Age
One should be an Indian citizen with a minimum age of 18 years and the maximum age of 60 years for salaried individuals and 65 years for self-employed, by the end of the loan tenure.
Used Car Loan EMI Calculator
USED CAR LOANS
Used Car Loans starting from INR 0.5 Lac to 50 Lac, available for all car brands.
Loan to Value of up to 175% of second hand car loan.
Hero FinCorp Pre-owned Car Loan is available in over 240 cities across India.
Quick Approval with tenure up to 5 years and competitive Used Car Interest Rates.
Top-up Loan on Used Car:
Existing second-hand car loan customers can avail of a top-up loan against used cars for up to 175% of the existing loan value. The additional funds can be used for a variety of purposes. The loan amount, however, depends upon several factors.
EMI Options Available on a Second-Hand Car Loan
Second-hand car loan customers have the option to choose between two EMI methods for a convenient repayment experience.
Standard EMI:
Under this option, the loan interest and monthly instalments remain fixed throughout the repayment tenure. This option is best suited for those who have a steady monthly income that is unlikely to change soon.
Structured EMI:
Under this, borrowers can customise their second-hand car loan EMI. Usually, the monthly instalments remain low during the initial period of the loan term and increase gradually. This option is best for people who anticipate an increase in their income soon.
ELIGIBILITY & DOCUMENTATION
Eligibility
- Resident Indian with stability of 1 year
- Age : 18+ years
- Salaried: Employed for minimum 1 year
- Business owners: Should be in business for minimum 1 year
Documents
- Identity & address proofs (KYC documents)
- Valid income proofs/Bank Statement
- Passport Size Photograph
Used Car Loan Eligibility Criteria
To avail of a used car loan, you must fulfil certain eligibility criteria:
Occupation Status
The applicant should have been in a stable job for at least 1 year.
In the case of self-employed, the applicant should have been in the existing business for at least 1 year.
Loan Tenure
The loan is available for a minimum tenure of 1 year and the maximum tenure of 5 years.
Loan Amount
A loan for a used car is available for a minimum amount of Rs 50,000 to the maximum amount of Rs 50 lakhs.
The maximum LTV on a used car loan is 90%.
Top-up loan of up to a maximum LTV of 175% of the used car loan value.
The LTV ratio or maximum loan amount depends upon various factors such as the applicant's profile and car's condition.
Monthly Income
There is no such predefined monthly income.
FEATURES AND BENEFITS OF USED CAR LOANS
THINGS TO DO WHEN BUYING A USED CAR
Examine the car closely: A used car should be checked thoroughly by a mechanic if you are not too sure or you lack the necessary knowledge. In case of any problem with it, feel free to negotiate the price quoted by the dealer. To check for vibrations, drive the car in an area where the traffic is less.
Make sure that the paperwork is accurate: Check the registration and insurance papers of the used car carefully. The engine and chassis numbers you see on the car should be the same as those mentioned on the papers. Find out if the car had any accidents through a close examination.
Check the history of the car: While a new car is bought from the showroom and is in good shape, a used car will come with some history. So, read up on all its details online and find out if it had faced any accident or wasn’t giving good service.
Get the registration certificate transferred: After you buy the used car, make sure that the RC gets transferred to your name. Moreover, if the car was registered in a different state, you will require a NOC or No Objection Certificate. Also, if the previous owner took a loan to purchase the car, you will need a NOC.
Get the insurance transferred: Right after the purchase, the car insurance must get transferred to your name. Remember that the insurance policy will have no value if it is still in the previous owner’s name, even if you have got the RC transferred to your name.
- Go for a servicing: Before you start using the pre-owned car, get it serviced, so that nothing is out of order. For example, while servicing, the car will be cleaned thoroughly, the fluids will be changed and if there is any rust or dents, they will be fixed.
FACTORS THAT IMPACT USED CAR LOAN INTEREST RATE
Documents Required For Used Car Loans:
Before applying for second-hand car financing, applicants must have the below-mentioned documents ready for submission, applicants must have the below-mentioned documents ready for submission.
Mandatory Documents
Application Form
Vehicle's Registration Certificate
Identity Proof
Passport/ Aadhaar Card/ Driving Licence/ Voter ID Card/ Photo ID issued by GOI/ Job Card issued by NREGA
Address Proof
Aadhaar Card/ Driving Licence/ Voter ID Card/ Utility Bill/ Lease or Rent Agreement/ Letter issued by National Population Register containing Name & Address Details
Office/ Business Proof
Utility Bill/ Sales Tax Regi./ VAT/ Excise/ Service Tax Registration/ Establishment and Shop Registration Certificate/ MSME or SSI Registration Certificate/ Registered Lease Agreement
Age Proof
Passport/ PAN Card/ Driving Licence/ Birth Certificate.
Occupation Proof
For Salaried:
- Appointment Letter/ Joining Date on the Salary Slip/ ITR/ Form 16/ Experience Certificate/ Relieving Certificate.
For Self-Employed:
- Shop & Establishment Registration Certificate/ SSI or MSME Registration Certificate/ Sales Tax/ VAT Registration
Signature Verification Proof
Passport Copy/ Banker's Verification/ PAN Card
Income Proof
Latest Salary Slips/ Bank Statement/ Form 16/ ITR/ Audited Balance Sheet/ P&L Statement
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Frequently Asked Questions (FAQs)
Eligibility for a used car loan from Hero FinCorp depends upon an individual’s credit appraisal and past financial history, all loans are given at the sole discretion of the company.
We provide loans from INR 0.5 lac to 50 lacs, the amount depends upon the age and condition of the vehicle along with the buyer’s repayment capacity.
A minimum of 1 year and up to 5 years, while it depends upon the age and condition of the vehicle.
You may qualify for a low interest rate on a used car loan if your car is in good condition and you have a stable income and a strong credit history.
The minimum age of applicant should be not less than 18 years.
Your loan takes about 24 to 48 hours depending upon the documents submitted and subsequent verification.
Repayment schedule provides outstanding principal after realization of each EMI along with the amount that needs to be paid during each EMI, with due dates and breakup.
A self-attested copy of any of the KYC document as mentioned in the Eligibility & Documentation section on the website. You can e-mail us the documents at Customer.Care@HerFinCorp.com or walk in to any of our branches along with your KYC documents.
You need to call our call center helpline. Once your request has been taken it would be updated in our system.
Yes, you can apply for another loan but the approval will be based on your eligibility criteria.
Depending upon your re-payment of previous loan you can be eligible for a special scheme.
Yes, you can foreclose depending on the terms in your loan agreement.
Our extensive network of branches at various locations, speedy and simple documentation process and the capability of our executive to take quick, smart decisions make sure that the process of obtaining a second hand car loan is quick and hassle-free.
We finance almost all cars as long as their ownership history is clear and they fully comply with Indian laws pertaining to personal vehicles.
No, changes to loan amount or tenure of loan cannot be made after the disbursal of the loan.
Yes, you can get a top loan after payment of 10 regular EMI’s.
It is the initial amount you need to pay at the dealership/ to the seller. It is the difference between the on road price and the approved loan amount.
No, you do not need one. But in case your income fails to meet our eligibility criteria you can club the income of your father/mother/spouse with your income by making them a co-applicant.
After the repayment of the loan, you will receive a NOC from our side which will help you remove the hypothecation of Hero FinCorp from your RC.
You can change the mode of payment by getting in touch with the customer care at Customer.Care@HeroFinCorp.com or by calling 1800-102-4145
You can write to us for getting them back at Customer.Care@HeroFinCorp.com after giving Post dated cheques for the new mode of payment.
You can write to us at Customer.Care@HeroFinCorp.com or call 1800-102-4145 for receiving a duplicate copy.
No, Hero FinCorp shall not be responsible for delivery of the vehicle for which the loan has been availed. The Borrower shall be responsible for delay, non-delivery, or any defect, damage or quality of the Vehicle. The Hero FinCorp shall not be responsible or liable if there is any defect or dispute of any nature in the title (even if it is found to be a stolen Vehicle) or ownership of the Vehicle and the Borrower shall independently satisfy itself in this regard.
Yes, you can pay them through the multiple payment options available on our website or through the executive assigned to you.
Yes, you are eligible for finance in this case.
You can send in your queries at Customer.Care@HeroFinCorp.com
No, the car is hypothecated to Hero FinCorp, and after the repayment, the hypothecation can be removed.
Avail finance for used cars easily from us for both certified and non-certified cars. As one of the leading lenders, we offer second hand car loans starting from INR 0.5 lac to INR 50 lac for all car brands, and flexible tenures that goes up to 5 years. The loan-to-value ratio or LTV can go up to 175% and the approval happens usually in less than 48 hours. Our used car loan interest rates are low and attractive, and the repayment options are flexible too. Other advantages include easy documentation, doorstep service, quick approvals, efficient customer service, and branches in over 240 Indian cities. Existing or past customers of Hero FinCorp can also expect more attractive used car finance rates. To be eligible for used car loans, you need to be an Indian resident above 18 years. If you are salaried, you should have been employed for minimum 1 year . And if you own a business, you should have at least 1 year experience in the same. For documentation, you need to submit valid income proofs, KYC documents and passport size photographs. So fill the form above and get your dream four-wheeler today!