Mahaveer Finance provides loans to customers to purchase used vehicles. With attractive rates of interest, low processing charges, and flexible tenures, this used car loan is a good option to finance purchasing the car of your choice. Car brands and models are accepted on a case to case basis. Although there is no cap on the age of the car, vehicles above 5 years old are charged a higher rate of interest. Customers can avail of up to Rs. 10 lakhs to buy a pre-owned car depending on their income and repayment capacity.
At least 21 years old
Less than 60 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Minimum income required Rs. 10,000/Month
Loan capped @ 85%
Ex-Showroom price of Car value
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 4 years
|Interest Rate (Monthly reducing balance)||12-13%(fixed)|
|Processing Fees||1% of loan amount|
|Loan Tenure||1 year to 4 years|
|Pre-closure Charges||2% of amount financed|
|Guarantor Requirement||No Guarantor required|
Age of the car - Mahaveer Finance provides finance to purchase any used vehicle without a concern for the age of the car. However, cars that are less than 5 years old will receive a lower rate of interest.
Loan Quantum - The minimum loan amount offered is Rs. 50,000. The maximum quantum you can avail of from Mahaveer Finance is Rs. 10 lakhs.
Loan Tenure - Used Car Loans from Mahaveer Finance have a repayment tenure of 12 months to 48 months.
Processing Charges - Mahaveer Finance levies a charge of 1% plus service tax as processing fees.
Other Charges - Applicable inspection charges will be charges
Mahaveer Finance offers interest rates depending on the age of the vehicle. The interest rates are fixed through the tenure of the loan. The interest rates are as follows.
|Age of the car||Interest Rate|
|Less than 5 years||12%|
|Above 5 years||13%|
To apply for a pre-owned vehicle loan from Mahaveer Finance, you need to fall into the following eligibility criteria.
You need to submit the following documents when applying for a loan from Mahaveer Finance.
Before you decide to apply for a loan, you can use a handy tool available on BankBazaar to determine the cost and affordability of the loan. To calculate your EMI on a Mahaveer Finance Used Car Loan, follow the steps below.
Now, you can see your EMI amount that you will be required to pay every month for the tenure of the loan. You can also see in monetary terms, the total interest payable and the total cost of the loan. In addition, you will receive an amortization schedule which depicts breakdown of each EMI. You can view how much interest and how much principal amount is charged in each EMI. Calculate different principal amounts, tenures and interest rates to find out which used car loan would suit you best. The EMI calculator helps you understand the details of your loan. You can make an informed decision when choosing Mahaveer Finance Used Car Loan.
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