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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.

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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:

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

Here are some of the benefits that you are likely to enjoy with My Mudra Used Car Loans:
01
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 has been sold. That enables the borrower to take an amount that could meet their budget as well as needs.

02
Convenient Repayment Options

My Mudra, easy repayment options help you choose any loan period based on your repayment capability.

03
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.

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Paperwork

Pre-Owned Car Loans demand significantly less paperwork as compared to other loans, which reduces the time of application process.

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. There is a standard tool for assessing that an applicant is capable of repaying the loan, and the used vehicle being financed must also have adhered to some standards.
Here are the common eligibility criteria to apply for used car loans:
01
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.
02
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.
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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.
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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.
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Documents Required for Used Car Loans

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:
  • Registration Certificate of Vehicle
  • Proof of Identity (any one): 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 Statement: Three months salary account statement is required for the salary account holders and six months bank account statement for the self employed people.
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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. We have made the process quick, with fast approval and disbursement once your documents are verified.
01
Click on 'Apply Now': Simply click the 'Apply Now' button to begin.
02
Fill the Application Form: Fill in the personal details so that it is an effortless and hassle-free used car loan application process.
03
Upload Documents: After filling the form, upload all of your necessary documents for a faster verification of your used car loan.
04
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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Used car loans interest rates in Delhi NCR

The interest rates of Used Car Loans in Delhi may vary for you depending on several factors such as the credit score, the loan amount applied, and the loan tenure. Generally, used car loans have a slightly higher rate compared to new car loans.

In case you have an excellent credit score and stable repayment capacity, you can get some of the best interest rates. In order to get the highest loan amount, compare interest rates provided by various lenders in Delhi.

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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.

Break up of total payment
Loan Amount
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Rate of Interest
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Tenure (In Months)
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Total Payable Amount:
Monthly EMI:

Frequently Asked Questions

What is a used car loan?

A used car loan is meant strictly for the purchase of a pre-owned vehicle.

What benefits do the My Mudra Used Car Loan have?

My Mudra Used Car Loans offer various benefits such as better financing and more flexibility in repayments.

How can I avail a used Car loan?

You can make an online application for Used Car loans through My Mudra's website. It's simple and hassle free. You just have to submit your contact details on our website.

Our team will upload your application along with all the documents needed to apply for a used car loan in India.

We will soon analyse your profile after uploading your application. We shall get in touch with you soon to close your loan.

What is the processing time for an approval of a used car loan?

It takes anywhere from a few hours to a day for processing the online used car loan.

Your loan will be approved within fewer than 72 hours after our evaluation of your online application.

What are the tips that can help me get an inexpensive used car loan online?

Below are some recommendations that guide you through sourcing your most affordable used car online:

- Clear all pending debts before making the application and increase the chances of approval.
- Check if your credit update is good before you make any applications for a loan on a used car online.
- Increase the down payment to reduce your monthly payments.
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