| 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 |
| 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 |
|
| Bounce Charges | Rs.600 for every payment instrument/cheque/ECS dishonor plus GST |
| Foreclosure Report | Rs.550 |
To avail a used car loan from Tata Capital, you need to fulfil the below-given eligibility criteria:
Salaried Applicants
Self-Employed Applicants
Self-Employed – Partnership
Self-employed – Others
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 |
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.
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.
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.
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’.
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.
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.
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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