Used Car Loan Features and Advantages

Name: Pre-owned Car Loan
Brand: Mahindra Finance

Covering various cars, MUVs and SUVs under pre-owned car loans

Loan available for vehicles
up to 10 years old

Low rates of interest as compared to other unsecured loans

Tailor-made repayment tenure to ensure maximum repayment flexibility

Minimum documentation

Speedy loan disbursements

Used Car Loan Eligibility and Documents

Eligibility for a pre-owned car loan from Mahindra Finance depends on the individual appraisal and the product, and all loans are given at the sole discretion of the company. The basic eligibility criteria are as below:

Salaried Individuals:

All Indian residents
Minimum age of 21 years
Maximum age of loan maturity at 60 years
Income requirement as per the vehicle model, vehicle age and repayment tenure

Self Employed:

Minimum age of 21 years
Maximum age of loan maturity at 65 years
Minimum employment of at least 1 year in the business
No age bar for partnership firms, Pvt. Ltd. and Ltd. companies

Documents Required

Application form

1 latest colour photograph

ID and address proof

Income proof or income assessment is done by our executive

Bank statement

RC copy

Insurance policy

Valuation from our authorised valuation agent

Disclaimer: MMFSL reserves the right to approve/disapprove the loan after the submission of documents.

*ID and address proof will be as per the KYC norms of RBI and as circulated time-to-time

Used Car Loan - Top Up & Financing

Top Up Loan

For used cars

Our Top-Up Loan is designed to cater to the immediate financial need of the existing used car loan customer of Mahindra Finance. Our Top-Up loan offers a very competitive rate of interest and is tailor-made to suit your monthly obligation. Our executives are well trained to assist you to get a Top-Up Loan quickly and easily with minimal documentation.

Refinance Loan

For used cars

Avail finance against your existing car with Mahindra Finance and you’ll enjoy a competitive rate of interest on your car payment, making it easier for you to pay off your loan quickly and save money each month. We offer loan against your existing car for the tenure up to 5 years and vehicle age as high as 10 years. We also ensure that the experience of obtaining the loan against the existing car is a quick and smooth one with maximum flexibility and speedy loan disbursements. Our executives will help you take quick and smart decision with speedy and simple documentation process.

Used Car Loan FAQs

Q1. How do I approach Mahindra Finance for a pre-owned car loan?

Contact or visit your nearest Mahindra Finance branch. You can even apply online and we’ll get in touch with you shortly.

Q2. What are the eligibility criteria for availing a pre-owned car loan?

Eligibility for a pre-owned car loan from Mahindra Finance depends on the individual appraisal and the product, and all loans are given at the sole discretion of the company.

Q3. What are the minimum and maximum loan amounts given?

It depends on the age and condition of the vehicle and repayment capability of an individual.

Q4. What are the tenure options under pre-owned car loans?

Minimum 1 year and maximum 5 years, depending on the age and condition of the vehicle.

Q5.How much time will it take for pre-owned car loan to be approved?

Our extensive network of branches at over 1200+ locations have speedy and simple documentation processes and with the capability of our executives to take quick, smart decisions, the process of obtaining a used car loan is a quick and smooth one.

Used Car Loan - Calculate your EMI

Diverse loan offerings
Less documenation
Quick processing

Loan Amount

Tenure In Months

Rate of Interest %

EMI Amount 2,000

Principal: 75 %

Interest Payable: 25 %

For illustration purpose only

Total Amount Payable

50,000

What is a used car loan EMI calculator?

A used car loan EMI calculator can help you figure out how much you will need to pay each month to cover the principal and interest on your loan during the life of the loan. It allows you to choose an appropriate duration to comfortably pay off your used car loan. This makes it simple to schedule your monthly payments so that you don't fall behind. A used car loan EMI calculator is highly beneficial to those who avail of a used car loan. It will give them an efficient estimation of the tenure they must choose to repay their loan comfortably.

What is meant by EMI in the case of a used car loan?

EMI stands for Equated Monthly Instalments, which are paid over a set period of time to clear the loan. The EMI includes the principal amount as well as the interest component on loan. With Mahindra Finance, you can choose a flexible repayment tenure from 12 months to 60 months.

How can I calculate my monthly EMI with a used car loan EMI calculator?

Using a used car loan EMI calculator to arrive at your monthly EMIs is simple - just fill in the principal loan amount, interest rate, and loan tenure. The EMI calculator immediately gives you the EMI amount, and you can check if the monthly outgo is within your repayment capacity. If this amount seems too high, the loan tenure can be increased.

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Mahindra Finance: Pre-owned Car Loan Application Process

What is a pre-owned car loan?

You don't have to save up the entire amount to buy a pre-owned car. You can Opt for a pre-owned car loan instead! Over a period of time, you can repay the loan amount in equated monthly instalments (EMIs). Mahindra Finance provides a variety of pre-owned car loan financing options, as well as flexible loan terms. These loans come with attractive interest rates, easy documentation, and quick processing times.

With Mahindra Finance, anyone can upgrade to four wheels and experience the pleasure of car ownership!

Who is eligible for a pre-owned car loan?

You must be at least 21 years old to own a four-wheeler (automobiles up to ten years old are eligible) and take advantage of our best pre-owned car loan interest rate. Both salaried and self-employed professionals can get loans from Mahindra Finance. At least one year of job or business experience is required. If you meet all the requirements, you can speak with a Mahindra Finance representative at your auto dealership or visit our website and give your information, and we will contact you.

All you have to do is fill in some basic information on our website. We shall call you back to let you know if you're eligible for a Mahindra Finance pre-owned car loan and whether you can take advantage of our best pre-owned car loan interest rate. You may wish to use our pre-owned car loan calculator to figure out your EMI and budget.

How long will it take?

The loan application process is quick. Your KYC documents and bank account information are all we need from you. We suggest that you talk to a Mahindra Finance representative at your local vehicle dealership or go to your nearby Mahindra Finance Branch. This will guide you through the approval process.

How to avail of a pre-owned car loan?

Getting a pre-owned car loan from Mahindra Finance is simple and involves meeting the following requirements:

Both employed and self-employed people are eligible - including farmers, traders, etc.
You will be required to show identity and address proof.
It is necessary for the applicant(s) to have a bank account.
Salary slips and bank statements will be required.

If you are planning to apply for a Pre-owned car loan, familiarise yourself with the process above. Good luck!

Pre Owned Car Loan Mblogs

Pre-owned Car Loan Customer Speak

Fully satisfied with product & services of Mahindra Finance. I was looking out for options to take a loan for a pre-owned WagonR. I came to know about Mahindra Finance from an acquaintance. Mahindra Finance was clearly more feasible option financially so I went ahead with it. I am fully satisfied with the products and service quality that Mahindra Finance provides. If I have any more loan requirement, I will definitely go with Mahindra Finance.

Kundan Kumar

I have been associated with MF since 2 years now. MF was suggested to me by my relative. Compared to others the interest rate of MF is the lower. I am very happy with the staff of MF. Once there was an emergency in my family and I could not pay an EMI, I informed this to them and there was no issue raised by the staff. Even if I am late in paying an EMI, their friendly staff comes home for collection.

Khalid

I used to run a shop in kuttyadi town and have a good family background. I have always dreamt of a owning a house, but due to financial crisis and other circumstances, I couldn’t save up enough money to accomplish my dream. But Mahindra Finance came to my rescue during my crisis period and offered a top up loan on my existing vehicle Maruti Suzuki Dzire Vdi, with which I was able to build my home and fulfill dream.

Jomon Thomas

Been associated with Mahindra Finance since 10-12 years. My Experience has been very good. Once in my tenure, I could not give EMI for 2 months due to personal reasons and Mahindra Finance was accommodative. I am now planning to get a refinance for my vehicle, I am planning to get it from Mahindra Finance only.

Vaishnav Jain

My wife and kids always used to complain to me that other relatives have a car, and we don't. However, being an ordinary petrol attendant with a modest income, I had to admit that buying a car was next to impossible. But I couldn't bear to see the disappointment in their eyes.
So I enquired about cars at Maruti, and if they could guide me with a car loan scheme. But I always had this fear that my income and the available documents would never be sufficient to fetch me a loan. However, the dealer introduced me to Mahindra Finance. MMFSL not only gave me a loan, but also provided it for a longer tenure of five years with an option to pay in cash.
I decided to go for the loan and bought a Maruti 800. Since then, I've been going out with my family on holidays and taking our car to social events like marriages, Diwali celebrations, etc.
Today, I am very happy because my family is happy. After all, we can now enjoy the pleasure of having a car, just like others – all thanks to Mahindra Finance for helping me fulfil my family's wishes!