Tata Capital Used Car Loan
Tata Capital offers used car loan at an interest rate of 12.5% with repayment tenures ranging between 12 months to 60 months. You can get a car loan in the range of Rs.1 lakh to Rs.50 lakh to buy a pre-owned car and enjoy flexible tenures, flexible EMI options, quick processing, and minimal paperwork.
Tata Capital Used Car Loan - Key Highlights
Interest Rate (p.a.) | Loan Amount | Loan Tenure | Lowest EMI per lakh (for tenure of 5 years) |
10.99% onwards | Rs.1 lakh to Rs.50 lakh | 12 months to 60 months | Rs.2,250 |
Tata Capital Used Car Loan - Fees and Charges
Refinancing Processing Fee | Rs.5,000 per vehicle or 1.75% of the loan amount, whichever is higher |
Repurchase Processing Fee | Rs.6,000 per vehicle or 1.50% of the loan amount, whichever is higher |
Penal Interest/Additional Interest | 3% on overdue amount per month plus GST |
Foreclosure Charges | Rs.5,000 or 5% of the principal outstanding at the time of foreclosure plus GST, whichever is higher |
Loan Cancellation Charge | Rs.6,500 |
NACH/PDC Charges | Rs.500 plus GST |
Stamp Duty |
|
Bounce Charges | Rs.600 for every payment instrument/cheque/ECS dishonor plus GST |
Foreclosure Report | Rs.550 |
Eligibility for Tata Capital Used Car Loan
To avail a used car loan from Tata Capital, you need to fulfil the below-given eligibility criteria:
Salaried Applicants
- Employed in public/private/government organisations
- Aged between 21 years and 60 years
- Work experience of at least 2 years and minimum 6 months with the current employer
- Earn a minimum of Rs.20,000 per month or Rs.3 lakh p.a.
- Should have a telephone or mobile connection
Self-Employed Applicants
- Aged between 21 years and 65 years
- Should be the proprietor
- Have a minimum annual income of Rs.2 lakh
- Business should be running for 3 years
- Should have a telephone or mobile communication
Self-Employed - Partnership
- Either the partner or the firm should have a minimum annual income of Rs.2 lakh
- ABB should be 0.5 times EMI
- Should have a telephone or mobile connection
Self-employed - Others
- Should earn at least Rs.2 lakh per year
- Landline connection at the office
- ABB should be 0.5 times EMI
Documentation required for Tata Capital Used Car Loan
You need to furnish the following set of documents to avail a pre-owned car loan from Tata Capital:
Photo Identity Proof | A copy of your Aadhaar card/Voter ID/Passport/PAN card |
Proof of Income | A copy of your salary account bank statement for the last 3 months |
Salary Slips | Salary slips for the last 3 months |
Address Proof | A copy of your Passport/Ration Card/Electricity Bill |
Vehicle Registration Certificate | |
Telephone/Mobile Connection | A copy of your telephone or mobile bill |
Tata Capital Used Car Loan EMI Calculator
Before you avail a car loan to buy a pre-owned car, it is a good idea to check how much amount you need to pay each month as equated monthly instalments (EMIs). Doing so will help you assess if you can afford to repay the loan and lets you plan your budget better. You can use the EMI Calculator tool to calculate the amount of EMI just by entering the loan amount, repayment tenure, and the interest rate.
For example, using the EMI Calculator, we calculated the EMI for a loan amount of Rs.10 lakh for a tenure of 6 years, at an interest rate of 12.5% and found it to be Rs.19,811. The tool also calculates the interest due and the total amount payable which was found to be Rs.4,26,405.
FAQs on Tata Capital Used Car Loan
- What are the EMI options available on Tata Capital used car loan?
Tata Capital offers two types of EMI options - structured EMI and fixed EMI. In the structured EMI option, you can select a repayment method according to your requirement and is ideal for you if you expect your income to increase regularly. On the other hand, the fixed EMI option allows you to pay a fixed EMI amount throughout the loan tenure and is ideal for you if you have a consistent income.
- Is there an option to avail used car loan on my existing car?
Yes. Tata Capital offers used car loan on your existing car for up to 120% of your car's existing value subject to a maximum of Rs.20 lakh.
- What are the ways in which I can repay my Tata Capital used car loan?
Answer: The repayment on your used car loan availed from Tata Capital can be repaid by direct debit, Electronic Clearing Service (ECS), or post-dated cheques (PDCs) drawn in favor of 'Tata Capital Financial Services Limited'.
- Does Tata Capital allow prepayment on the pre-owned car loan?
Yes. Tata Capital does allow you to prepay your used car loan. However, you will be charged Rs.5,000 or 5% of the principal outstanding at the time of foreclosure plus GST, whichever is higher, as a penalty.
- Will the Tata Capital used car loan include registration and car insurance charges?
Some loan offerings may include registration, but car insurance will not be covered under the loan. Car insurance will have to be paid upfront.
- Can I include a co-applicant while applying for a Tata Capital used car loan? If yes, who can be the co-applicants?
Yes, you can apply for a Tata Capital used car loan with a co-applicant who can be your spouse or relative residing in the same place as yours.
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