At least 21 years old
Less than 65 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Minimum income required
Rs. 2.5L per annum
Loan capped @
85% of the ex-showroom price
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 3 years
|Interest Rate (Monthly reducing balance)||12.00% to 14.00%|
|Processing Fees||Rs. 2,500|
|Loan Tenure||1 year to 3 years|
|Pre-closure Charges||3% of principal outstanding|
|Guarantor Requirement||No guarantor required|
Getting an auto loan for a second-hand vehicle is an easy task with Sundaram Finance offering an affordable used car loan scheme at competitive interest rates and hassle-free processing of loan applications. Sundaram Finance provides complete assistance to a customer, from when an application is made until the time the car loan is sanctioned and disbursed. Factors like the age of the vehicle that is being financed and applicant’s employment criteria are considered by Sundaram Finance while approving a used car loan.
The key features of a Sundaram Finance Used Car Loan have been listed below -
Sundaram Finance provides used car loans for Honda, Maruti, Toyota and Hyundai vehicles that are aged up to ten years, at the time of completion of the loan. For all other makes of cars, the age of the vehicle should be eight years at the time of completion of the loan.
Pre-owned Vehicles - Any borrower purchasing a car from a direct owner, broker or pre-owned dealers will qualify under this category. The loan amount sanctioned by Sundaram Finance would be 85% of the purchase price of the car or as per the Valuation report submitted by the Sundaram Finance Panel Surveyor, whichever is lower.
Used Vehicles - If a used vehicle has been registered under the borrower’s name, the payment will be done only after hypothecation to Sundaram Finance Limited. The loan amount sanctioned by Sundaram Finance would be as per the Grid Value.
The Sundaram Finance Used Car Loan can be availed by salaried professionals, self-employed businessmen and professionals, partnership and proprietorship concerns and private and public listed companies.
The following documents have to be submitted by the applicant before the used car loan has been approved -
Here are the documents that have to be furnished for the loan to be sanctioned -
For Salaried Individuals / Professionals / Businesses/ Proprietorship Concerns - Bank account statements for the last six months.
Partnership Concerns - Partnership deed
Private and Public Limited Companies - Memorandum of Association and Articles of Association
Passport-size photograph - 1 - Salaried Individuals / Professionals / Businesses/ Proprietorship Concerns
The used car loan interest rate is determined as a flat rate according to the Prime Lending Rate of the bank. Customers can contact the nearest Sundaram Finance branch to get more details on the used car loan interest rates.
Prospective borrowers can easily get an estimated cost of a Sundaram Finance used car loan using the car loan EMI calculator tool. This tool is available on the BankBazaar home page and can be accessed by any user. The car loan EMI calculator tools gives customers a complete break-up of the principal amount and interest rates that they would have to pay for the entire tenure of the loan. Inputs inclusive of loan amount, interest rates, loan tenure, processing fees, etc., have to be given to get the amortization schedule. Based on this output, customers can decide on the amount and tenure of the loan that they would like to avail. BankBazaar’s used car loan calculator returns with outputs only in a matter of seconds, making it very convenient for the customer to make his decision. After the estimate has been received, customers can instantly apply for a used car loan online from Sundaram Finance.
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