Used Car Loan Features and Advantages

Used Car Loan Eligibility and Documents

Eligibility for a pre-owned car loan from Mahindra Finance depends on the individual appraisal and the product, and all loans are given at the sole discretion of the company. The basic eligibility criteria are as below:

Salaried Individuals:

  • All Indian residents
  • Minimum age of 21 years
  • Maximum age of loan maturity at 60 years
  • Income requirement as per the vehicle model, vehicle age and repayment tenure

Self Employed:

  • Minimum age of 21 years
  • Maximum age of loan maturity at 65 years
  • Minimum employment of at least 1 year in the business
  • No age bar for partnership firms, Pvt. Ltd. and Ltd. companies

Documents Required

Disclaimer: MMFSL reserves the right to approve/disapprove the loan after the submission of documents.

*ID and address proof will be as per the KYC norms of RBI and as circulated time-to-time

Used Car Loan - Top Up & Financing

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Top Up Loan

For used cars

Our Top-Up Loan is designed to cater to the immediate financial need of the existing used car loan customer of Mahindra Finance. Our Top-Up loan offers a very competitive rate of interest and is tailor-made to suit your monthly obligation. Our executives are well trained to assist you to get a Top-Up Loan quickly and easily with minimal documentation.

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Refinance Loan

For used cars

Avail finance against your existing car with Mahindra Finance and you’ll enjoy a competitive rate of interest on your car payment, making it easier for you to pay off your loan quickly and save money each month. We offer loan against your existing car for the tenure up to 5 years and vehicle age as high as 10 years. We also ensure that the experience of obtaining the loan against the existing car is a quick and smooth one with maximum flexibility and speedy loan disbursements. Our executives will help you take quick and smart decision with speedy and simple documentation process.

Used Car Loan FAQs

Contact or visit your nearest Mahindra Finance branch. You can even apply online and we’ll get in touch with you shortly.
Eligibility for a pre-owned car loan from Mahindra Finance depends on the individual appraisal and the product, and all loans are given at the sole discretion of the company.
It depends on the age and condition of the vehicle and repayment capability of an individual.
Minimum 1 year and maximum 5 years, depending on the age and condition of the vehicle.
Our extensive network of branches at over 1200+ locations have speedy and simple documentation processes and with the capability of our executives to take quick, smart decisions, the process of obtaining a used car loan is a quick and smooth one.

Used Car Loan - Calculate your EMI

  • Diverse loan offerings
  • Less documenation
  • Quick processing
Loan Amount
Tenure In Months
Rate of Interest %
Principal: 75 %
Interest Payable: 25 %

For illustration purpose only

Total Amount Payable

50,000

Pre Owned Car Loan EMI Calculator

What is a used car loan EMI calculator?

A used car loan EMI calculator can help you figure out how much you will need to pay each month to cover the principal and interest on your loan during the life of the loan. It allows you to choose an appropriate duration to comfortably pay off your used car loan. This makes it simple to schedule your monthly payments so that you don't fall behind. A used car loan EMI calculator is highly beneficial to those who avail of a used car loan. It will give them an efficient estimation of the tenure they must choose to repay their loan comfortably.

What is meant by EMI in the case of a used car loan?

EMI stands for Equated Monthly Instalments, which are paid over a set period of time to clear the loan. The EMI includes the principal amount as well as the interest component on loan. With Mahindra Finance, you can choose a flexible repayment tenure from 12 months to 60 months. 

How can I calculate my monthly EMI with a used car loan EMI calculator?

Using a used car loan EMI calculator to arrive at your monthly EMIs is simple - just fill in the principal loan amount, interest rate, and loan tenure. The EMI calculator immediately gives you the EMI amount, and you can check if the monthly outgo is within your repayment capacity. If this amount seems too high, the loan tenure can be increased.

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Mahindra Finance: Pre-owned Car Loan Application Process

What is a pre-owned car loan?

You don't have to save up the entire amount to buy a pre-owned car. You can Opt for a pre-owned car loan instead! Over a period of time, you can repay the loan amount in equated monthly instalments (EMIs). Mahindra Finance provides a variety of pre-owned car loan financing options, as well as flexible loan terms. These loans come with attractive interest rates, easy documentation, and quick processing times.

With Mahindra Finance, anyone can upgrade to four wheels and experience the pleasure of car ownership!

Who is eligible for a pre-owned car loan?

You must be at least 21 years old to own a four-wheeler (automobiles up to ten years old are eligible) and take advantage of our best pre-owned car loan interest rate. Both salaried and self-employed professionals can get loans from Mahindra Finance. At least one year of job or business experience is required. If you meet all the requirements, you can speak with a Mahindra Finance representative at your auto dealership or visit our website and give your information, and we will contact you.

All you have to do is fill in some basic information on our website. We shall call you back to let you know if you're eligible for a Mahindra Finance pre-owned car loan and whether you can take advantage of our best pre-owned car loan interest rate. You may wish to use our pre-owned car loan calculator to figure out your EMI and budget.

How long will it take? 

The loan application process is quick. Your KYC documents and bank account information are all we need from you. We suggest that you talk to a Mahindra Finance representative at your local vehicle dealership or go to your nearby Mahindra Finance Branch. This will guide you through the approval process.

How to avail of a pre-owned car loan?

Getting a pre-owned car loan from Mahindra Finance is simple and involves meeting the following requirements:

  • Both employed and self-employed people are eligible - including farmers, traders, etc.
  • You will be required to show identity and address proof.
  • It is necessary for the applicant(s) to have a bank account.
  • Salary slips and bank statements will be required.

If you are planning to apply for a Pre-owned car loan, familiarise yourself with the process above. Good luck!

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Pre-owned Car Loan Customer Speak

Get in Touch

Mahindra & Mahindra Financial Services Limited
4th Floor, Mahindra Towers,
Dr. G.M. Bhosale Marg,
P.K. Kurne Chowk, Worli,
Mumbai 400 018.

Click here to locate the nearest Mahindra Finance

Calculate Your EMI

  • Diverse loan offerings
  • Less documenation
  • Quick processing
Loan Amount
Tenure In Months
Rate of Interest %
Principal: 75 %
Interest Payable: 25 %

For illustration purpose only

Total Amount Payable

50000

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