Used Car Loan

Planning to Own a Second Hand Car? Need a Loan?

Unlock Best Used Car Loan Offers From My Mudra

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Purpose: Your data is collected exclusively to check your loan eligibility and securely connect you with your chosen lending partner. We process this information strictly in accordance with RBI guidelines to facilitate your application. We do not sell your data, and it is used exclusively to facilitate your loan application.

Own a car without worrying about money. Get incredible financing options for your next vehicle purchase.

Competitive Interest Rates

Less Documentation

Flexible Repayments

Quick Processing

Last Updated: 30-04-2026

Trusted Nationwide

4.5

+12%

10K

Customers

Active users

+5%

70+

Banks

Partner banks

+8%

170

Branches

Nationwide

Quick Guide

Drive your dream car with affordable used car loan

It's a significant concern to own a car, but My Mudra knows the value of it, and hence we offer flexible and low-value finance options for those who really want to purchase a second-hand car. Using our easy-to-avail and easy-to-service Used Car Loan options, you can rest assured that your used car buying experience is going to be hassle-free and stress-free.

Our loans include competitive used car loan rates of interest and payment options customised as per your budget. My Mudra Used Car Loan applications are quick and simple. Apply for a Used Car Loan with My Mudra today and turn your dream car into reality.

Used Car Loan EMI Calculator of My Mudra

Evaluate the cost by using a used car loan calculator from a financial point of view. It will help you to know about the cost of used car loan and EMIs, thereby making the monthly instalment easy going and manageable. You can easily compute the monthly EMIs, the interest you will have to pay, and the total amount you pay with a used car loan.

On an EMI calculator you can put the amount under principal loan, interest rate, and loan duration to know your EMIs. Adjust the duration and amount of loan according to your financial needs and obtain an appropriate range of EMI.

Loan Details

Loan Amount

₹

₹1,000₹100,000,000

Interest Rate

1%50%

Tenure

months

6 months180 months

Results

Monthly EMI

₹23537

Total Payable

₹564882

Interest Amount

₹64882

11.5%

Key features of My Mudra Used Car Loans

Here are some advantages which make used car loan buying through My Mudra easy and affordable. Following are a few features of used car loans online:

Competitive Interest Rates

Competitive rates of interest are offered on used car loans to make financing cheaper and closer to the people to obtain a used car loan.

Less Documentation

My Mudra requires fewer simple documents, which makes the application process quick and hassle-free with simple documents.

Flexible Repayments

You can choose your repayment term at My Mudra to suit you the best. The terms can vary from 12 to 48 months.

Simple Application

My Mudra allows you to pass through a simple and convenient application form in which you get used car loans. Fill out the easy application form and get used car loans online right from your home.

Why choose My Mudra Used Car Loans?

Used Car Loans by My Mudra can be a very convenient option for you.We make it easy for you to own a car by having flexible loan terms, low interest, and fast approval.

Flexibility in Loan Amount: There is flexibility in the disbursal of an amount of loan that is based on the value of the pre-owned vehicle. That enables the borrower to take an amount that could meet their budget as well as needs.
Convenient Repayment Options: My Mudra, easy repayment options help you choose any loan period based on your repayment capability. Terms can vary from 12 to 48 months.
Quick Processing and Disbursement: The process of taking a loan is quite swift, and once approved, the amount is transferred very promptly so that you do not waste any time to finalise your deal.
Less Paperwork: Pre-Owned Car Loans demand significantly less paperwork as compared to other loans, which reduces the time of application process.

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Eligibility

Car Loan Eligibility in India for Used Cars

There are sets of basic eligibility criteria most lenders require the applicant to fulfil before they can qualify for a Used Car Loan in India. Here are the common eligibility criteria to apply for used car loans:

Age of the Applicant

The salaried employee must have an age between 21 - 60 years and the self-employed individual must have an age between 25-65 years.

Vehicle Age

Most financers give loans for the car that falls in an age group of 5-7 years. The resale value of the car is also taken into account before sanctioning the loan.

CIBIL Score

A credit score of 700 and above is ideal. This states that the people are financially disciplined, and thus, they get good loan terms.

Income

The salaried applicants should have a minimum income of 30,000 and the self-employed individual must have some amount of income verified by income tax returns.

Documents Required for Used Car Loans

Documents

When a person is applying for a used car loan, one has to submit certain documents. They are mainly to validate a person's identity and income as well as the vehicle's details. These give the lenders an idea about his eligibility so that the loan approval is smooth.

Here are some of the important documents that are required:

Vehicle Documents

Registration Certificate of Vehicle

Proof of Identity

It consists of the PAN Card, Passport, Aadhaar Card, Voter's ID Card, Driving License.

Age Proof (Any One)

Aadhaar Card / Pan Card / Passport/ Birth Certificate/ 10th Marksheet/ Bank passbook/ Driving License

Residence Proof (Any One)

Bank pass book

voter id card

ration card

passport

telephone bill

electricity bill

water bill

Gas connection bill

Bank Statements

Three months salary account statement is required for the salary account holders and six months bank account statement for the self employed people.

Simple Application Process

How can I apply for Used car loans in Delhi?

Getting a used car loan in Delhi with My Mudra is easy and hassle-free. Just follow the process below to finalise your application and set off towards owning your car.

Step 1

Click on 'Apply Now': Simply click the 'Apply Now' button to begin.

Step 2

Fill the Application Form: Fill in the personal details so that it is an effortless and hassle-free used car loan application process.

Step 3

Upload Documents: After filling the form, upload all of your necessary documents for a faster verification of your used car loan.

Step 4

Review and Call: After you submit your application, our executive will review the same, and we will schedule a call for guiding you further with the next proceeding.

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