How to get Used Car Loan from Muthoot Capital Services Limited?

It is easy to get a second hand car loan from us. All you need to do is apply online. Once you click on Apply Now, you will be asked to fill a form. The form will ask for your personal requirements and details. On completion of form-filling process, a company representative will connect with you. You can also walk into any of our branches to apply for used car loan financing.

How much should I put as a down payment on a Used Car Loan?

It is a good idea to pay 20% of the Insurance Declared Value or IDV as a down payment for car loan for used cars. It may help you get a better interest rate, quicker approvals and the EMIs will be much lower. It is easier to own a used or second hand car with flexible finance options.

Is buying a second hand car on finance a good idea?

Yes, it is a good idea to buy a second hand car on finance. First, you can own the car you want, even a big car of your choice. Secondly, you can repay the loan amount in easy monthly instalments. Thirdly, a second hand car finance allows you to stay cash rich as you do not need to spend all your money in buying the car you dream of owning.

What are the documents required for Used Car Loan?

The documents needed to avail a car loan for used cars are simple. When you want to initiate financing for a used car loan from Muthoot Capital Services Limited, please keep the following documents ready: Salary Documents: Salary Credited Bank Statement plus 3 months’ salary slips / 2 years’ ITR with computation sheet. Address Proof: Passport, Aadhaar, Voter ID card, Driving License, Utility Bills, Ration Card, LIC Policy. Identity Proof: Passport, Aadhaar Card, Driving License, PAN Card, Voter’s ID card. Asset Proof: Land, House, Building Tax Receipt. The filled application form is required along with a passport size photograph.

What are the eligibility criteria for getting a Used Car Loan?

We have a straightforward eligibility criteria to help you with a loan for used cars. The eligibility criteria to get a loan for a second hand car is: You should be an agriculturist/ self-employed person / salaried individual. The minimum age must be 21 or above when you apply for the loan; and the maximum age must be 60 for salaried individuals and 70 for self-employed individuals, when your loan tenure ends. The minimum income requirement is Rs. 1.8 lakhs per annum for salaried individuals and pensioners, and Rs. 2.5 lakhs per annum for self-employed individuals

What is a Used Car Loan?

A loan taken for buying a pre-owned or second-hand car is called a loan for a used car.

How can I apply for finance to buy a second-hand car?

You can apply for car loan for used cars online or visit any one of our branches In Kerala to fill out the loan application.

What are the different components of a Used Car Loan?

The different components of a used car loan are: The principal amount is the amount disbursed as loan. The amount is disbursed for a set tenure or time. You pay interest on the principal amount. You repay the loan in EMIs or equated monthly instalments (principal amount and interest)

Easiest Way to Own a Used Car

A product from Muthoot Capital Services Limited (MCSL)

Get Funding up to 100%* of Used Car Loan Amount
Flexible Repayment Options & Lower Interest Rates
Low Down Payment/EMI offerings with Tenure of up to 60 months

*T&C Apply

Used Car Loan from Muthoot Capital Services Limited (MCSL)

Used Car Loan Calculator

Loan Amount

₹100,000

₹10000000

Interest Rate(% P.A)

12%

Tenure (Years)

Monthly EMI

₹ 0

Principal Amount

₹ 0

Interest Amount

₹ 0

Total Amount Payable

₹ 0

Used Car Loan in Just 3 Steps

01
Submit Your Application
02
Share Your Documents
04
Get Your Loan Approval, Hassle-free

Why Choose MCSL for Used Car Loan?

We at Muthoot Capital Services Limited offer quick approvals, minimal documentation, flexible repayment options (12-60 months), competitive rates, and low down payments. Enjoy up to 100%* financing on select models, insurance coverage, and assistance with ownership transfer. With a vast network of dealers and branches, applying for a used car loan is easy and convenient. Apply today to turn your dream into reality!