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Mahindra Finance recognises the growing demand for second-hand cars in India, and we want to help you get the best deal. With our used car loans, you can enjoy affordable EMIs, flexible repayment options and competitive interest rates, making your dream car more affordable. We offer used vehicle financing for a diverse range of car models, so you can find the perfect fit for your needs. To ensure the long-term viability of your loan and the resale value of the vehicle, we carefully assess the chosen used car model. This includes consideration of both the car’s age and its current production status. Ideally, the combined total of the car’s age and the loan term should not exceed 8-10 years.
So, don’t let high costs hold you back, apply for a used vehicle loan from Mahindra Finance today and start saving!
We provide Used Car Loans for a variety of cars, MUVs and SUVs less than 10 years old.
You can avail competitive rates and EMIs that are lower than other unsecured loans.
Enjoy custom tenure options, from 1 year to 5 years based on the age and condition of the vehicle.
Available to salaried/self-employed individuals and partnership firms. The application process requires minimal documentation.
With over 1365+ branches, the process of obtaining a Used Car Loan is quick and smooth with us.
We prioritize building trust through complete transparency. Our used car loans come with no hidden fees. All terms, conditions, and costs are clearly outlined, ensuring an informed decision.
Enjoy manageable monthly payments (EMIs) with our extended loan terms of up to 72 months. This allows you to comfortably fit your used car loan into your budget.
Calculating your Used Car Loan EMI has never been easier. Use our second hand car EMI Calculator to input your desired amount, interest rate and tenure, and view an instant summary of your EMI amounts. Easily determine your monthly payment (EMI) with our user-friendly used car loan calculator. Explore various loan amounts to find the perfect fit for your budget.. You can also simply adjust the amount and tenure to see how it affects your EMI repayments. Get in the driver’s seat faster with our Used Car Loan EMI Calculator.
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Our Used Car Loan application process is easy with a quick turnaround. Similar to other NBFCs, Mahindra Finance offers used car loans typically ranging from 80-90% of the car's value, with repayment terms ranging from 1 to 5 years. To ensure manageable payments, the combined car age and loan term should not exceed 8-10 years. Our expert valuation process guarantees a fair loan amount based on your car's condition. You can apply for used car loan online, talk to a Mahindra Finance representative at your local vehicle dealership or go to your nearby Mahindra Finance Branch. Our quick 4-step online process is described below:
Start the process by simply submitting your Name, Number and Pin Code.
Our executive will contact you for additional details.
Submit the requested documents for eligibility check and verification
Once verified and approved, your funds will be sanctioned and disbursed.
To ensure a smooth loan application process, the following second hand car loan eligibility criteria must be met:
Application Form with a recent colour photograph
KYC Documents
Proof of Address, Identity and Income
Disclaimer: MMFSL reserves the right to approve/disapprove the loan after the submission of documents.
Financing your dream car shouldn't require a brand-new price tag. Mahindra Finance offers used car loans, providing you with the financial flexibility to acquire the vehicle you desire at a budget-friendly cost. Understanding used car loan interest rate is crucial for making an informed decision. By exploring our diverse second hand car loan options and familiarizing yourself with the rates and associated fees, you can potentially achieve significant savings on your overall loan cost.
Attractive Interest Rates based on your eligibility*
Interest RatesCharged based on product-specific, document, and stamp fees based on the prevailing rates set by the statutory authority and the location of the contract execution.
ChargesGet all the answers to your Used Car Loans FAQs with Mahindra Finance
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 used 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 1365 Locations have speedy and simple documentation processes and with the capability of our executives to make quick, smart decisions, the process of obtaining a used car loan is a quick and smooth one.
At Mahindra Finance, our processing fee for used car loans is competitive. The exact amount may vary depending on the specific loan details. We encourage you to contact us or visit your nearest branch for a personalized quote.
bounce charge is a fee levied by your financial institution if a scheduled loan payment cannot be processed due to insufficient funds in your account. To avoid bounce charges and potential late payment penalties, ensure you have sufficient funds available before your EMI payment is due.
Several factors influence your used car loan interest rate at Mahindra Finance, including:
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