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TATA Capital Used Car Loan
| 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 |
|
| 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 |
|
| 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:
- Competitive interest rates:
- Flexibility:
You can take as high as Rs. 50 lakhs of loan amount to buy a second hand car on EMI.
The lowest in the market, used car loan interest rates as low as 15% are available to you.
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:
- Income:
- Stability of Work:
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.
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.
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.
