Contact Us 
Features & Benefits for MoneyFy Customers
Flexible Tenure
You have the freedom to repay your loan over a period of 60 months.
Quick Processing
With minimal paperwork and quick, online application process, you can get your car loan in no time. You just need to fill in our application form and we will take care of your loan request.
Flexi EMI Options
Our Flexi EMI Car Loans allow you to repay your loan according to your convenience.
Competitive interest rates
Our interest rates are the best among all lenders; we offer rates and tools that will benefit you the most.
Interest Rates & Fees for Pre-Owned Car Loan
Type of Fee |
Details |
Rate of Interest |
Get a used car loan with a flexible repayment tenure and at an attractive interest rate. |
Processing Fees |
This fee is charged to process your loan request. It will be discussed at the time of the loan application. |
Documentation Charges |
This is a one-time payment that is made at the time of loan application. |
Bounce Charges |
These refer to charges levied on non-payment of EMIs on their due dates. Be sure to discuss this when applying for the loan. |
Penal Charges |
A delay in EMI payment can attract penal charges that will be levied on each delayed instalment individually. Be sure to discuss this when applying for the loan. |
Stamp Duty (as per respective state) |
This amount will depend on the governing state law and will be deducted from the loan amount. |
Asset Verification Charges (if applicable) |
The lender can verify the asset for which the applicant needs a loan. Be sure to discuss this when applying for the loan. |
RTO Transfer Charges |
The amount will depend on the prevailing RTO charges. |
Delayed Instalment Payment Charges |
A delay in EMI payment can attract penal charges. Be sure to discuss this when applying for the loan. |
Premature Closure Charges |
This is a charge that is levied on the prepayment of the loan. |
Loan Cancellation Charges |
This is a charge that is levied on the loan applicant if they cancel the loan application before the disbursement date. |
Documents Required for Used Car Loan
Here is a list of documents required for a used car loan application:
Salaried individuals
1. Proof of Identity: Passport/ Driver’s License/ Voter ID card/ Job card by NREGA/ Aadhaar Card/ Letter issued by the National Population Register containing the applicant’s name and address details.
2. Proof of Address: Passport/ Driver’s License/ Voter ID card/ Job card by NREGA/ Aadhaar Card/ Letter issued by the National Population Register containing the applicant’s name and address details.
3. Proof of Income: Latest salary slip, latest Form 16 or Latest ITR.
4. Sign Verification Proof: Passport copy/ Credit card statement with credit card copy/ Banker’s verification/ Copy of Margin Money Paid to the financial institution/ Driver’s License with DOB mentioned.
Self-Employed Individuals (Sole Proprietorship)
1. Proof of Identity: Passport/ Driver’s License/ Voter ID card/ Job card by NREGA/ Letter issued by the National Population Register containing the applicant’s name and address details.
2. Proof of Address: Passport/ Driver’s License/ Voter ID card/ Job card by NREGA/ Letter issued by the National Population Register containing the applicant’s name and address details.
3. Sign Verification Proof: Passport copy/ Credit card statement with credit card copy/ Banker’s verification/ Copy of Margin Money Paid to the financial institution/ Driver’s License with DOB mentioned.
Self-Employed Individuals (Partnership Firms)
1. Proof of Age: Partnership deed
2. Proof of Identity: Partnership deed
3. Proof of Income: Latest ITR/ Previous ITR with Adv. Tax paid Challan/ Latest IT assessment order. In cases where the business’s turnover is more than Rs 40 Lakhs or the professional turnover is more than Rs 10 Lakhs, the balance sheet must be audited, and the latest ITR should be submitted to the lender.
4. Proof of Address: Partnership deed/ Telephone Bill/ Electricity Bill/
5. Sign Verification Proof: Passport copy/ Credit card statement with credit card copy/ Banker’s verification/ Copy of Margin Money Paid to the financial institution/ Driver’s License with DOB mentioned.
Self-Employed Individuals (Private Limited Companies)
1. Proof of Age: Memorandum and Articles of Association/ Certification of Incorporation.
2. Proof of Identity: Memorandum and Articles of Association/ Certificate of Incorporation.
3. Proof of Income: Latest ITR as well as audited balance sheet with profit and loss account.
4. Proof of Address: Memorandum and Articles of Association/Certificate of Incorporation/Telephone Bill/Electricity Bill.
5. Sign Verification Proof: Passport copy/ Credit card statement with credit card copy/ Banker’s verification/ Copy of Margin Money Paid to the financial institution/ Driver’s License with DOB mentioned.
Self-Employed Individuals (Public Limited Companies)
1. Proof of Age: Memorandum and Articles of Association/ Certification of Incorporation.
2. Proof of Identity: Memorandum and Articles of Association/ Certification of Incorporation.
3. Proof of Income: Latest ITR as well as audited balance sheet with profit and loss account.
4. Proof of Address: Memorandum and Articles of Association/Certificate of Incorporation/Telephone Bill/Electricity Bill.
5. Sign Verification Proof: Passport copy/ Credit card statement with credit card copy/ Banker’s verification/ Copy of Margin Money Paid to the financial institution/ Driver’s License with DOB mentioned.
Eligibility Criteria for Pre Owned Car Loan
The following are the eligibility criteria for a pre-owned car loan:
Salaried Individuals
CAs, employees of private limited companies, doctors, and employees of public sector undertakings, including central, state and local bodies, fall under this category.
1. The individual must be at least 21 years of age at the time of loan application and no older than 60 by the end of the loan tenure.
2. The individual should have held a job for a minimum of two years with a minimum of one year with the current employer.
3. The individual should earn a minimum income of Rs 2,50,000 annually, including the spouse’s income.
Self-Employed Individuals (Sole Proprietorship)
Self-employed proprietors in the manufacturing, trading or services sector fall in this category.
1. The individual must be at least 25 years old at the time of loan application and no older than 65 by the end of the loan tenure.
2. The individual must have been in business for a minimum of 3 years.
3. The individual should earn a minimum of Rs 2,50,000 annually.
Self-Employed Individuals (Partnership Firms)
Self-employed partners in the manufacturing, trading or services sector fall in this category.
1. The individual should earn a minimum of Rs 2,50,000 annually.
2. The individual must have a minimum turnover of Rs 4,50,000 annually.
3. The individual must have a residence or office telephone line. In case only one landline is available, a post-paid mobile phone that is at least three months old is also acceptable.
Self-Employed Individuals (Public Limited Companies)
Self-employed individuals who own a private company in the manufacturing, trading or services sector fall in this category.
1. The individual should earn a minimum of Rs 2,50,000 annually.
2. The Individual must have an offline landline.
Self-Employed Individuals (Public Limited Companies)
Directors in public limited companies that operate in the manufacturing, trading, or services sector fall in this category.
1. The individual should earn a minimum of Rs 2,50,000 annually.
2. The Individual must have an offline landline.
Self-Employed Individuals (Hindu Undivided Family- HUF)
Self-employed individuals in a business that operates in the manufacturing, trading, or services sector fall in this category.
1. The individual should earn a minimum of Rs 2,50,000 annually.
2. The individual must have a residence or office telephone line. In case only one landline is available, a post-paid mobile phone that is at least three months old is also acceptable.
3. The Karta must be a co-applicant in their individual capacity.
Who can Apply for Used Car Loan Online?
Here is a comprehensive table detailing the individuals that can apply for a used-car loan.
S.No |
Applicant |
Details |
1. |
Salaried Individuals |
1. The individual must be at least 21 years of age at the time of loan application and no older than 60 by the end of the loan tenure. 2. The individual should have held a job for a minimum of two years with a minimum of one year with the current employer. 3. The individual should earn a minimum income of Rs 2,50,000 annually. This includes the spouse's income. |
2. |
Self-Employed Individuals (Sole Proprietorship) |
1. The individual must be at least 25 years old at the time of loan application and no older than 65 by the end of the loan tenure. 2. The individual must have been in business for a minimum of 3 years. 3. The individual should earn a minimum of Rs 2,50,000 annually. |
3. |
Self-Employed Individuals (Partnership Firms) |
1. The individual should earn a minimum of Rs 2,50,000 annually. 2. The individual must have a minimum turnover of Rs 4,50,000 annually. 3. The individual must have a residence or office telephone line. A post-paid mobile phone that is at least three months old is also acceptable in case only one landline is available. |
4. |
Self-Employed Individuals (Public Limited Companies) |
1. The individual should earn a minimum of Rs 2,50,000 annually. 2. The Individual must have an offline landline. |
5. |
Self-Employed Individuals (Hindu Undivided Family- HUF) |
1. The individual should earn a minimum of Rs 2,50,000 annually. 2. The individual must have a residence or office telephone line. In case only one landline is available, a post-paid mobile phone that is at least three months old is also acceptable. 3. The Karta must be a co-applicant in their individual capacity. |
How to Apply for a Loan for Used Car?
Here is how you can apply for a used car loan from Tata Capital Moneyfy:
Step 1: Navigate to Tata Capital Moneyfy’s used-car loan page.
Step 2: Click on ‘Apply Now’. A pop-up window will appear to inform you that you’re being directed to a third-party website or platform. Click ‘Proceed.’
Step 3: A new pop-up window will appear, requiring you to log in or register for a Tata Capital Moneyfy account.
Step 4: Follow the steps on your screen.
You will be notified once your used-car loan application is approved.
Frequently Asked Questions (FAQs)
VIEW ALLA used car loan helps you finance the purchase of a pre-owned vehicle. Tata Capital Moneyfy’s used car loan comes at affordable interest rates with flexible tenures.
The following are the eligibility criteria for second-hand car loans:
1. The individual is salaried or self-employed.
2. The individual is at least 21 years of age in the case of a salaried individual and 25 in the case of a self-employed individual at the time of loan application and will be no older than 60 years of age at the end of the loan tenure.
3. The individual must earn a minimum of Rs 1,50,000 annually. This can differ with self-employed individuals.
Be sure to study the eligibility criteria above to make an informed decision.
Yes, you can get a loan on a second hand car by applying for a used car loan with Tata Capital Moneyfy. We offer used car loans at affordable interest rates and with flexible tenures.
The minimum age for a used car loan is 21 years.
Buying a second-hand car on loan can be beneficial if you need immediate transportation. Be sure to analyse the car’s condition, and check favourable loan terms to avoid financial strain.
Tata Capital Moneyfy offers quick processing, a swift online application process, and minimal paperwork. Simply fill out the loan application form, and we will take care of your loan request.
The interest rate of an old car loan depends on a variety of factors, such as the borrower’s credit score, lender’s policies, loan amounts, tenure, etc. Visit the relevant product page for more information.
To get an affordable used car loan improve your credit score, check for favourable terms, make a larger downpayment and consider shorter loan tenures to reduce the overall interest costs.
Login To
Hassle free registration &
KYC journey
Identify Top Mutual Funds
Invest & Track
your Investment Portfolio
Click the “Allow” button to receive notifications
Stay updated
We're constantly crafting offers and deals for you. Get delivered straight to your device through website notifications.
All you have to do is click on “Allow”.
Fund added to your watchlist
Now keep a track on your favourite fund
Fund is already added to watchlist
Go to the watchlist page to remove a fund from the list.
Are you sure you want to logout?
Compare funds from watchlist
No funds are added to watchlist
Add your favourate funds to watchlist to keep them handy
Compare funds from portfolio
No funds are added to portfolio
Add your favourate funds to portfolio to keep them handy
SMS sent succesfully
