Tata Capital Used Car Loan

Tata Capital Used Car Loan

Process to get a Tata Capital’s Pre-Owned Car Loan  

The process to avail a Tata Capital’s Pre-Owned Car Loan can be completed by following the below-mentioned steps:  

  • Check your eligibility online.  

  • The application as well the required documents must be submitted.  

  • The money will be transferred to the dealer for the purchase of the vehicle.  

Features and Advantages  

Tata Capital is considered to be one of the best options for a car loan as the documentation is easy and the disbursal of funds is quick. The main advantages and features of the Tata Capital’s Pre-Owned Car Loan are mentioned below:  

  • Instant approval: You can use Tata Capital’s secure platform to get instant approval. However, approval can be completed only once the relevant documents and information are given.  

  • Minimal documentation and paperwork: Tata Capital only require very few documents to process the loan. Most of the loan activities can be completed online and you do not have to visit the branch.  

The only physical document that is required is the application form, while the rest of the documents can be submitted online. The loan is also processed quickly.  

  • High loan amount: Up to Rs.50 lakh can be availed as a loan to finance your car.  

  • Good interest rates: The interest rates offered by Tata Capital is one of the best in the market. The interest rates start from 12.5%.  

  • Repayment: Based on the convenience, you can choose the mode of repayment. Some of the options available are online payment, post-dated cheques, and ECS. Flexi Equated Monthly Instalments (EMIs) are also available.  

  • Tenure: The duration of the loan can be up to 60 months.  

Eligibility  

The eligibility criteria that must be met to avail a Tata Capital used car loan are mentioned below:  

  • Salaried individuals must be employed in private, public, or government sector organisations. In case of a self-employed individual, he/she must be the proprietor.   

  • Salaried employees must be between the ages of 21 years and 60 years. Self-employed individuals must be between the ages of 21 years and 65 years.  

  • Salaried employees must have at least 2 years of work experience and a minimum of six months of work experience in the current organisation. In the case of self-employed individuals, the organisation must be running for a minimum of 3 years.  

  • Salaried employees must make a minimum income of Rs.3 lakh per year or Rs.20,000 per month. Self-employed individuals must make an income of Rs.2 lakh in a year.  

  • Self-employed individuals must submit 3 months bank statement and the ABB present must be at least 0.5 times the EMI.  

  • An active telephone or mobile connection.  

Documents required for a used car loan  

The documents that must be submitted by salaried employees and self-employed individuals to avail a used car loan from Tata Capital are mentioned below:  

Salaried employees  

  • Identity proof: Any of the below-mentioned documents must be submitted as proof of identity:  

  • Voter ID  

  • Passport  

  • Driving License  

  • Aadhaar Card  

  • Permanent Account Number (PAN) Card  

  • Address proof: Any of the documents mentioned below can be submitted as address proof:  

  • Passport  

  • Ration Card  

  • Electricity Bill  

  • Bank statement for the last 3 months must be shown as proof of income.  

  • A copy of the last three salary slips must be submitted.  

  • Copy of the Vehicle Registration Certificate  

Self-employed individuals  

  • Identity proof: Any of the below-mentioned documents can be submitted as proof of identity:  

  • PAN Card  

  • Aadhaar Card  

  • Driving License  

  • Passport  

  • Voter ID  

  • Address Proof: Any of the documents mentioned below can be submitted as address proof:  

  • Voter ID  

  • Property Tax Receipt  

  • Property Registration Documents  

  • Bank Statements  

  • Utility Bill  

  • Proof of signature must be submitted.  

  • Income Proof: The below-mentioned documents must be submitted as an income proof:  

  • Income Tax Return document  

  • Audited balance sheet  

  • Profit and loss statement  

  • Last 3 months bank statement  
     

Fees and Charges  

The various fees and charges that are levied by Tata Capital on used car loans are mentioned in the table below:  

Category Charges
Processing Fees 

Repurchase: Rs.6,000 or 1.5% of the loan amount plus GST, whichever is higher.  

Refinance: Rs.5,000 or 1.75% of the loan amount plus GST, whichever is higher. 

Penal Interest  3% of the amount that is overdue plus GST per month
Foreclosure Charges  Rs.5,000 or 5% of the principal amount that is outstanding plus GST, whichever is higher.
Bounce Charges  Rs.600 plus GST for any dishonour of ECS, Payment Instrument, or Cheque  
Loan cancellation charge  Rs.6,500  
 
Foreclosure report  Rs.550 
Valuation Charges  Rs.750 plus GST 
Duplicate NOC  Rs.550 plus GST 
Statement of Accounts 

At Branch: Rs.250 plus GST  

Soft copy: Nil 

EMI Options  

The two EMI options that are available are mentioned below:  

  • Fixed EMI: The EMI remains the same throughout the entire loan tenure.  

  • Structured EMI: The EMI can be customised as per your requirements.  
     

EMI Calculator  

Given below is an example of how the EMI is calculated:  

Assumptions:  

Loan Amount: Rs.20,00,000  

Tenure: 60 months  

Rate of interest: 12.5% p.a.  

The EMI that must be paid is Rs.44,996. The total interest that is charged is Rs.6,99,753. 

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