TVS Credit Used Car Loan

Features & benefits of TVS Used Car Loans

TVS Credit used car loans are available for a wide range of customers like salaried individuals, self-employed individuals, proprietorship or partnership firms and private or public limited companies. TVS Credit used car loans offer the following features and benefits:

TVS Credit promises greater flexibility than other car financiers because it provides used car loans to people with agricultural income or based on their past repayment record.

1. Finance for any car manufactured in India within its pre-defined age limit.
2. Hassle-free paperwork and faster approvals/ disbursals.
3. No income document scheme covers a wider section of society.
4. Greater loan eligibility—15 times of gross monthly income.
5. Repayment period stretches up to 48 months.

Why apply for a TVS Credit Used Car Loan on BankBazaar?

• One stop shop for multiple products: Get best offers for personal loans, home loans and car loans at BankBazaar.com.
• Simple online comparison: Compare loan offers on the basis of interest rate, EMI, processing fees and customer satisfaction.
• Lowest interest rates: We have coordinated with multiple lenders in India to offer you the best used car loan interest rates in India.
• Instant and timely quotes: Get instant loan quotes that are customized to your needs by filling in a simple online form.
• Transparent service: Aimed at helping you make the right choice, we provide objective and transparent information about the available loan options.
• Trust: Top private banks in India like HDFC Bank, ICICI Bank and Axis Bank use BankBazaar.com-powered technology to give their customers the best Loan experience on their websites.
• Privacy: Your application is sent only to the lender you choose, and is never shared with anyone else.

Eligibility criteria for a TVS Credit Used Car Loan

To avail a used car loan from TVS Credit, an applicant may be any of the following:

• Individual with salary
• Individual who is self-employed
• A proprietorship firm
• A partnership firm
• A private limited company
• A public limited company

Documentation required for a TVS Credit Used Car Loan

• Age/Address/ID/Signature proof of the borrower
• Income document (Salary slip/Form 16/ITR with computation of income)
• Past bank statement
• Photocopies of Vehicle RC Book & Insurance Certificate
• Partnership deed with declaration for partnership firm
• MOA/AOA with board resolution for private/public ltd firm

FAQs about TVS Credit Used Car Loan

• What cars can I buy with TVS Credit Services used-car loans?

  TVS Credit finances most Indian passenger cars, among them Tata, Maruti, Hyundai, Ford etc. However, some discontinued models may not be eligible for finance.

• Is refinance possible? What is the maximum amount I can borrow with a used car loan?

  Yes, the customer can encash the value of his car to meet immediate personal and business needs. Even while he continues to use the car, the liquidity can be used to tide over his funding. The quantum depends on the eligibility based on credit policy criteria of TVS Credit.

• Do I need a guarantor?

  No, but if the customer’s income does not meet TVS eligibility criteria, then he can club the income of his father/mother/spouse/son to become eligible for the loan. They would need to come in as a co-applicant.

• Does the vehicle undergo verification?

  TVS makes all financed cars undergo a car valuation/verification process. For smaller tickets and lesser Loan-to-Value transactions, valuations may be waived off on a request to request basis.

• How much finance can be availed on a used car?

  TVS Credit allows finance up to 85% of the valuation amount. A salaried professional can borrow up to 15 times their monthly gross salary. Similarly, self-employed professionals can borrow up to 4 times their annual gross declared income.

• What is the repayment period?

  TVS Credit allows options of 12,24,36,48 or 60 months for repayment, which are designed to suit customer requirements.