Muthoot Capital Used Car Loan (Used/Pre-Owned Car Loan)

Prospective car buyers often hesitate at taking on a used-car loan, unsure about interest rates, lengthy paperwork or hidden costs. Muthoot Capital simplifies pre-owned car financing with rates from 13% p.a., instant approval within 15 minutes, and a smooth, fully digital application process.

Customers gain transparency on charges, clear eligibility criteria, and access to tools like an EMI calculator to plan repayments. This financing option aims to make used car ownership more accessible, predictable and cost-effective.

Here are the key eligibility requirements to qualify for a Muthoot Capital Used Car Loan:

• The applicant can be a salaried individual, self-employed professional, or agriculturist

• The applicant must be between 21 and 65 years of age at the time of loan application and at the end of the loan tenure

• A minimum net monthly salary of ₹15,000 or a net annual profit of ₹1,50,000 is required

Securing a loan for your pre-owned car is simple and can be completed from the comfort of your home. Here are the steps to apply for a Muthoot Capital Used Car Loan online:

1. Visit the official Muthoot Capital website and click on the ‘Apply Now’ button

2. Fill in your basic details such as name, email, and mobile number in the provided form

3. Select ‘Used Car Loan’ as your preferred loan type from the available options

4. Provide additional information like your preferred car brand, monthly income, state of residence, gender, and date of birth

5. Tick the box to agree to the terms and conditions of the loan

6. Click the "Submit" button to complete your application

A company representative will reach out to you shortly after submitting the form for further assistance

A Used Car Loan EMI calculator is an online tool that helps you calculate your monthly repayment amount based on the loan amount, interest rate, and tenure. It provides a quick and accurate estimate, allowing you to plan your finances and choose a loan that fits your budget.

Example

Let’s say you want to buy a used car worth ₹5,00,000 with a loan tenure of 5 years (20 months) and an interest rate of 13% p.a. Using the EMI calculator, you enter these details:

• Loan Amount: ₹5,00,000

• Interest Rate: 13%

• Loan Tenure: 20 months

Based on these inputs, the EMI calculator will show that your monthly EMI will be approximately ₹30,417. This gives you a clear picture of your monthly financial commitment before you proceed with the loan.

Using the EMI calculator can help you experiment with different loan amounts and tenures to find the best option for your financial situation. It ensures that you’re prepared and confident before taking the next step in your car loan journey.

Here are the key factors that influence the loan amount you may be eligible for when applying for a Muthoot Capital Used Car Loan:

Car’s Market Value

The loan amount is determined by the current market value of the car you wish to purchase.

Your Income and Financial Stability

Lenders assess your income and overall financial health to ensure you can manage monthly repayments.

Loan Tenure

A longer loan tenure can make it easier to borrow a larger amount due to lower monthly EMI payments.

Credit Score

A higher credit score improves your chances of securing a larger loan amount with better terms.

Down Payment

A higher down payment can increase the loan amount you can qualify for, as it reduces the lender’s risk.

Age of the Car

The age of the used car plays a role in determining the loan eligibility, as older cars may have a lower loan value.

Loan-to-Value (LTV) Ratio

The LTV ratio represents the percentage of the car’s value the lender is willing to finance, typically ranging from 80% to 90%.

Type of Car

The make, model, and condition of the car can impact the loan amount, with well-maintained and in-demand cars often qualifying for higher loans.

Existing Debt Obligations

If you have existing debts, it may limit the loan amount you can secure, as lenders assess your overall financial commitments.

Employment Status

A stable job history, especially for salaried individuals or those with consistent business income, can positively affect your loan amount eligibility.

Muthoot Capital makes securing a used car loan simple with flexible terms, competitive interest rates, and quick approval. By considering key factors like income, credit score, and car value, you can easily determine your loan eligibility. The EMI calculator helps you plan your repayments, ensuring a hassle-free experience in purchasing your pre-owned car.

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