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    TVS Credit Used Car Loan is Rated as "Great!" by 1313 Users

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    Mr. Sharma got his Used Car Loan approved in just a day. You can too!Explore Car Loans

    Part of the $5 Billion TVS Group, TVS Credit Services Limited was incorporated on November 5, 2008 and is a leading financier of used cars. The company is registered with the RBI as a non-deposit taking Non-Banking Finance Company (NBFC) with effect from April 13, 2010.

    The Company has a network of over 2500 TVS Motor Company dealerships and over 20 branch offices throughout the country to handle requirements from customers. Preferred financier for reputed auto brands like TVS, TAFE and Eicher, TVS credit also has a trained workforce of 5,000 and boasts of over 5 lakh satisfied customers.

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    You’re probably eligible for an TVS Used Car Loan if you are

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    TVS Used Car Loan Minimum Age

    At least 24 years old

    TVS Used Car Loan Maximum Age

    Less than 65 years old

    TVS Used Car Loan Eligible Employment Type

    Salaried or self-employed
    with regular income

    TVS Used Car Loan Minimum Income

    Earn more than the minimum
    income required

    Check if you’re eligible >>

    Your TVS Used Car Loan amount eligibility is based on these factors

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    TVS Used Car Loan Minimum Salary

    Minimum income required
    Rs.15,000 per month

    TVS Used Car Loan Maximum Loan to Value

    80% to 90% of the ex-showroom price

    TVS Used Car Loan EMI

    EMIs of other loans lower
    your eligibility

    Check how much you can borrow >>

    Increase your eligible TVS Used Car Loan amount by these steps

    01
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    TVS Used Car Loan Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    TVS Used Car Loan Maximum Tenure

    Choose longer tenure loan up to 5 years

    Check eligible loan amount >>

    Documentation needed to apply for an TVS Used Car Loan

    • 1. Signed application form with photograph
    • 2. Photo ID and age proof
    • 3. Residence proof
    • 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
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    TVS Used Car Loan Interest RatesUpdated on 26 Mar 2019

    TVS Used Car Loan Details
    Interest Rate (Monthly reducing balance) 13.10% to 15.00%
    Processing Fees ₹ 999 + applicable tax
    Loan Tenure 1 year to 5 years
    Pre-closure Charges 3% of principal outstanding (plus applicable tax) subject to remaining no. of EMI being 12 months. 4% (plus applicable tax) with remaining EMI is 24 months.
    5% (plus applicable tax) if the remaining EMI is more than 24 months
    Guarantor Requirement No guarantor required
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    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.

    Mr. Singh got his car insurance online in a few easy steps. Check it out!

    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

    One-day-approval on our paperless Used Car Loan offers. That’s a steal!Check Your Eligibility

    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.

    GST of 18% is applicable on all banking products and services from the 1st of July, 2017.

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    TVS Credit Used Car Loan Reviews

    Write a Review
    • TVS Credit Services Car Loan
      "BETTER"
      0.5 5.0/5 "Blown Away!"
      TVS CREDIT SERVICES is the institute where i have taken the card loan and at the beginning the documentation process is good and simple to get the loan quickly also the loan amount is sufficient. The duration to repay the loan is for three years where i am using from last 1.5 years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Feb 01, 2019
    • TVS Credit Services Car Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      I am not happy with the services provided by TVS credit for car loan, the process was smooth and i received my loan amount on time but the payment is not getting deducted on the due date. Rate of interest was high and the customer service was not up to the mark.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 29, 2019
    • TVS Credit Services Car Loan
      "Good and convenient"
      0.5 4.0/5 "Great!"
      My friend has referred the TVS credit for my car loan. They have sanctioned the loan on time. The interest rate was a nominal one. The documentation process was easy and the executive came to my place and collected the documents. I have selected the tenure period for 3 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 21, 2019
    • TVS Credit Services Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I took used car loan with Tvs credit service, I got the interest around 15% for the loan amount of Rs. 4 lakhs, I took the loan for the tenure of 24 months. Still loan is running, through ecs my amount is getting debited and they used to send sms they don't have separate application to track loan details.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 21, 2019
    • TVS Credit Services Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with TVS credit and my experience was good, the loan amount was for Rs 2.40 lacs and it was a second hand car. Rate of interest was little high when compared to others. Customer service was good and tenure period for this loan is 2 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 03, 2019
    • TVS Credit Services Car Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      My car loan experience was not good with TVS credit, customer service was not good and there was no proper response. Tenure period for this loan is for 3 years and i preclosed the loan amount within 1.5 years. Rate of interest was high when compared to others.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 29, 2018
    • TVS Credit Services Car Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The process is quick to get the car loan with the TVS CREDIT SERVICES. The loan amount what they have offered is satisfactory with this added on that they have given the rate of interest which is 8.49% it is nominal. The duration is for 48 months to repay the loan.
      Was this review helpful? 0
      , kolkata
      Reviewed on Dec 16, 2018
    • TVS Credit Services Car Loan
      "Good loan services"
      0.5 4.0/5 "Great!"
      2.5 years before i have taken my car loan with TVS credit. I have chosen the tenure period of 30 months. Last month i have closed the loan. The loan amount was Rs. 2.02 lakhs. I have paid the EMI of Rs. 8267 approximately. I made the payment through ECS. Documentation process was good the collection executive came home and collected all my documents.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 05, 2018
    • TVS Credit Services Car Loan
      "Good loan services"
      0.5 3.0/5 "Satisfactory"
      I have bought my car loan with TVS credit 2 years back. I have got the loan amount of Rs. 1.96 lakhs for that they have offered me a interest rate of 14.98% and I'm okay with it. There was a processing fee of Rs.3000. I have been paying the EMI of Rs.6999 with a tenure period of 36 months.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 03, 2018
    • TVS Credit Services Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken used car loan with TVS credit services. Before they said don't need signature of my father but during the time of approval they said its needed at last they have forced me to do which am not convenient. The rate of interest as per the market price. I had submitted the documents to the executive.
      Was this review helpful? 3
      , bangalore
      Reviewed on Nov 23, 2018
    • TVS Credit Services Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken used car loan with TVS credit service. The process went very smooth and the loan was disbursed on the committed time. The rate of interest was more than the Capital First and the processing fee is almost same. The documents are carried at doorstep.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Nov 22, 2018
    • TVS Credit Services Car Loan
      "Average"
      0.5 4.0/5 "Great!"
      The customer service and response was good with TVS Credit Services. I am satisfied with the rate of interest and charges, it was reasonable for the car loan. I have taken Rs. 3.7L for 5 years. They have disbursed the amount within one week and the process was faster.
      Was this review helpful? 1
      , vijayawada
      Reviewed on Nov 22, 2018
    • TVS Credit Services Car Loan
      "Need to decrease the interest rate"
      0.5 4.0/5 "Great!"
      The car loan process is good with TVS credit. The interest rate is quite high it was around 13.5% but the charges are okay. I have purchased HONDA JAZZ BASE. The loan duration is one year and they have provided the required amount. Monthly around 24K through ECS.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 21, 2018
    • TVS Credit Services Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      The customer service and response was okay and there is no issues. The interest rate was okay but I was expecting lower than the percentage. I have purchased a used car. The documents are submitted to the executive and through online. They have taken 7 days for the disbursement.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 21, 2018
    • TVS Credit Services Car Loan
      "Need to reduce charges"
      0.5 5.0/5 "Blown Away!"
      My experience was very good with TVS credit for car loan, i received my loan amount on time from the date of approval. The loan amount was for Rs 2.7 lacs with nominal interest rate and the tenure period is 5 years. Customer service was fine and their response was good.
      Was this review helpful? 0
      , madurai
      Reviewed on Oct 31, 2018
    • TVS Credit Services Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My car loan application was approved with TVS credit and the experience was very good, the process took 1 week to complete. The loan amount was for Rs 3 lacs with little high interest rate and the tenure period is 4 years. Customer service was good and they collected documents on time.
      Was this review helpful? 0
      , pune
      Reviewed on Oct 31, 2018
    • TVS Credit Services Car Loan
      "Needs to improve on customer service"
      0.5 3.0/5 "Satisfactory"
      My experience was very good with TVS credit for car loan, i received my loan amount within 24 hours from the date of approval. The loan amount was for Rs 6.2 lacs with nominal interest rate and the tenure period is 3 years. Customer service was not up to the mark and their response was not good.
      Was this review helpful? 1
      , pune
      Reviewed on Oct 30, 2018
    • TVS Credit Services Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have my car loan application approved with TVS CREDIT and my experience was good, the process was smooth and i received my loan amount on time. The loan amount was for Rs 2.2 lacs with 3 years with nominal interest rate. Customer service was good and they responded on time.
      Was this review helpful? 3
      , chennai
      Reviewed on Sep 12, 2018
    • TVS Credit Services Car Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      The process was very slow with car loan application from TVS credit, it took 15 days for the loan amount to receive. The loan amount was for Rs 3.7 lacs with the tenure period of 5 years. Rate of interest was nominal when compared to others. Customer service was good and they responded on time.
      Was this review helpful? 4
      , bangalore
      Reviewed on Sep 12, 2018
    • TVS Credit Services Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The process took 1 week to complete and my car loan experience was good, documents were not yet sent. The loan amount was for Rs 5 lacs with nominal interest rate when compared to others. Customer service was good and they responded on time. The tenure period for this loan is 5 years.
      Was this review helpful? 3
      , bangalore
      Reviewed on Sep 12, 2018
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