TVS Credit Used Car Loan
Get easy and quick used car loans with TVS Credit, part of the trusted $5 billion TVS Group. Enjoy competitive interest rates, up to 85% financing, and flexible tenures. Minimal documentation and fast approvals make your car buying hassle-free. Apply online through BankBazaar and drive home your dream car today!
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.
You're probably eligible for an TVS Used Car Loan if you are
- At least 24 years old
- Less than 65 years old
- Salaried or self-employed with regular income
- Earn more than the minimum income required
Your TVS Used Car Loan amount eligibility is based on these factors
- Minimum income required Rs.15,000 per month
- 80% to 90% of the ex-showroom price
- EMIs of other loans lower your eligibility
Increase your eligible TVS Used Car Loan amount by these steps
- Pay off your credit card bills
- Choose longer tenure loan up to 5 years
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
TVS Used Car Loan Interest Rates
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 |
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.
- Finance for any car manufactured in India within its pre-defined age limit.
- Hassle-free paperwork and faster approvals/ disbursals.
- No income document scheme covers a wider section of society.
- Greater loan eligibility—15 times of gross monthly income.
- Repayment period stretches up to 48 months.
Why apply for a TVS Credit Used Car Loan
- One stop shop for multiple products: Get best offers for personal loans, & home 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.
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