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  • Mahaveer Finance Used Car Loan

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  • 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 19 Oct 2019

    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

    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 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.

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