Used Car Loan FAQs

You can avail of a pre-owned car loan funding of up to 95% of the valuation amount (Sale-purchase) and up to 85% of the valuation amount (Refinance)

The minimum age for applying for a used car loan is 21 years.

Any pre-payment/excess amount paid by you to the Bank; shall be appropriated in the loan account basis the below criteria/methodology in the absence of any specific instructions from you:

• Excess amount greater than (>) EMI: If service request (SR) for part payment is not created/received within 2 days of receipt of funds, the excess funds will be adjusted towards principal outstanding as part payment.
• Excess amount equal to (=) EMI: If service request (SR)/instructions for part payment is not created/received on same day of receipt of funds, excess amount will be refunded back to your operative account.
• Excess amount less than (<) EMI: Excess amount will be kept unappropriated in the loan account for 15 days; post 15 days the excess funds shall be adjusted towards principal outstanding as a part payment.