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Used Car Loan
Found a good pre-owned car?
Now buy it with 

Used Car Loan

Instant Approval | Door-step Facility | Attractive Interest Rates
  • Used Car Loan - Overview

Identified the right used car as per your needs but your finances have been holding you back? Get yourself that second hand car with Finserv Markets Used Car Loan, today. It’s a smart, quick and affordable way of getting a used car loan, with instant approvals and pre-approved offers.

Features and Benefits of Used Car Loan from Finserv Markets

  • Affordable, High Value Finance

    You can get an asset-based used car loan up to 90% of the car valuation at great interest rates, that can be repaid in easy EMIs of 12 to 60 months.

  • Free Car Fitness Report

    Take better informed decisions in choosing the best pre-owned car for yourself with a detailed diagnostic report of your car.

  • End-to-end Car Care Services

    Get an umbrella of car maintenance benefits like car servicing, insurance renewals, car accessories and many more with our used car loan.

  • Door-step Facility

    Door-step assistance provided throughout the process; from doorstep document collection to RTO services, we have it all taken care of.

  • Great Offers

    Free Finserv Markets EMI Card, a car wash voucher worth Rs. 3,000 and great value cashback awaits you too if you successfully pay 15 bounce-free used car loan EMIs.

How Does Used Car Loan Work

Follow these simple steps to avail a second-hand car loan:

  • Choose a car

    Select the car you wish to purchase.

  • Apply for Loan

    Get instant approval on applying for the loan.

  • Document Submission

    Doorstep document pick-up, at a time that suits you.

  • Dealer receives money

    The dealer receives the money in 48 hours for your car.

  • You’re a car owner

    Congratulations, you now own a car. Happy driving!

All we need from you…

  • Age group: Salaried individuals - 21 to 60 years & Self-employed individuals - 25 to 60 years.
  • Salaried individuals - Min. 1 year work experience & min. salary Rs. 23,000/month.
  • Only applicable for private cars not having more than 3 previous owners.
  • Age of the car should be within 10 years at the time of loan completion.
  • KYC documents; Passport, Voter's Identity Card, Driving Licence, Aadhaar Letter/Card, NREGA Card and PAN Card.
  • Last 3 months bank statements.
  • Income proof for salaried individuals - Last 3 months salary slips.
  • Last 2 years Income Tax Returns (Self-employed individuals).

Fees & Charges

Types of Fees Charges Applicable
Processing fee 2% of Loan amount
Stamp duty at actuals
Documentation charges Rs. 885
Broken period interest at actuals
Loan re-booking Rs. 1000
Loan cancellation charges Rs. 1000
Bouncing charges Rs. 1000
Penal charges 2% per month + applicable taxes
Legal, re-possession and incidental charges at actuals
Agreement copy Rs. 500
SOA / repayment schedule Rs. 200
NOC for interstate transfer Rs. 1000
NOC to convert from private to commercial Rs. 3000
Foreclosure charges 4% + applicable taxes
Part payment charges 4% + applicable taxes
Duplicate NOC Rs. 500

Used Car Loan Online

Have your eyes set on a pre-owned car of your choice but your financial situation is posing a hindrance? Leave all your worries to Finserv Markets and get ready to drive your dream car. A used car loan from Finserv Markets is a quick, convenient, and a hassle-free way to own a second-hand car. With us, you can get used car finance of up to 90% of the car valuation with a tenure ranging from 12-60 months. The amount of loan can go up to INR 20 lakhs based on your eligibility.

Currently, you can avail of this second-hand car loan facility in the following cities: Mumbai, Pune, Delhi, Ahmedabad, Bangalore, Chennai, Jaipur, and Hyderabad.

 

What are the eligibility criteria for a used-car loan from Finserv Markets?

  • Age group: Salaried individuals between 21 to 60 years and self-employed individuals between 25 to 60 years
  • Salaried individuals - Minimum one year of work experience and a monthly salary of at least INR 23,000 per month only applicable on private cars that have not had more than three previous owners
  • Age of the car should be within ten years at the time of loan completion.

Apart from the aforementioned points, it is essential to understand that if your income does not meet our set credit criteria, we may ask you to provide a co-applicant or guarantor as security while availing the loan.

 

What are the documents required?

  • KYC documents: Passport, Voter's Identity Card, Driving Licence, Aadhaar Card, National Rural Employment Guarantee Act (NREGA) Card, and PAN Card
  • Bank statements for the last months
  • Last three months’ income proof for salaried individuals
  • Previous two years’ Income Tax Returns in case of self-employed individuals)

 

Caveats for the used-car financing

The pre-owned car financing is only for private vehicles. There is no funding provided for:

  • A yellow plate that indicates commercial vehicles
  • Vehicles, which were owned by more than three previous customers
  • Vehicles with age more than ten years on loan completion

 

How should you apply for the pre-owned car loans?

  • Choose the car that you wish to purchase
  • Apply for a loan and get instant approval
  • Submit documents by our doorstep pick-up services at a time convenient to you
  • The dealer gets the money within 48 hours for your car

Manage all your queries here

  • What is an EMI?

    An EMI stands for Equated Monthly Instalments which consist of both the principal and interest components of the loan amount you need to repay your lender. EMI gives you the ease and benefit of paying back the loan amount in smaller convenient instalments that can be spread conveniently over a period as per your convenience.

  • How do I apply for a pre-owned car loan?

    You can apply online by clicking on the ‘Apply Now’ button or contact us through various modes mentioned in the contact us section.

  • What is the maximum used car loan amount I can get?

    You can get avail a Used Car Finance from Bajaj Finserv up to 90% of the car valuation. Usually, this goes up to Rs.20 lakh, depending on your eligibility.

  • What are the tenor options available?

    You can choose a tenor ranging from 12 to 60 months depending on your preference and the sanctioning conditions for a car loan for used car.

  • How secure is the information provided by me?

    All your information is secure with us. Our online application process is completely secure powered by the best state of the art security systems.

  • What are the cities from where I can avail a second-hand car finance?

    You can avail a second-hand car finance from Pune, Mumbai, Ahmedabad, Delhi, Chennai, Bangalore, Hyderabad and Jaipur. More locations will be added shortly.

  • Do I need a guarantor/co-applicant to avail a pre-owned used car loan?

    No, but if your income does not meet our credit criteria, then you may be required to provide a guarantor/co-applicant as a security on your loan.

  • How do I repay the 2nd hand car loan?

    You can repay the loan in Equated Monthly Installments (EMIs) using the ECS facility.

  • As an existing Finserv Markets customer, do I get any special privileges?

    As our esteemed customer you are entitled to a host of benefits through the Bajaj EMI Network. Contact our sales representative for pre-approved offers and other benefits.

  • Can I see my second-hand vehicle loan summary and information on my instalments online?

    Access all your loan account information by logging on to the Experia portal with your credentials.

  • Are there any foreclosure and part prepayment charges?

    Following are the charges: 4% + applicable taxes on principal outstanding / amount being prepaid. Part prepayment and foreclosure are allowed only after you complete paying your first 6 EMIs.

  • Can I get funding for new cars?

    Sorry, you can only get loans on old cars (pre-owned cars).

  • Does this require car verification or valuation?

    Verification or valuation will be required for the vehicle. To make your loan experience hassle-free, Finserv Markets does the valuation and verification for your vehicles as a part of the loan application process itself.

  • Which cars can be financed?

    With a Used Car Loan from Finserv Markets, you can fund any private vehicle of your choice. There is no funding provided for: (1) Yellow plate or commercial Vehicles. (2) Vehicles owned by more than 3 previous customers. (3) Vehicles with an age of more than 10 years on loan completion.

  • How do I obtain a duplicate NOC/Form 35 for a vehicle loan that has been closed and fully repaid?

    To obtain a duplicate NOC, please visit our nearest branch and submit application for duplicate NOC along with the original RC copy and a photo identity (if there’s any additional document needed, you will be informed).