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    TVS Used Car Loan Reviews

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    Car Loan BYTES FROM OUR KITCHEN

    Introduction to TVS Credit used 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.


    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 26 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


    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.20,000 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


    Increase your eligible TVS Used Car Loan amount by these steps

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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


    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 RatesUpdated on 06 Dec 2016

    TVS Used Car Loan Details
    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

    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.

    TVS Credit Services Used Car Loan Diwali Offers – October 2016

    Celebrate this Diwali by driving home in the car you’ve had you’ve eye on. Dhanteras is an auspicious day to buy a car. Apart from this, the season is filled with irresistible Diwali deals, discounts, special schemes and offers that come once a year. With instant loan approvals, hassle-free documentation, easy repayment options, affordable interest rates and quick disbursals, the TVS Credit Services car loan is a good deal on the market. It also offers a no- income-document scheme for all segments of customers. Apply for a pre-owned car loan from TVS Credit Services on BankBazaar and you’ll be entitled to an Amazon gift card and Goibibo goCash this Diwali. 

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