Discover the used car loan interest rates in Delhi, along with details on loan amounts, eligibility, and repayment terms before you apply.
Delhi NCR, known for its bustling streets and historical charm, makes car ownership a practical alternative to crowded public transport. However, challenges like high down payments, delayed approvals, and limited loan coverage for older cars remain common.
There are different platforms available which address these with fast disbursals, minimal paperwork, and financing options that often cover the full cost of the vehicle. From buying your first car to upgrading to a better model, enjoy affordable EMIs and a hassle-free loan experience tailored to your needs in Delhi.
You may get up to 100% of the car’s value. Some lenders offer high loan amounts, reducing your upfront cost and giving you more vehicle options.
Repayment terms for used car loans are usually flexible. You can select a shorter term with higher EMIs or a longer term with lower EMIs, depending on your budget.
This helps you align the loan with your financial goals.
Based on the lender and your profile, you can secure a loan with a lower interest rate. Lower rates reduce the overall loan cost and make long-term repayment more manageable.
Many lenders offer clear pricing with no hidden fees. This helps you manage your finances without surprises.
You may also borrow against your current vehicle (loan against car), or transfer an existing auto loan to a new lender for better terms.
These options can help you get better terms or access extra funds.
Check the applicable used car loan interest rate in Delhi before applying. Review the interest rates and other charges to make sure you can manage the finances comfortably throughout the repayment period:
| Aspects |
Details |
|---|---|
| Interest Rate |
8.90% p.a. to 15.80% p.a. |
| Loan-to-Value (LTV) |
Up to 100% of the car’s value |
| Maximum Tenure |
Up to 7 years |
| Maximum Loan Amount |
Up to ₹2.5 Crores in some cases |
| Processing Fee |
Up to 5% of the total loan amount (Inclusive of GST) |
Disclaimer: The details mentioned above are subject to change at the lender’s discretion.
Lenders set some parameters to determine your repayment capacity. You typically need to fulfil the following requirements before applying for a used car loan:
Age Limit: You must be between 21 and 65 years old at the time of application
Minimum Credit Score: A CIBIL score of 730 or higher will improve the chances of approval and offer better terms
Nationality Requirement: Only Indian citizens can apply for a used car loan
Eligible Occupation: Both salaried and self-employed individuals with stable income can apply
Work Experience for Salaried Applicants: Salaried individuals should have at least 1 year of continuous employment, with proof such as an offer letter or salary slips
Minimum Income Criteria: Lenders usually require a minimum monthly or annual income, which may vary based on loan amount and employment type
To apply for a used car loan in Delhi, submit the following documents for verification:
Aadhaar Card, Passport, or Voter ID (as KYC proof)
PAN Card (mandatory)
Employee ID card (if salaried)
Latest salary slips (for salaried applicants)
Recent bank statements (3–6 months)
ITR/Form 16 or income proof (for self-employed)
Vehicle registration certificate (RC)
Vehicle insurance copy
Every lender has their own process to submit a car loan application. However, generally you need to use the following simple steps to apply for a used car loan online:
Visit the official website of the lender.
Go to the ‘Loans’ section.
Select ‘Used Car Loan’ and check the available offers.
Enter your mobile number and PIN code.
Read and accept the terms and conditions, then click on ‘Proceed’ or ‘Submit’ to complete your application.
After the submission, a loan representative will contact you for the next steps.
Choose a lender that offers favourable loan-to-value (LTV) ratios, flexible terms, and competitive interest rates suited to your budget.
The range varies by lender, typically from 8.90% to 15.80% p.a. Your credit profile plays a major role in determining the applicable rate.
Yes, residents of Delhi NCR can apply for used car loans. Several lenders offer flexible loan amounts, convenient tenures, and competitive interest rates.
Yes, but options may be limited. Some NBFCs offer used car loans to individuals with poor credit, often at higher interest rates and lower loan amounts.
It's not mandatory, but some lenders use the inspection to assess the vehicle's condition and determine its value.
Loan amounts vary by lender and borrower profile. Some institutions may offer up to ₹2.5 Crores, but eligibility will depend on factors like income, credit score, and vehicle valuation.
The average tenure can be up to 7 years. Select a term based on your convenience to repay a used car loan in Delhi.
Used car loans typically cover only the vehicle’s purchase price. Costs like insurance, registration, and RTO transfer are usually paid separately by the borrower.