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Loan for Second Hand Vehicle

Interest rates of Personal Loans usually start from around 9.99% p.a. onwards. Some public sector banks offer personal loans at lower interest rates. However, the final personal loan interest rates offered to an applicant would largely depend on his/her credit score, monthly income, occupation profile, employer’s profile (if employed), etc.

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HDFC Bank
10 Second Disbursal*100% Digital Process*Quick Disbursal
Max. Loan Amt.Upto 25L
Rate of Interest9.99% - 12.5%
Tenure upto1-5 Years
Processing Fee6,500
Axis Bank
Low Processing fee
Max. Loan Amt.Upto 40L
Rate of Interest9.99% - 17.15%
Tenure upto1-5 Years
Processing Fee1% - 1.5%
Kotak Mahindra Bank
Lowest Income requirement100% Digital Process*
Max. Loan Amt.Upto 25L
Rate of Interest10.5% - 17.2%
Tenure upto1-5 Years
Processing Fee1.1% - 1.5%
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Used Car Loan Online

The interest rates of Used Car Loans usually start from around 10% p.a. with some PSU banks offering lower interest rates. However, the final interest rate offered would depend on the car’s model and age in addition to the applicant’s credit profile. Hence, a prospective used car buyer having a good credit score and satisfying the income, occupation profile and other Personal Loan eligibility criterion set by the lender have high chances of availing Personal Loan at same or lower interest rates than Used Car Loans.

Loan Amount for Personal Loans and Pre-Owned Car Loans

Lenders generally provide LTV ratios of up to 80% for pre-owned car loans. Some lenders claim to offer higher LTV ratios for the Used Car Loan. LTV ratio is the proportion of a car’s value financed through the Used Car Loan. The rest of the component has to be financed by the buyer from his/her own sources in the form of down payment.

However, the LTV ratio would not depend on the purchase price arrived between the car buyer and seller. Instead, the LTV ratio would depend on the value of the car arrived at by the lender after factoring in the age and model of the used car. This increases the possibility of arriving at lower values for pre-owned vehicles than the purchase price paid by the car buyer and thus, can result in lower amounts.

For example, if the purchase price of a pre-owned car is Rs. 4 Lakhs and the lender arrives at a value of Rs. 3 Lakhs on using its valuation process, your loan amount would be Rs 2.4 Lakhs, assuming an LTV ratio of 80% for Rs. 3 Lakhs value. The rest of your purchase price, i.e. Rs. 1.6 Lakhs, has to be paid from your own pocket. However, if you go for a Personal Loan, you can take a loan of up to Rs. 4 Lakhs, depending on your monthly income and repayment capacity. Thus, you can use the entire proceeds to pay for your car purchase without burdening your finances.

Loan Tenure for Personal Loans and Used Car Loans

The loan tenure for a Used Car Loan usually goes up to 5 years, with some lenders offering up to 10 years for repayment of the entire loan. However, the final tenure may also depend on other factors like the age and condition of the used car. For example, a lender offering a Used Car Loan requires you to repay the loan within 10 years of your vehicle’s original purchase date, subject to a maximum loan tenure of 5 years. Therefore, if you buy a 7-year-old car, you will have to repay the loan within 3 years.

In case of Personal Loan, lenders usually offer tenures of up to 5 years, with some lenders offering tenures of up to 7 years. Thus, if you avail a Personal Loan for financing a pre-owned car purchase, you can opt for loan tenure based on your repayment capacity, irrespective of the age and condition of your used car.

Loan Approval Process for Personal Loans and Pre-Owned Car Loans

Being an unsecured loan, the loan approval process for Personal Loans is quicker and less cumbersome than Used Car Loans. The loan processing can become more complicated if you buy a used car from an unorganized player in the pre-owned car segment.

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How Can I Apply for a Personal Loan Online?

Get up to 40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

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What our customers say

Personal Loan

Maine Paisabazaar se personal loan apply kiya or Jaldi approval bhi mil gaya aur zyada documents bhi nahi lage.

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Abbaz AhmedApr 10, 2025

Got pre-approved Loan offer

I was looking for Personal loan and came across this platform. I applied online and received multiple loan offers instantly and got a pre-approved offer, and the amount was disbursed within 48 hours.

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Kirti MadaanMar 17, 2025

Loan for Home Renovation

Do din pehle maine apne purane ghar ki renovation ke liye Paisabazaar se loan apply kiya. Process kaafi easy aur smooth tha. Aaj subah mujhe message aaya ki mera loan approve ho gaya hai.

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Rohit GuptaMar 7, 2025

Personal Loan

Take Personal Loan from Paisabazaar. Approved in 2 days, easy process

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Tarun RaghavJan 21, 2025

Took a personal loan

I took a personal loan from Bajaj Finserv via Paisabazaar, and it was easy! Paisabazaar made it smooth and simple. The whole process was quick and hassle-free!

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Palvika PanchalJan 6, 2025

Personal Loan via Paisabazaar

Got a personal loan via Paisabazaar—super easy & quick! Kunal from sales was super helpful, explained everything well. Highly recommend! ?

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DeshmukhDec 19, 2024

Loan for Medical Emergency

Mujhe ekdum urgent medical emergency ke liye paise chahiye the. Paisabazaar se loan liya, aur honestly, sab kuch ekdum smooth tha! Process fast tha, team helpful thi, aur paise bhi jaldi mil gaye

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PawanDec 17, 2024

Get personal loan

Paisabazaar se pre-approved personal loan jadi milgya.. Or 48 hours mai paisa account mai agya.. Team is very helpful

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Kirti GargDec 15, 2024

Good experience

Good experience with Paisabazaar! Loan approval hua within 48 hours aur rates bhi kaafi reasonable the.

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Ashok KumarDec 13, 2024

Personal Loan

Main Travel k liye loan apply kiya tha.. jo jaldi hi approve hogya or account mai agya.

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Deepak KumarDec 10, 2024
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Last updated: 30 August, 2025

Vandana Punj profile
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Vandana Punj
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Shamik Ghosh

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