Pre-Owned (Used) Vehicle Loan ( for Buy / Re-finance)
Buying Used Vehicle / Two Wheeler / Three Wheeler or Commercial Vehicle has never been this easy!
- PAN Card
- Voter ID Card
- Driving License
- Passport
- Aadhaar Card
- Aadhaar card
- Passport
- Driving License
- Ration Card
- Voter ID
- Duly filled Loan Application
- Copy of RC Book, valid Insurance Policy, valid Fitness document, valid Road Tax document, valid Pollution Under Control Certificate (PUC)(RC Book and Insurance policy in the case of private vehicles)
- Vehicle should be free from any Hypothecation / Hire Purchase Agreement at the time of Application. If the existing Hypothecation not cancelled with RT Office concerned, attach the copies of NOC and Form 35
- Recent Passport size colour photographs
- Copy of Pass Book or Bank Statement showing recent transactions.
- Originals of RC Book, valid Insurance Policy, valid Fitness document, valid Road Tax document, valid Pollution Under Control Certificate (PUC)(RC Book and Insurance policy in the case of private vehicles). If the existing Hypothecation not cancelled with RT Office concerned, Originals of NOC and Form 35 issued by the financial institution which is mentioned on the RC Book
- Post Dated Cheques for repaying EMIs.
- NACH Form to enable Automated EMI transfer
- Copy of Latest Land Tax Receipt (LTR)
- Copy of Title Deeds to support LTR
- Signature Attestation from Bank
FAQ
1. How much Loan can I avail on a used Vehicle ?
We offer up to 60% funding on used Vehicles.
2. In how many instalments should I repay the used vehicle Loan?
You can repay the Used Vehicle Loan in a maximum of 36 instalments. Depending upon the Loan Amount and Model it may vary.
3. What is the rate of interest for Used Vehicle Loan?
Our Used Vehicle Loan rate starts from 12.00% p.a.
4. How soon will my Used Vehicle Loan be sanctioned?
Our Used Vehicle Loan approvals are with in 12 hours, subject to satisfying credit norms.
5. What are the models that you provide Loan for?
We offer finance for up to 10-year-old model of all makes and models like Maruti, Honda, Hyundai, Mahindra, Ford, Toyota, Tata, Renault, Piagio, TVS, Hero etc
6. What should I do in case I wish to replace my PDCs?
Make the request at your nearest branch or click here
7. What are the various payment options available?
You can pay via Post Dated Cheques (PDCs)/ NACH / UPI / Net Banking / NEFT/RTGS .
8. Can I remit the instalment in any branch?
Yes. You can remit your car Loan instalment in any of our branches. click here to view list of our branches.
9. What should I do in case of address change/mobile number change?
Initiate the request by logging into our customer portal/app. You may also intimate the branch that you usually deal with.
10. What is the procedure, should I wish to foreclose my account?
You can foreclose you Loan at any time. Upon specific request, we can agree for the same subject to payment of pre-payment penalty amount as per the agreement.
11. Can I make bulk Loan payments to reduce the finance quantum?
Yes, bulk Loan payments are subject to terms and conditions.
12. What should I do when my Loan contract tenure gets over?
You have to close the Loan Account on the expiry date of the Agreement and any other dues as per the agreement, the termination papers including the RTO related papers will be issued from Branches.
13. What papers do I have to collect on Vehicle Loan termination?
The No-objection letter(NOC) along with Form 35 addressed to the RTO and NOC to the Insurance Company to cancel the Insurance Endorsement on the Policy, if any.
Offers for Existing Customers
As our existing customer, we understand you and your work. You can now enjoy special RCL benefits such as Top-up Loans, Refinance to meet your expenses in the current scenario.
Refinance on existing Vehicle Loan - cash Loan to meet any personal expenses for medical emergencies, household purchases and renovation, educational and wedding expenses.
Loan Amount will Depending on your present asset value and Loan balance as on date.
- Attractive interest rate
- Simple and hassle-free documentation
- Affordable monthly payment
- Timely availability of credit
- Personalised service for smooth day-to-day operations
- With all these, you can enjoy our best customer service as always!