If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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We found 1 Mahaveer Finance Used Car Loan
Bank Name
Interest Rate Range
Processing Fee Range
Loan Amount
Tenure Range
12% - 13% Fixed
1% One time fee
50K - 10L
1-4 Years
Response Time : Within 30 minutes
What you'll love
Documents
Perks
Think about
Fees & Charges
Good to Know
Eligibility Criteria
Mahaveer Finance Used Car Loan is Rated as "Pretty good" by 7 Users

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Car Loan BYTES FROM OUR KITCHEN

Mahaveer Finance Used Car Loan

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.


You’re probably eligible for an Mahaveer Finance Used Car Loan if you are

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Mahaveer Finance Used Car Loan Minimum Age

At least 21 years old

Mahaveer Finance Used Car Loan Maximum Age

Less than 60 years old

Mahaveer Finance Used Car Loan Eligible Employment Type

Salaried or self-employed
with regular income

Mahaveer Finance Used Car Loan Minimum Income

Earn more than the minimum
income required


Your Mahaveer Finance Used Car Loan amount eligibility is based on these factors

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Mahaveer Finance Used Car Loan Minimum Salary

Minimum income required Rs. 10,000/Month

Mahaveer Finance Used Car Loan Maximum Loan to Value

Loan capped @ 85%
Ex-Showroom price of Car value

Mahaveer Finance Used Car Loan EMI

EMIs of other loans lower
your eligibility


Increase your eligible Mahaveer Finance Used Car Loan amount by these steps

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Mahaveer Finance Used Car Loan Payoff Outstanding Credit Card Bills

Pay off your credit card bills

Mahaveer Finance Used Car Loan Maximum Tenure

Choose longer tenure loan up to 4 years


Documentation needed to apply for an Mahaveer Finance Used Car Loan

  • 1. Residence proof
  • 2. Photo ID and age proof
  • 3. Signed application form with photograph
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary – slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:

    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account


Mahaveer Finance Used Car Loan Interest RatesUpdated on 15 Dec 2018

Mahaveer Finance Used Car Loan Details
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

Features and Benefits Mahaveer Finance Used Car Loan

Mahaveer Finance Used Car Loan Diwali Offers

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 -

Mahaveer Finance Used Car Loan Interest Rates

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%

Mahaveer Finance Used Car Loan Eligibility

To apply for a pre-owned vehicle loan from Mahaveer Finance, you need to fall into the following eligibility criteria.

  • The minimum age bar is 21 years.
  • The maximum age limit is 60 years.
  • Salaried and self-employed individuals can apply.
  • Individuals should be in employment or business for at least 1 year.
  • CIBIL scores should not fall below 550.
  • Income will be considered as per the gross salary reflected in the pay slip or Form 16. Salary will include medical reimbursement, LTA and so on.
  • For self employed, the business income as per the ITR will be considered.
  • Fixed Obligations to Income Ratio should be only 20% of gross income.
  • Mahaveer Finance will not consider negative Pin Code lists, and negative company lists.
  • However, they will look into each case when received.

Mahaveer Finance Used Car Loan Documentation Required

You need to submit the following documents when applying for a loan from Mahaveer Finance.

  • KYC Documents that include ID proof, and age proof.
  • Salary Slips for salaried individuals.
  • ITR/Bank Statements for self-employed.
  • Residential proof of owned or rented property. Residential stability of 3 years is required.

EMI calculator for Mahaveer Finance Used Car Loan

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.

  • Access the Calculator under the “Finance Tools” tab.
  • Provide your loan details such as the principal amount, interest rate, loan tenure and processing fees.
  • Click on “Calculate”.
  • Your loan summary will appear immediately.

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.

Mahaveer Finance Used Car Loan Reviews

  • Mahaveer Finance Limited Car Loan
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    I have taken a car loan with Mahaveer Finance India Limited. The process is good and on time, and my paper work is also taken on time. I got the loan within a week. I have purchased a Hyundai I20 1.2 Magna. The rate of interest is around 12% and the processing charges is normal.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 26, 2018
  • Mahaveer Finance Limited Car Loan
    "Need Improvement"
    0.5 2.0/5 "Expected more"
    Got the mahaveer finance car loan , they have disbursed the loan amount within promised time and the loan tenure was 4 years . The required loan amount has not disbursed and I am not satisfied with their service. The rate of interest is high with mahaveer finance when compared with others.
    Was this review helpful? 1
    , mumbai
    Reviewed on Oct 31, 2017
  • Mahaveer Finance Limited Car Loan
    "Its Good"
    0.5 4.0/5 "Great!"
    Due to financial crisis, I have postponed the plan to purchase a car right now. I am planning to buy a vehicle after six months, I am fine with Mahaveer finance, they gave me good response , called on my loan request. But I denied to process with them now.
    Was this review helpful? 0
    , chennai
    Reviewed on Oct 21, 2017
  • Mahaveer Finance Limited Car Loan
    "Good Service"
    0.5 4.0/5 "Great!"
    The response was good with Mahaveer Finance and In concern to my car loan application Actually I was looking for used car. For used car, mahaveer finance quoted very high rate of interest 13% and loan amount amount was also very low like 1.5 lakhs. Later on I have postponed the plan of taking the car loan
    Was this review helpful? 1
    , vellore
    Reviewed on Jul 01, 2017
  • Mahaveer Finance Limited Car Loan
    "Better Service"
    0.5 3.5/5 "Pretty good"
    I availed a car loan from Mahaveer Finance. The interest rate was quite high which is 13.5% and the processing fee is 3000. When it comes to interest rate, I am not at all satisfied with them. Otherwise, the process really went smooth and it was very easy also the documentation part was cool.
    Was this review helpful? 0
    , amravati
    Reviewed on Apr 06, 2017
  • Mahaveer Finance Limited Car Loan
    "Need to improved"
    0.5 1.0/5 "Really Bad"
    I was searching for the car loan in the market, mahaveer finance gave me a call once and told they can give car loan of Rs. 1,00,000 only, but my requirement is more than that, and they also told they can arrange car loan for 2011 models. The response and the follow up was very bad with mahaveer and they need to be improved.
    Was this review helpful? 1
    , chennai
    Reviewed on Apr 04, 2017
  • Mahaveer Finance Limited Car Loan
    "Easy process"
    0.5 5.0/5 "Blown Away!"
    Mahaveer finance India limited provided me a car loan. The documentation was normal with them and the process was convenient. I got the loan on time and the rate of interest was of 13%. The processing charges was nominal. The after loan services was hassle free too.
    Was this review helpful? 1
    , chennai
    Reviewed on Sep 28, 2016
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