Loading...
Loading...

Start with TATA Capital Used Car Loan in few steps

Please Enter your mobile number and name to generate OTP

TATA Capital Used Car Loan

Loading...
By submitting this form, you have read and agree to the Credit Report Terms of Use, Terms of Use & Privacy Policy
Product Rating

4.5 /5

Total - 252 ratings

5
159
4
72
3
10
2
9
1
2
Repurchase Processing Fee Rs.6,000 per vehicle or 1.50% of the loan amount, whichever is higher
Penal Interest/Additional Interest 3% on an overdue amount per month plus GST
Loan Cancellation Charge Rs.6,500
NACH/PDC Charges Rs.500 plus GST
Stamp Duty
  • 0.1% plus Rs.700 for loan amount below Rs.5 lakh
  • 0.2% plus Rs.700 for loan amount above Rs.5 lakh
  • Bounce Charges Rs.600 for every payment
    instrument/cheque/ECS dishonor plus GST
    Foreclosure Report Rs.550

    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:

    Repurchase Processing Fee Rs.6,000 per vehicle or 1.50% of the loan amount, whichever is higher
    Penal Interest/Additional Interest 3% on an overdue amount per month plus GST
    Loan Cancellation Charge Rs.6,500
    NACH/PDC Charges Rs.500 plus GST
    Stamp Duty
  • 0.1% plus Rs.700 for loan amount below Rs.5 lakh
  • 0.2% plus Rs.700 for loan amount above Rs.5 lakh
  • Bounce Charges Rs.600 for every payment
    instrument/cheque/ECS dishonor plus GST
    Foreclosure Report Rs.550

    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:

    • High loan principal:
    • You can take as high as Rs. 50 lakhs of loan amount to buy a second hand car on EMI.

    • Competitive interest rates:
    • The lowest in the market, used car loan interest rates as low as 15% are available to you.

    • 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.


    What is the Eligibility Criteria for a Used Car Loan?

    To get a used car loan, you must meet the following eligibility criteria:

    • Age:
    • Your age must be 21 or above and 60 or below if you’re a salaried individual and 21 or above and 65 or below if you’re a self-employed individual to apply for an old car loan.

    • Income:
    • Your income must be at least Rs. 20,000 per month if you’re a salaried individual and Rs. 2 lakhs per year if you’re a self-employed individual.

    • Stability of Work:
    • You must have a stable employment status for at least a year and a stable business status for at least three years.

    What Are the Documents Required for Used Car Loan?

    Based on salaried individuals or self-employed individuals, the following are the documents required for a used car loan:

    For Salaried Individuals For Self-Employed Individuals
    Photo Identity Proof Copy of Voter’s ID/Driving License/Aadhaar Card/PAN Card/Passport Photo Identity Proof Aadhaar Card/Driving License/PAN Card/Passport/Voter’s ID
    Income Proof Copy of your Salary account bank statements for the last three months Copy of your signature with signature proof
    Copy of Salary Slips of the last three months Address Proof – Copy of Utility Bill/Bank Statements/Property Registration documents/Property Tax Receipt/Voter’s ID
    Proof of Residence Copy of Ration Card/Passport/Electricity Bill Income Proof Copy of Income Tax Returns (ITR), audited Balance Sheet and Profit and Loss Statements along with last three months’ Bank Statements
    Copy of Vehicle Registration Certificate Copy of telephone or mobile bill
    Copy of telephone or phone bill

    Let us take an example, How EMI is being calculated


    For instance, if "Shubham" applies for a Tata Capital Used Car Loan of INR 3 Lacs and get the loan sanctioned at the rate of 15 % with a tenure range of 2 years or 24 Months , in such a case his EMI would be INR 14,546 and complete repayment amount till the end of 2 years tenure would be INR 3,49,104 (i.e 14,546 EMI * 24 months), wherein the total interest amount is INR 49,104 along with principal repayment of INR 3,00,000. Few additional charges like those of minimal one-time processing fee ranging from Rs.6,000 or 1.50% of the loan amount, whichever is higher of loan amount, pre-payment penalty on an earlier foreclosure charge Rs.550 may also 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

    Have a question? We've got answers!

    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.

    faqImg