Used Car Loan Online – Low EMI, Instant Approval

Used Car Loan

Pre-owned Car Loan comes with quick approvals, minimum documentation, flexible repayment options, and an attractive rate of interest. Customers can choose a repayment tenure of up to 5 years based on their convenience and budget. Explore Fixrupee, a trusted used car platform featuring a wide range of vehicles to suit every requirement and budget. Select your preferred pre-owned car from Fixrupee and finance it easily with second-hand car loans.

With personalised assistance at your doorstep, the entire loan journey becomes smooth and hassle-free. From application to approval, every process is designed for speed and convenience. Instead of lengthy and time-consuming paperwork, the complete loan process is fully digitized to ensure faster processing and a seamless customer experience.

Key Features

Features That Make Your
Pre-Owned Car Loan Effortless

We've built the most borrower-friendly used car loan product in India — transparent, fast, and genuinely flexible.

100% Financing Available

Get the full on-road price of your second-hand car financed — no need to arrange a large down payment upfront.

Low Interest Rates from 9.5%

Among the lowest pre-owned car loan interest rates in India, with no hidden fees or charges buried in fine print.

Disbursal Within 24 Hours

Complete your application online, get instant approval, and have funds disbursed to your account within one working day.

Flexible Tenure: 12–84 Months

Choose a repayment tenure from 1 to 7 years. Pick EMIs that fit comfortably within your monthly budget.

Minimal Documentation

Only 4 core documents needed. Our fully digital process means no physical visits, no long queues.

Doorstep Service

Our loan executives come to you — at your home or office — to collect documents and complete verification.

Balance Transfer & Top-Up

Transfer your existing used car loan to us at lower rates, or get a top-up loan on your current vehicle.

Cars Up to 10 Years Old

Finance pre-owned cars up to 10 years old — hatchbacks, sedans, SUVs, MUVs from all major brands accepted.

Salaried & Self-Employed

We fund both salaried professionals and self-employed individuals — including business owners, freelancers, and taxi drivers.

Eligibility Criteria

Who Can Apply for a Used Car Loan?

We've kept eligibility simple and inclusive — designed for real India, not just ideal borrowers.

Age

18 - 70 years at loan maturity. Both young earners and senior professionals qualify.

Employment Type

Salaried employees, self-employed, business owners, professionals, taxi/cab drivers.

Minimum Income

₹15,000/month for salaried. ₹2 Lakh/year ITR for self-employed individuals.

CIBIL Score

650+ for eligibility. 750+ gets you the best interest rates. Low scores considered case-by-case.

Vehicle Age

Pre-owned cars up to 10 years old (loan + vehicle age ≤ 15 years). All major brands covered.

Residence

Indian resident citizen. NRI applications considered with Indian co-applicant.

Application Process

Apply for a Second-Hand Car Loan in 4 Steps

Our 100% digital application process takes less than 10 minutes. Here's how it works.

Fill Online Form

Enter your basic details — name, income, mobile number. Takes under 3 minutes.

Upload Documents

Upload soft copies of your ID proof, income proof, and vehicle RC digitally.

Instant Approval

Get your used car loan sanctioned within 2 hours. Our AI-driven system is fast.

Funds Disbursed

Amount credited to seller/dealer within 24 hours. Drive your car home the same day.

About Used Car Loans

Everything You Need to Know About Second-Hand Car Loans in India

Why the Pre-Owned Car Market is Booming

India's used car market is growing at over 15% annually, with sales of pre-owned cars now exceeding new car sales in several segments. First-time buyers, young professionals, and budget-conscious families are increasingly choosing certified pre-owned cars over new ones — and financing them with used car loans.

New Car Loan vs Used Car Loan Key Differences

Used car loans typically carry slightly higher interest rates than new car loans because of the depreciation risk. However, since the vehicle cost is much lower, the absolute EMI amount is far more manageable. A ₹5 Lakh used car loan at 10% for 48 months costs around ₹12,700/month vs ₹22,000+ for a comparable new car.

How Your CIBIL Score Affects Your Loan Rate

Your credit score is the single biggest lever on your used car loan interest rate. Borrowers with 750+ CIBIL scores routinely qualify for rates near 9.5–11%. Scores between 650–749 attract rates of 12–14%. If your score needs improvement, consider reducing existing debt or adding a co-applicant before applying.

Used Car Loan EMI: How is it Calculated?

EMI = [P × R × (1+R)^N] ÷ [(1+R)^N – 1], where P = principal, R = monthly interest rate, N = number of months. Our used car loan EMI calculator above does this instantly for you.

Refinancing Your Existing Car Loan

If you have an existing used car loan at a higher rate, you can transfer it to Fixrupee at our competitive rates and reduce your monthly EMI. Our balance transfer process is simple, quick, and does not require re-valuation in most cases.

Loan Against Used Car (Car Refinance)

Own a car? Get a loan against your existing vehicle without selling it. We fund up to 150% of the market value of your current car — useful for business expenses, medical emergencies, or home renovation.

Tips to Get the Lowest Interest Rate

Maintain a CIBIL score above 750 before applying
Choose a shorter loan tenure to reduce total interest
Make a down payment of at least 10–20% if possible
Avoid applying with multiple lenders simultaneously
Add a co-applicant with good credit if your score is borderline
Compare processing fees, not just interest rates

Customer Stories

Real Customers. Real Cars. Real Fast.

Thousands of Indians have financed their pre-owned car through Fixrupee. Here's what some of them say.

I got 100% financing on my 2019 Swift Dzire — no down payment. The doorstep document pickup saved me two days off work. Funds were in the dealer's account by the next morning. Absolutely seamless.

Rajesh Kumar

IT Professional · Pune, Maharashtra

As a taxi driver, banks always rejected my application. Fixrupee approved my loan for a used Innova within a day. The 72-month tenure kept my EMI very low. This car is now my livelihood.

Santosh Patel

Taxi Driver · Ahmedabad, Gujarat

I transferred my old used car loan to Fixrupee and saved ₹2,400/month on EMI. The balance transfer took less than a week, needed almost no paperwork, and the rate dropped from 14% to 10.5%.

Anita Nair

Business Owner · Kochi, Kerala

FAQ

Frequently Asked Questions on Used Car Loan

Everything you need to know before applying for a second-hand car loan in India.

Used car loan interest rates at Fixrupee start from 9.5% p.a. and go up to 14% depending on your CIBIL score, income, vehicle age, and loan tenure. A CIBIL score above 750 typically fetches the lowest rates.

You can get up to 100% of the assessed value of the pre-owned car, up to a maximum of ₹50 Lakh. The exact amount depends on the car's condition, age, and your repayment capacity.

We offer a maximum tenure of 84 months (7 years) on used car loans, making your EMIs significantly more affordable. The minimum tenure is 12 months.

A CIBIL score of 650 or above is generally required. Scores of 750+ qualify for the best interest rates. If your score is below 650, you may still be eligible with a co-applicant or higher income.

Yes. Both salaried and self-employed individuals — including business owners, freelancers, shop owners, taxi drivers, and farmers — can apply. Self-employed applicants need ITR for the last 2–3 years.

We finance pre-owned cars up to 10 years old, provided the combined age of the car and the loan tenure does not exceed 15 years. All major brands — Maruti, Hyundai, Toyota, Tata, Honda, Mahindra — are accepted.

No prepayment charges after completing 6 regular EMIs. You can part-prepay or fully foreclose your loan anytime thereafter at zero extra cost.

A used car loan is almost always better. It offers lower interest rates (starting 9.5% vs 14%+ for personal loans), higher loan amounts, longer tenures, and the car itself acts as collateral — reducing your borrowing cost significantly.

Click "Apply Now" at the top of this page → Fill in your basic details → Upload documents digitally → Get approval within 2 hours → Receive funds within 24 hours. The entire process is 100% online and paperless.

Used Car Loans