USED CAR LOAN
Looking to buy your first car? Equitas Used Car Finance makes it possible to own wide range of used car with financial assistance and tailored made solutions as per your need or requirement.
Used Car Loan
We at Equitas Small Finance Bank, offer Used Car loans at competitive rates for a wide range of vehicles including all Hatchback, Sedan, MUVs and SUVs. We offer any type of loans like for Purchase of Cars, Refinancing option to clients and Balance Transfer of Car loan from one financier to Equitas Small Finance Bank.
We have associated with all major dealers across all locations to enable hassle free delivery of the car with faster turn around time in financing.
Equitas Small Finance Bank is the “Preferred Financier” across all major manufacturers in India and customers have trusted us for our expertise and perfectly suited loan solutions
- Superior Turnaround Time
- Hassle free documentation
- Finance up to 100% on your Used car
- Financial assistance available up to 100% on Used cars
- Competitive rate of interest
- Loan tenure up to 84 months
- Hassle free documentation
- Superior service and quick turnaround time
- Over 3 million satisfied customers
- Branch network of 200+ exclusive Vehicle Finance branches in 12 states & 2 union territories
- Expertise in Used Car
- Transparent processing of loans
| Mean rate and Interest rate range for the quarter Apr 2023 – Jun 2023 | |||
| Segment | Mean Interest Rate | Interest Rate Range (Fixed) | |
| Min Rate (in %) p.a. | Max Rate (in %) p.a. | ||
| Used Car | 17.05% | 10.51% | 25.08% |
| •Mean rate = Sum of rate of interest of all loan accounts / Number of all loan accounts. | |||
| Annualised Percentage Return (APR) for the quarter Jan 2023 – Mar 2023 | |||
| Segment | Min Rate (in %) | Max Rate (in %) | |
| Used Car | 10% | 25% | |
Charges
| Type | Charges |
| Processing Charges# | 1% to 2% |
| Documentation charge | Rs 1500 (inclusive of GST) |
| Overdue charges (ODC) | 36% p.a |
| Cheque bounce charges (CBC) | Rs 500 for every cheque bounce |
| Insurance Renewal penalty charges (IRP) | 300 |
| Pre closure charges (Foreclosure payment amount* Preclosure charges in percentage) | Up to 36 months - 5% 37-48 months - 4% >49 months - 3% |
| Field visit charges | 250 |
| Repossession charges (paid to the repo vendor) | Minimum Rs.3000/- to Maximum Rs.25000 |
| Valuation charges (Paid to the valuator vendor) | Rs. 500-950 |
| Legal charges (paid to the vendor) | Minimum Rs.250/- to Maximum Rs.30000 |
| Parking Yard charges (Paid to the vendor) | Rs.50/- Per day or actuals depending on vehicle type whichever is higher |
| Duplicate NOC | 750 |
| Stamp Duty | At Actuals |
| Bank Swap charges | Upto Rs.1000/- |
| EMI Due Date Change | 24% on POS into No. of days Divided by 365 |
| Part Payment Charges (Twice a year with cap of 25%of POS ) | 5% of Part payment amount +GST |
| CIBIL Report Copy Charges | Rs 50/- |
| Amortisation Schedule Charges | Rs 250/- |
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*Goods and Services Tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable) # Processing fee would depend upon the loan amount, the nature of vehicle and other factors |
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Terms and Conditions:
- Application forms complete in all respects will be processed within 14 days from the date of receipt of the application form.
Used Car Finance FAQs
- Why avail a Used Car Loan from Equitas Small Finance Bank?
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- Hassle free loan sanction process and finance up to 100% of asset cost
- Simpler documentation and faster turnaround time
- Loan tenures up to 7 years
- Customised EMI structure to suit your business needs
- No hidden charges, & complete Transparency in loan processing
- What types of loan facility available under Used car Finance of Equitas Small Finance Bank?
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We offer term loan facilities:
- Purchase of Used cars
- Refinancing options for pre-owned cars
- Balance Transfer and Top-up loans / Insurance loans / Parallel Top up loans etc.
- Can I add my motor insurance and credit shield insurance as add on to the loan at the time of sanction?
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Yes, this requirement has to be informed to the relationship executive at time of availing the loan
- How is the interest charged/calculated?
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Interest is charged on a fixed rate basis and is dependent on the, product, customer risk profile and applicable scheme.
- How do I approach Equitas Small Finance Bank for a Used car Loan?
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- Call us at our 24 hour Customer Care Centre
- Walk in to any of our branches
- Contact any of our direct sales personnel
- Is a personal guarantor/co applicant a must?
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The above requirement is based on the respective customer risk profile and internally laid down polices of the bank.
- Can I make part payment on my existing Used car loan?
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Yes, The borrowers can prepay the loan after 6 months of availing it. Part prepayment is allowed twice in a year Minimum amount acceptable is 20% of future principal with Max cap of 25% in a year.
There is an option to keep the same EMI and reduce tenure, or keep the same tenure and reduce EMI, however loan tenure cannot exceed the original tenure opted at the time of funding
Charges of 5% part payment charges is applicable - Can I foreclose my Used car loan?
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Loan foreclosure can be done by visiting any ESFB branch or by contacting our Branch manager. However necessary foreclosure charges may apply.
- After I pay the last EMI, will I get the legal claim on the vehicle?
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After the payment of the last EMI, the bank will issue a loan closure letter, Form 35, and a No Objection Certificate (NOC) to the RTO for removing the lien from the RC book.
To make payments for the Loan via NEFT / RTGS, please contact your Home Branch – Branch Manager for further details
Loan Application Forms and Loan Agreements can be accessed in Form Centre
