• Tata Capital Used Car Loan

    Tata Capital offers used car loan at an interest rate of 12.5% with repayment tenures ranging between 12 months to 60 months. You can get a car loan in the range of Rs.1 lakh to Rs.50 lakh to buy a pre-owned car and enjoy flexible tenures, flexible EMI options, quick processing, and minimal paperwork.
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    Tata Capital Used Car Loan – Key Highlights

    Interest Rate (p.a.) Loan Amount Loan Tenure Lowest EMI per lakh (for tenure of 5 years)
    12.5% onwards Rs.1 lakh to Rs.50 lakh 12 months to 60 months Rs.2,250

    Tata Capital Used Car Loan - Fees and Charges

    Refinancing Processing Fee Rs.5,000 per vehicle or 1.75% of the loan amount, whichever is higher
    Repurchase Processing Fee Rs.6,000 per vehicle or 1.50% of the loan amount, whichever is higher
    Penal Interest/Additional Interest 3% on overdue amount per month plus GST
    Foreclosure Charges Rs.5,000 or 5% of the principal outstanding at the time of foreclosure plus GST, whichever is higher
    Loan Cancellation Charge Rs.6,500
    NACH/PDC Charges Rs.500 plus GST
    Stamp Duty
    • 0.1% plus Rs.700 for loan amount below Rs.5 lakh
    • 0.2% plus Rs.700 for loan amount above Rs.5 lakh
    Bounce Charges Rs.600 for every payment instrument/cheque/ECS dishonor plus GST
    Foreclosure Report Rs.550

    Eligibility for Tata Capital Used Car Loan

    To avail a used car loan from Tata Capital, you need to fulfil the below-given eligibility criteria:

    Salaried Applicants

    • Employed in public/private/government organisations
    • Aged between 21 years and 60 years
    • Work experience of at least 2 years and minimum 6 months with the current employer
    • Earn a minimum of Rs.20,000 per month or Rs.3 lakh p.a.
    • Should have a telephone or mobile connection

    Self-Employed Applicants

    • Aged between 21 years and 65 years
    • Should be the proprietor
    • Have a minimum annual income of Rs.2 lakh
    • Business should be running for 3 years
    • Should have a telephone or mobile communication

    Self-Employed – Partnership

    • Either the partner or the firm should have a minimum annual income of Rs.2 lakh
    • ABB should be 0.5 times EMI
    • Should have a telephone or mobile connection

    Self-employed – Others

    • Should earn at least Rs.2 lakh per year
    • Landline connection at the office
    • ABB should be 0.5 times EMI

    Documentation required for Tata Capital Used Car Loan

    You need to furnish the following set of documents to avail a pre-owned car loan from Tata Capital:

    Photo Identity Proof A copy of your Aadhaar card/Voter ID/Passport/PAN card
    Proof of Income A copy of your salary account bank statement for the last 3 months
    Salary Slips Salary slips for the last 3 months
    Address Proof A copy of your Passport/Ration Card/Electricity Bill
    Vehicle Registration Certificate
    Telephone/Mobile Connection A copy of your telephone or mobile bill

    Tata Capital Used Car Loan EMI Calculator

    Before you avail a car loan to buy a pre-owned car, it is a good idea to check how much amount you need to pay each month as equated monthly instalments (EMIs). Doing so will help you assess if you can afford to repay the loan and lets you plan your budget better. You can use the EMI Calculator tool to calculate the amount of EMI just by entering the loan amount, repayment tenure, and the interest rate.

    For example, using the EMI Calculator, we calculated the EMI for a loan amount of Rs.10 lakh for a tenure of 6 years, at an interest rate of 12.5% and found it to be Rs.19,811. The tool also calculates the interest due and the total amount payable which was found to be Rs.4,26,405.

    FAQs on Tata Capital Used Car Loan

    1. What are the EMI options available on Tata Capital used car loan?
    2. Answer: Tata Capital offers two types of EMI options – structured EMI and fixed EMI. In the structured EMI option, you can select a repayment method according to your requirement and is ideal for you if you expect your income to increase regularly. On the other hand, the fixed EMI option allows you to pay a fixed EMI amount throughout the loan tenure and is ideal for you if you have a consistent income.

    3. Is there an option to avail used car loan on my existing car?
    4. Answer: Yes. Tata Capital offers used car loan on your existing car for up to 120% of your car’s existing value subject to a maximum of Rs.20 lakh.

    5. What are the ways in which I can repay my Tata Capital used car loan?
    6. Answer: The repayment on your used car loan availed from Tata Capital can be repaid by direct debit, Electronic Clearing Service (ECS), or post-dated cheques (PDCs) drawn in favor of ‘Tata Capital Financial Services Limited’.

    7. Does Tata Capital allow prepayment on the pre-owned car loan?
    8. Answer: Yes. Tata Capital does allow you to prepay your used car loan. However, you will be charged Rs.5,000 or 5% of the principal outstanding at the time of foreclosure plus GST, whichever is higher, as a penalty.

    9. Will the Tata Capital used car loan include registration and car insurance charges?
    10. Answer: Some loan offerings may include registration, but car insurance will not be covered under the loan. Car insurance will have to be paid upfront.

    11. Can I include a co-applicant while applying for a Tata Capital used car loan? If yes, who can be the co-applicants?
    12. Answer: Yes, you can apply for a Tata Capital used car loan with a co-applicant who can be your spouse or relative residing in the same place as yours.

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    Tata Capital Used Car Loan Reviews

    • review Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have been using my car loan with TATA CAPITAL bank a long back, i have took this loan from my native and there service was up to the mark and they have charged nominal rate of interest to me and through showroom only i got this car loan and there customer support team is good they are very co-operative with me and i have closed this loan .
      Was this review helpful? 1
      , bangalore
      Reviewed on May 05, 2019
    • review
      review Car Loan
      "Perfect car loan "
      0.5 5.0/5 "Blown Away!"
      Car loan was Sanctioned within 4 days of time . Because Car showroom dealer tied up a partner ship with TATA finance . I purchased a TATA Tiago model . I am Comfortable with the ROI and processing fees . Now i paying the EMI ontime to the loan .Very well responded even after process .
      Was this review helpful? 0
      , coimbatore
      Reviewed on Mar 09, 2019
    • review Car Loan
      "Average service"
      0.5 3.5/5 "Pretty good"
      I have taken car loan from Tata Capital first Am satisfied with the rate of interest which they have provided They did quick documentation process and approval Their customer service is average as there is no proper response from them. They provided the tenure period of 5 years where am making the payment through ECS . Overall am OK with my car loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 03, 2018
    • review Car Loan
      "Dont ever think to go to tata capital for car loan."
      0.5 0.5/5 "Unacceptable"
      PLease read my review carefully because I am providing this review with personal experience. one of my friend bought car last year and taken car loan from TATA capital. but he failed in Cab business and he is not able to pay the EMI now. TATA capital is not letting him to transfer the loan and charging 15% ROI.
      Was this review helpful? 1
      , pune
      Reviewed on Apr 03, 2018
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