothecation endorsement handled
Rate reflects the car's age, condition and valuation

Do you qualify?

Around 21–65 years old, with income that can be documented
The car falls within the lender's maximum age limit
A clean RC, with no lapses in the insurance history
Resident Indian, salaried or self-employed
At least 1 year in your current job or business
A CIBIL score of around 700 or above may help you get a better rate; lower scores are reviewed case by case

Which One Are You

SalariedYou draw a fixed monthly salary from an employer, in a private company, a government job or a public-sector unit. Lenders mainly check your salary slips, Form 16 and the salary credits in your bank account, and how long you have been with your employer. A steady job and a regular record of salary credits usually make the process simpler.

Self-EmployedYou run a business, practise a profession such as medicine, accountancy or architecture, or work as a freelancer. Lenders look at your ITRs, your financial statements, your GST returns and your business bank statements to judge how steady your income is. Returns filed on time and accounts in order make approval easier.

Documents Required (Checklist)

For Salaried

Last 3 months' salary slips
Last 6 months' bank statement showing salary credits
Latest Form 16 (or last 2 years'), and ITR with Form 26AS if your income is taxable
Details of existing loans, with EMIs and statements

For Every Applicant

KYC (PAN, Aadhaar, address proof)
RC copy, insurance and valuation report

This is the usual list for each type of applicant. Get the exact checklist for used car loan, sent as a PDF you can save or print.

Fees and other charges

Besides interest, a lender may charge a few fees. It helps to know them before you apply, so there are no surprises.

Processing fee

A percentage of the loan amount plus GST, often somewhere between about 0.5% and 2%. Some lenders reduce or waive it during offers.

Documentation and hypothecation charges

A small fee for the paperwork, and for recording the lender's charge on the vehicle's registration (RC).

Foreclosure and part-prepayment

Closing early may carry a charge, usually a percentage of the outstanding amount, depending on the lender and how long you have held the loan.

These are general guides and every lender sets its own fees. Your expert will share the exact charges in writing before you sign.

Why Growth Capital Services

One conversation, many lenders to compare.

We are a loan consultant, not the lender. We help you compare options from 75+ Banks and NBFCs, prepare your documents, and follow your application through each step.

Check Your Eligibility Talk to Our Loan Expert

Important note: Interest rate, loan amount, tenure, charges, eligibility, approval and disbursement depend on the policy of the respective Bank or NBFC, your profile, credit assessment and the applicable terms. Growth Capital Services is a loan consultant and does not lend money itself. The details on this page are for general information.

Run the numbers

Calculators for your Used Car Loan

Try your own figures before you apply — nothing is saved or sent.

EMI Calculator

Plan your loan payments

Adjust the sliders to estimate your monthly EMI, total interest and total repayment.

Loan Amount

₹50.00 L

₹1 L₹10 Cr

Interest Rate (p.a.)

5%24%

Loan Tenure

Years

1 Yr30 Yrs

Monthly EMI: ₹46,607
Total interest: ₹61,85,574
Total payable amount: ₹1,11,85,574

EMI₹46,607per month

Principal (45%)

Interest (55%)

Talk to an Expert

Step-by-step guide

Used Car Loan process, step by step.

A pre-owned car needs one extra check: the car itself. Here is how the loan works.

Pick the car

Choose the car and share its make, year, price and registration details.

Check your eligibility

We see what you qualify for, and the EMI that suits you.

Car valuation

The lender values the car and checks its papers and history.

Submit documents

You provide KYC and income proof, and the seller's ownership papers.

Approval and transfer

The lender approves and pays, and the ownership is moved into your name.

With GCS, your expert looks at your profile, matches it with suitable lenders, and coordinates with the banks for you. That means less confusion and more confidence when you apply.

Worth Comparing