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  • Sundaram Finance Used Car Loan

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    Interest Rate Range/Lease rental range
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    Loan Amount
    Tenure Range
    Sundaram Used Car Finance Minimum Age

    At least 21 years old

    Sundaram Used Car Finance Maximum Age

    Less than 65 years old

    Sundaram Used Car Finance Eligible Employment Type

    Salaried or self-employed
    with regular income

    Sundaram Used Car Finance Minimum Income

    Earn more than the minimum
    income required


    Your Sundaram Used Car Finance amount eligibility is based on these factors

    01
    02
    03
    Sundaram Used Car Finance Minimum Salary

    Minimum income required
    Rs. 2.5L per annum

    Sundaram Used Car Finance Maximum Loan to Value

    Loan capped @
    85% of the ex-showroom price

    Sundaram Used Car Finance EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible Sundaram Used Car Finance amount by these steps

    01
    02
    Sundaram Used Car Finance Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    Sundaram Used Car Finance Maximum Tenure

    Choose longer tenure loan up to 3 years


    Documentation needed to apply for an Sundaram Used Car Finance

    • 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

    Sundaram Used Car Finance Interest RatesUpdated on 10 Dec 2019

    Sundaram Used Car Finance Details
    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

    Sundaram Finance Used Car Loans

    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.

    Features of a Sundaram Finance Used Car Loan

    The key features of a Sundaram Finance Used Car Loan have been listed below -

    Age of the Car

    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.

    Loan Amount

    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.

    Eligibility criteria for a Sundaram Finance Used Car Loan

    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.

    Documents required for Sundaram Finance Used Car Loan

    The following documents have to be submitted by the applicant before the used car loan has been approved -

    1. Insurance Copy of the Used Vehicle
    2. Registration Certificate - Copy of the RC Book

    Here are the documents that have to be furnished for the loan to be sanctioned -

    ID Proof - Salaried Individuals / Professionals / Businesses/ Proprietorship Concerns

    1. Valid Passport
    2. Credit card with photograph
    3. Patta passbook - with photograph
    4. PAN card
    5. Voter’s ID card
    6. Driving license
    7. Ration card

    Residence Proof - Salaried Individuals / Professionals / Businesses/ Proprietorship Concerns

    1. Valid Passport
    2. Driving license
    3. Lease agreement
    4. Housing society bill
    5. Water tax challan
    6. House tax challan
    7. Life Insurance premium receipt
    8. Electricity bill
    9. Phone bill
    10. Ration card
    11. Voter’s ID card

    Residence Proof - Salaried Individuals / Professionals / Businesses/ Proprietorship Concerns / Partnership Concerns

    1. House tax challan
    2. Patta copy
    3. Water tax challan
    4. Property Sale deed
    5. Housing co-operative Society bill

    Income Proof - Salaried Individuals / Professionals / Businesses/ Partnership Concerns / Private and Public Limited Companies

    1. Salary slips for the last two months
    2. Form 16
    3. IT returns statements for the last two years with acknowledgement/computation.
    4. Latest IT returns statement
    5. Audited P & L / balance sheet

    Income Proof - Proprietorship Concerns / Partnership Concerns

    1. Previous year's IT returns statement with acknowledgement
    2. Provisional for the current year

    For Salaried Individuals / Professionals / Businesses/ Proprietorship Concerns - Bank account statements for the last six months.

    Signature Proof - Salaried Individuals / Professionals / Businesses/ Partnership Concerns / Proprietorship Concerns / Private and Public Limited Companies

    1. Valid Passport
    2. Credit card
    3. Driving license
    4. PAN card
    5. Voter’s ID card
    6. Signature verification - To be got from the borrower’s bank from where PDCs would be issued.

    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

    Sundaram Finance Used Car Loan Interest Rates

    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.

    EMI calculator for Sundaram Finance Used Car Loans

    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.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Sundaram Finance Used Car Loan Reviews

    • Sundaram Finance Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan directly through Sundaram Finance .The rate of interest and the processing fee was nominal .I have got the loan sanctioned on time .The documents was as per the norms and each and every detail was clearly explained by the agent .This loan is still active and the service was satisfied .
      Was this review helpful? 4
      , salem
      Reviewed on Nov 26, 2019
    • Sundaram Finance
      Sundaram Finance Car Loan
      "Good Loan Service"
      0.5 4.0/5 "Great!"
      Purchased the car loan from Sundaram Finance. In the year of 2016, i took this loan. Interest rates are nominal in Sundaram. I got the loan amount of Rs. 5 lakhs and i have done the down payment of Rs. 2 lakhs. I have already closed the loan because the tenure period is only 2 years.
      Was this review helpful? 8
      , hyderabad
      Reviewed on Oct 23, 2019
    • Sundaram Finance Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with SUNDARAM FINANCE through a showroom. An executive came and collected all the documents from my end and they have sanctioned a loan for 1 lakh 60 thousands for the tenure period of 3 years. The rate of interest was 18%. The car model is alto 2014 model.
      Was this review helpful? 1
      , erode
      Reviewed on Oct 05, 2019
    • Sundaram Finance Car Loan
      "Interest rates are high"
      0.5 5.0/5 "Blown Away!"
      In Sundaram Finance they have given me a interest rate of 10.55% which is very high. I took the loan amount of Rs. 5.37 lakhs. They approved the loan very fast and the amount got transferred in 2 days. The documentation process is quite smooth and done in door step. I pay the EMI of Rs. 11225 for tenure period of 60 months.
      Was this review helpful? 2
      , noida
      Reviewed on Jul 05, 2019
    • Sundaram Finance Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      Sundaram Finance documentation was faster for the car loan, I took the loan amount of Rs. 5 lakhs for duration of five years. They have delivered my maruthi swift dezire its a new car and they sanctioned on road price with reasonable interest.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jul 03, 2019
    • Sundaram Finance Car Loan
      "Not recommendable loan"
      0.5 5.0/5 "Blown Away!"
      The showroom where i purchased the car has tie up with sundaram finance and i took the 3 years before. They have provided me a interest rate of 13% and there is no processing fee for my car loan. I am paying the EMI of Rs. 14750 per month. Total tenure period of the loan is 3 years. Even though i have completed the loan, i haven't receive any call from Sundaram finance regarding the NOC letter.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jun 27, 2019
    • Sundaram Finance Car Loan
      "Best interest in market"
      0.5 4.0/5 "Great!"
      I closed Sundaram finance car loan, earlier I bought santro it was second hand car. I took the loan amount of Rs. 2 lakhs I had it for 5 years. The interest was good compared to others, they taken processing fee it was minimal there is no insurance fee from their end.
      Was this review helpful? 2
      , chennai
      Reviewed on May 28, 2019
    • Sundaram Finance Car Loan
      "Hassle free experience"
      0.5 5.0/5 "Blown Away!"
      I purchased Mahindra balero car through Sundaram Finance, the customer support is very great and the charges are very minimal. When I took car loan second time they taken few documents rather going for same procedure because I am an existing customer.
      Was this review helpful? 0
      , kadapa
      Reviewed on Apr 20, 2019
    • Sundaram Finance Car Loan
      "Very Good Experience"
      0.5 5.0/5 "Blown Away!"
      Last year I closed my car loan from Sundaram Finance, my experience was good. The process was flawless, they just taken below 10 days of time to complete the entire car loan process. I took the amount of Rs. 5 lakhs to purchase the Mahindra balero car.
      Was this review helpful? 0
      , kadapa
      Reviewed on Apr 20, 2019
    • Sundaram Finance Car Loan
      "Hassle free car loan experience"
      0.5 5.0/5 "Blown Away!"
      I bought Maruthi swift hence I took car loan from Sundaram Finance. My principal amount is around Rs. 5.65 lakhs, however on road price is Rs. 7.52 lakhs. The interest rate is very economical, I have submitted the paper to the dealer, they done the process. The processing was there but it was nominal.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 09, 2019
    • Sundaram Finance Car Loan
      "Good Experience"
      0.5 4.0/5 "Great!"
      In 2017 I have purchased Hyundai accent through Sundaram Finance, they sanctioned car loan amount of Rs. 5.90 lakhs for the duration of five years. I got the best interest in the market, the process was very convenient. The support is too good.
      Was this review helpful? 0
      , bhubaneshwar
      Reviewed on Apr 05, 2019
    • Sundaram Finance Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with SUNDRAM FINANCE , there service is too good, they have given me loan within 1 hour, and they have given me sufficient loan amount and the rate of interest they have charged me was nominal and the have charged me processing fee up to 5000-6000 it is nominal, overall service is good.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Nov 29, 2018
    • Sundaram Finance Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this car loan a long time back and the experience has been quite good and the loan amount has been sufficient as well. The interest rate with them has been nominal and there has not been any additional charges made by them. Their customer support has also been helpful at times.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 24, 2018
    • Sundaram Finance Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My experience with Sundaram Finance for car loan was very good, the process was smooth and i received my loan amount on time. Customer service was good and they responded on time. The tenure period for this loan is 4 years but i preclosed the loan in 1.5 years. I have to pay interest for 4 years as preclosure charges.
      Was this review helpful? 5
      , chennai
      Reviewed on Sep 19, 2018
    • Sundaram Finance Car Loan
      "Good overall"
      0.5 5.0/5 "Blown Away!"
      I am happy with the services of Sundaram finance. I have taken my car loan from them. Since I am a privileged customer, they have offered me a good deal on the loan. The rate of interest was normal and there were no processing charges. The after loan services is good too.
      Was this review helpful? 2
      , hyderabad
      Reviewed on May 29, 2018
    • Sundaram Finance Car Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have got the car loan with the SUNDARAM FINANCE and this loan has the tenure of 3 years . I have got this loan around a year. I have got the requested loan amount from the Sundaram finance. The customer support service and the response is good with the Sundaram finance.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 28, 2018
    • Sundaram Finance Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I've taken a Car Loan for 3 Lacs from Sundaram Finance for a tenure of 5 Years. I pay a monthly EMI of 8500. Most of the time I make payments online. The application process was so fast and also the documentation process. I got the loan with in 5 days of the application.
      Was this review helpful? 2
      , pune
      Reviewed on May 09, 2018
    • Sundaram Finance Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with Sundaram Finance and my loan experience was good, the rate of interest was high when compared to all other sources in the market. The process was smooth and i received my loan amount on time. The tenure period for this loan is 5 years and the customer service was good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
    • Sundaram Finance Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan experience with Sundaram Finance was very good, the process was smooth and i received my loan amount on time. The loan amount was for Rs 6 lakhs with the nominal rate of interest when compared to other sources. Customer service was good and they responded on time. My loan amount was based on the ex-showroom price and the tenure of this loan is 3 years.
      Was this review helpful? 0
      , thane
      Reviewed on Mar 07, 2018
    • Sundaram Finance Car Loan
      "Response needs to improve"
      0.5 3.0/5 "Satisfactory"
      There was certain issue with documents that was submitted. They didnt reply me at all. There was some issue with address proof. There process needs quite a lot of improvement. We haven't discussed any terms about the Loan at all. Their system might have been better.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 01, 2018
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