High Loan Amount
Hero FinCorp offers up to Rs 50 lakh for second-hand cars, making hatchbacks or luxury sedans affordable for you.
Used Car Loan EMI Calculator
Get Used Car Loan Up to 50 Lakh
Pre-owned cars also need financing, and we offer second hand car loans to meet your needs. As an online lender we ask for your basic personal and financial information as details to determine your loan limit. When we have estimated your loan value, we will offer instant approvals and can provide funding within a day or two.
Features and Benefits of Used Car Loan
Looking to buy a second-hand car? Hero FinCorp helps you obtain finance easily. Hero FinCorp offers compelling features and benefits for those eyeing used car loans, making the journey to owning 2nd hand cars seamless and affordable.
Attractive Interest Rate
Hero FinCorp offers second-hand car loans with attractive interest rates starting at 11.5%, making your dream car affordable.
Collateral Free
Hero FinCorp offers collateral-free second-hand car loans, making the borrowing process easier without the need to pledge any assets
Flexible Repayment Tenure
Hero FinCorp offers flexible second-hand car loan repayment tenures up to 60 months, catering to various financial situations.
Instant Approval
Hero FinCorp guarantees quick processing and instant approval, helping you get behind the wheel of your second-hand car fast.
Eligibility Criteria for Used Car Loan
Navigating the world of 2nd hand cars? Ensure you're equipped with the right information. Before diving into the vibrant market of 2nd hand cars, understanding the eligibility criteria for a second-hand car loan is paramount. Dive in to discover if you fit the bill. To avail of a used car loan, you must fulfill certain eligibility criteria:
Age
You must be at least 18 years old with valid proof of date of birth.
Citizenship
You must be an Indian citizen.
Work Experience
Both salaried and self-employed individuals should have a work experience of at least one year.
Monthly Salary
Applicant should have a monthly income of at least Rs. 15,000
Documents Required for Used Car Loan
If you want to buy a car, you need the right paperwork. Even though getting a car is exciting, having the correct documents is important for a smooth loan process. Hero FinCorp has made it easier to get loans for used cars, but you still need the right documents. Gathering all the necessary papers before applying speeds up the process and increases your chances of getting the loan. So, before choosing a car, let's talk about the essential documents for used car loan you need.
Documents Required for Salaried Employee
Proof of Photo Identity
Aadhar Card, Voter ID Card, Driver's License, Passport, Photo ID Card issued by GOI
Mandatory Documents
Duly filled application form, Car's registration certificate
Address Proof
Driver's License, Voter ID Card, Aadhar Card, Utility Bill/ Rent or Lease Agreement, A letter having Name & Address Details Issued by the National Population Register
Age Proof
Birth Certificate, PAN Card, Driver’s Licence, Passport
Income Proof
Latest Salary Slips, Form 16, Bank Account Statement, ITR
Job/ Business Proof
Form 16, ITR, Appointment Letter, Salary Slip with Joining Date on it, Relieving Certificate, Experience certificate
Signature Verification Proof
Banker's Verification, PAN Card, Passport
Documents Required for Self-Employed
Proof of Photo Identity
Aadhaar Card, Driver's License, Voter ID Card, Passport
Mandatory Documents
Duly filled loan application form, Car's registration certificate
Address Proof
Driver's License, Voter ID Card, Rent or Lease Agreement, Utility Bill, Aadhar Card, A letter having Name & Address Details Issued by the National Population Register
Age Proof
Birth Certificate, PAN Card, Driver’s Licence, Passport
Income Proof
Profit & Loss Statement, Recent ITRs, Audited Balance Sheet, Current Account Statement.
Job/ Business Proof
VAT Registration, Sales Tax Registration, Excise Registration, Service Tax Registration Certificate, SSI or MSME Registration Certificate, Shop & Establishment Registration Certificate
Signature Verification Proof
PAN Card, Banker's Verification, Passport
Interest Rate and Charges for Used Car Loans
We provide competitive interest rates for used cars loan, with hassle-free processing, minimal documentation and instant disbursal. Buy your favorite pre-owned car in easily payable EMIs. When you take a used car loan from us, we guarantee you peace of mind, as we take care of all the due diligence and facilitate a smooth repayment for you with no hidden charges.
Why Choose Hero FinCorp Used Car Loan?
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Frequently Asked Questions
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.