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.
At least 26 years old
Less than 65 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Minimum income required
Rs.20,000 per month
80% to 90% of the ex-showroom price
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 5 years
|Interest Rate (Monthly reducing balance)||14.00% to 15.00%|
|Processing Fees||1% or Rs.5750, whichever is minimum|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||3% of principal outstanding (plus ST) subject to remaining no. of EMI being 12 months. 4% (plus ST) with remaining EMI is 24 months. 5% (plus ST) if the remaining EMI is more than 24 months|
|Guarantor Requirement||No guarantor required|
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.
To avail a used car loan from TVS Credit, an applicant may be any of the following:
TVS Credit finances most Indian passenger cars, among them Tata, Maruti, Hyundai, Ford etc. However, some discontinued models may not be eligible for finance.
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.
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.
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.
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.
TVS Credit allows options of 12,24,36,48 or 60 months for repayment, which are designed to suit customer requirements.