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TATA Capital Used Car Loan
Tata Capital Used Car Loan offers a wide assortment of premier and affordable options to suit your needs and preferencesPowered By
TATA Capital Used Car Loan
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Here are a few factors
| Location | PAN India |
| CIBIL Score | 650+ |
| Loan Amount & Tenure | 1
Lac to 5 Cr (12 month to 72 month) |
| Loan to Value(LTV) | 1.
Sale-Purchase: Upto 90% of Value of Car 2. Refinance:90% of value of Car 3. External BT -Upto 250% of Value of Car if 30% EMI is paid |
| Type of Funded Vehicle | Funding to 3rd Owner |
| Rate of Interest & Type | 12% to 19% (Reducing) |
| Processing Fees | 1% of Loan amount |
| TAT | Sanction-2
Days Disbursement-4 Days |
| Foreclosure Charges | 5% after 6 month |
| Applicant | Any Salaried or Self Employed Person |
| Applicant Age | Salaried-23 Year to 60 year, Self Employed-23 year to 65 year |
| Applicant Minimum Income | Which is sufficient to Serve EMI |
| Business Vintage for Self Employed Applicant | 2 Year |
| Minimum Job Experience for Salaried Applicant | 2 Year |
| Whether Co-Applicant Mandatory | Yes, if applicant age is less than or greater than the required age or he is rented |
| Part Payment Allowed | Yes, after 6 month |
| Product | 1.
Sale-Purchase 2. Refinance 3. External BT |
| Program | 1.
Banking Program -20 Lac 2. Income Program-Upto 3X of total income |
| Negative Profile | No Negative Profile |
| USP | 1.
Upto 250% of Finance of Car Value in case of Internal & External BT+Top
2. Upto 20 lac Loan No PD |
| Additional | No Internal BT+Topup Product |
Required Documents to Apply for TATA Capital Used Car Loan
Salaried Person
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KYC of applicant
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Last 3 Month Salary Slip of Applicant
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Last 12 month Bank Statement of applicant
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Last 3 year ITR with computation of income of applicant or Last 2 Year Form 16 of applicant
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26AS of last 2 year of applicant
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RC of CAR
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Insurance Copy
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Sanction letter of all running loan
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Latest utility Bill if owned residence or rent agreement if rented
Self Employed
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KYC of applicant
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Last 3 year ITR with computation of income of applicant
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Last 3 year audited balance sheet of applicant if available
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Last 3 year Tax audit report of applicant if applicable
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Last 12 month Bank Statement of applicant
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RC of CAR
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Insurance Copy
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Copy of GST registration if available
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Copy of Last 12 month GST return if applicable
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Sanction letter of all running loan
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Latest utility Bill of residence if owned or rent agreement if rented
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Latest utility Bill of Office if owned or rent agreement if rented
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List of Directors & Shareholders, if applicant if Company or List of Partners if applicant is Partnership Firm/LLP
About TATA Capital Used Car Loan
India's Tata Capital Limited offers financial and investment services. The company has more than 100 branches nationwide and is headquartered in Mumbai. The company provides various services, including infrastructure financing, commercial finance, wealth management, and consumer lending.
TATA Capital offers consumers used car loans at low-interest rates so they may purchase the car of their dreams. It is a readily available loan that everyone can obtain, even those with low credit or CIBIL scores. To understand better, let’s have a look at the table below:
Why Should You Get A Loan For A Used Car?
Getting a used car loan is beneficial because it allows you to bring your ideal car home quickly. Additionally, the loan balance with interest can be repaid in convenient monthly installments. Let’s see some more about TATA Capital's used car loan:
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High loan principal:
You can take as high as Rs. 50 lakhs of loan amount to buy a second hand car on EMI.
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Competitive interest rates:
The lowest in the market, used car loan interest rates as low as 15% are available to you.
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Flexibility:
You can select the loan term that best fits your financial requirements. Additionally, you can choose between a structured or fixed EMI repayment schedule.
Save Your Time with a Simple Loan Process
Visit Our Website
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Select and Apply
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
Submit Your Document
One of the most important steps. Now you will have to submit all the required documents digitally.
Enjoy Your Financial Freedom!
Once your application is approved based on your eligibility, you will receive your loan amount shortly.
Let us take an example, How EMI is being calculated
For instance, if "Shubham" applies for a Used Car loan of INR 1 Lacs and get the loan sanctioned at the rate of 15 % with a tenure range of 36 Months , in such a case his EMI would be INR 3,467 and complete repayment amount till the end of 36 Months tenure would be INR 1,24,795 (i.e 3,467 EMI * 36 Months), wherein the total interest amount is INR 24,795 along with principal repayment of INR ₹1,24,795 . Few additional charges like those of minimal one-time processing fee 2% of the disbursed amount + GST of loan amount may apply. T&C apply.| Month | Principal Outstanding | Interest | Total Payment | Payment towards Principal | Loan Paid Till Date | Balance Principal |
|---|---|---|---|---|---|---|
| 1 | 3,00,000.00 | 3,750.00 | 10,400.00 | ₹ 6,650.00 | ₹ 6,650.00 | ₹ 2,93,350.00 |
| 2 | 2,93,350.00 | 3,667.00 | 10,400.00 | ₹6,733.00 | ₹13,383.00 | ₹ 2,86,617.00 |
| 3 | 2,86,617.00 | 3,583.00 | 10,400.00 | ₹ 6,817.00 | ₹ 20,200.00 | ₹ 2,79,800.00 |
| 4 | 2,79,800.00 | 3,498.00 | 10,400.00 | ₹ 6,902.00 | ₹ 27,102.00 | ₹ 2,72,898.00 |
| 5 | 2,72,898.00 | 3,411.00 | 10,400.00 | ₹ 6,989.00 | ₹ 34,091.00 | ₹ 2,65,909.00 |
| 6 | 2,65,909.00 | 3,324.00 | 10,400.00 | ₹ 7,076.00 | ₹ 41,167.00 | ₹ 2,58,833.00 |
| 7 | 2,58,833.00 | 3,235.00 | 10,400.00 | ₹ 7,165.00 | ₹ 48,332.00 | ₹ 2,51,668.00 |
| 8 | 2,51,668.00 | 3,146.00 | 10,400.00 | ₹ 7,254.00 | ₹ 55,586.00 | ₹2,44,414.00 |
| 9 | 2,44,414.00 | 3,055.00 | 10,400.00 | ₹7,345.00 | ₹ 62,931.00 | ₹ 2,37,069.00 |
| 10 | 2,37,069.00 | 2,963.00 | 10,400.00 | ₹ 7,437.00 | ₹ 70,368.00 | ₹ 2,29,632.00 |
| 11 | 2,29,632.00 | 2,870.00 | 10,400.00 | ₹ 7,530.00 | ₹ 77,898.00 | ₹ 2,22,102.00 |
| 12 | 2,22,102.00 | 2,776.00 | 10,400.00 | ₹ 7,624.00 | ₹85,522.00 | ₹ 2,14,478.00 |
| 13 | 2,14,478.00 | 2,681.00 | 10,400.00 | ₹7,719.00 | ₹93,241.00 | ₹ 2,06,759.00 |
| 14 | 2,06,759.00 | 2,584.00 | 10,400.00 | ₹7,816.00 | ₹ 1,01,057.00 | ₹ 1,98,943.00 |
| 15 | 1,98,943.00 | 2,487.00 | 10,400.00 | ₹ 7,913.00 | ₹ 1,08,970.00 | ₹ 1,91,030.00 |
| 16 | 1,91,030.00 | 2,388.00 | 10,400.00 | ₹ 8,012.00 | ₹ 1,16,982.00 | ₹ 1,83,018.00 |
| 17 | 1,83,018.00 | 2,288.00 | 10,400.00 | ₹ 8,112.00 | ₹ 1,25,094.00 | ₹ 1,74,906.00 |
| 18 | 1,74,906.00 | 2,186.00 | 10,400.00 | ₹ 8,214.00 | ₹ 1,33,308.00 | ₹ 1,66,692.00 |
| 19 | 1,66,692.00 | 2,084.00 | 10,400.00 | ₹ 8,316.00 | ₹ 1,41,624.00 | ₹ 1,58,376.00 |
| 20 | 1,58,376.00 | 1,980.00 | 10,400.00 | ₹ 8,420.00 | ₹1,50,044.00 | ₹ 1,49,956.00 |
| 21 | 1,49,956.00 | 1,874.00 | 10,400.00 | ₹ 8,526.00 | ₹ 1,58,570.00 | ₹1,41,430.00 |
| 22 | 1,41,430.00 | 1,768.00 | 10,400.00 | ₹ 8,632.00 | ₹ 1,67,202.00 | ₹ 1,32,798.00 |
| 23 | 1,32,798.00 | 1,660.00 | 10,400.00 | ₹ 8,740.00 | ₹ 1,75,942.00 | ₹ 1,24,058.00 |
| 24 | 1,24,058.00 | 1,551.00 | 10,400.00 | ₹8,849.00 | ₹ 1,84,791.00 | ₹ 1,15,209.00 |
| 25 | 1,15,209.00 | 1,440.00 | 10,400.00 | ₹ 8,960.00 | ₹ 1,93,751.00 | ₹1,06,249.00 |
| 26 | 1,06,249.00 | 1,328.00 | 10,400.00 | ₹9,072.00 | ₹ 2,02,823.00 | ₹ 97,177.00 |
| 27 | 97,177.00 | 1,215.00 | 10,400.00 | ₹ 9,185.00 | ₹ 2,12,008.00 | ₹ 87,992.00 |
| 28 | 87,992.00 | 1,100.00 | 10,400.00 | ₹ 9,300.00 | ₹ 2,21,308.00 | ₹78,692.00 |
| 29 | 78,692.00 | 984.00 | 10,400.00 | ₹ 9,416.00 | ₹ 2,30,724.00 | ₹ 69,276.00 |
| 30 | 69,276.00 | 866.00 | 10,400.00 | ₹ 9,534.00 | ₹2,40,258.00 | ₹59,742.00 |
| 31 | 59,742.00 | 747.00 | 10,400.00 | ₹ 9,653.00 | ₹ 2,49,911.00 | ₹ 50,089.00 |
| 32 | 50,089.00 | 626.00 | 10,400.00 | ₹ 9,774.00 | ₹ 2,59,685.00 | ₹ 40,315.00 |
| 33 | 40,315.00 | 504.00 | 10,400.00 | ₹ 9,896.00 | ₹ 2,69,581.00 | ₹ 30,419.00 |
| 34 | 30,419.00 | 380.00 | 10,400.00 | ₹ 10,020.00 | ₹ 2,79,601.00 | ₹ 20,399.00 |
| 35 | 20,399.00 | 255.00 | 10,400.00 | ₹ 10,145.00 | ₹ 2,89,746.00 | ₹ 10,254.00 |
| 36 | 10,254.00 | 146.00 | 10,400.00 | ₹ 10,254.00 | ₹ 3,00,000.00 | - |
FREQUENTLY ASKED QUESTIONS
Tata Capital offers structured and fixed EMI options as its two EMI product alternatives when buying used cars. The structured EMI option allows you to choose a repayment strategy based on your needs and is the best choice if you anticipate seeing regular increases in your income. On the other hand, if you have a steady income, you should choose the fixed EMI option, which lets you pay a limited EMI amount throughout the loan.
You can repay the Tata Capital used car loan using direct debit, Electronic Clearing Service (ECS), or post-dated checks (PDCs) made payable to "Tata Capital Financial Services Limited.”
You can prepay your used car loan with Tata Capital. However, you will be required to pay a penalty of Rs. 5,000 or 5% of the outstanding principal at the time of foreclosure plus GST, whichever is more.
Photo Identity Proof Copy of Voter’s ID/Driving License/Aadhaar Card/PAN Card/Passport are required for getting TATA capital used car loan.
Income Proof Copy of Income Tax Returns (ITR), audited Balance Sheet and Profit and Loss Statements along with last three months’ Bank Statements are required for getting TATA capital used car loan.
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