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OVERVIEW

ABOUT USED CAR LOAN

Opting for a used car loan is a smart, value-for-money purchase. We offer used car loans for a wide collection of cars ranging from hatchbacks & SUVs to premium sedans. We extend loans up to 70% loan on your car value and provide flexible EMI repayment options, and quick disbursal of loans which makes SRfinance the best choice for financing your car.

Now get a Used Car Loan up to ₹50 lakhs from SRfinance. SRfinance Pre Owned Car Loan offers used car Loans with easy documentation and competitive interest rates. Your favourite Car is just a click away.

Know more about our offerings

Quick Processing

With minimal paperwork and quick processing, online application process,You just need to fill in our application form

Flexi EMI Options

Our Flexi EMI Car Loans allow you to repay your loan according to your convenience.

Flexible Tenure

You have the freedom to repay your loan over a period of 30 months

Competitive interest rates

Our interest rates are the best among all lenders; we offer rates and tools that will benefit you the most.

Application Process

Online Application

You can apply for a Used Car loan by just filling up your basic details.

Scrutiny and Verification

We will verify your submitted documents

Explore dealership

Walk into a used car dealership associated with SR-Finz

Approval

Post approval, the loan is sanctioned.

Document Submission

SR-Finz representative will be available at the dealership to assist you with the submission of your documents.

Drive Away

Receive the required Used Car Loan in your bank account – and drive away in your favorite used car.

Our Used Car Loan comes with some great features that allow you to enjoy flexibility and comfort at your fingertips.

Minimum paperwork

Hardly any paperwork is required for a Used Car Loan.  Almost all the loan activities can be done online without taking the trouble of visiting a branch. The only paperwork we need from you is the application form and rest of the loan-related activities are taken care through our digital platform to make your experience comfortable.

Repayment

You can decide how you want to repay your loan according to your convenience. Choose from our host of  like , Post-dated cheques.

Competitive interest rates

Our interest rates are the best among all lenders; we offer rates and calculations that benefit you the most.

High loan amount

You can take as high as ₹50,00,000 of loan amount.

Minimum documents

We ask for minimal documents while processing your request.

Instant online approval

You can get instant approval through our secure platform once we get all the information and documents from you.

ELIGIBILITY AND DOCUMENTATION

Select your occupation type

SALARIED

USED CAR LOAN ELIGIBILITY


Eligibility

You need to meet some basic conditions to be eligible for a Used Car Loan. Following are the general Used Car Loan eligibility factors:

You need to be in the age group of 21-65 years.

You should earn a salary of Rs. 30,000 per month.

You should have a minimum of 1 year of work experience.

Documentation

You need to submit:

The standard documents required to establish your credentials.

Proof of identity and proof of residence.

Income documents, ITR, trade license and ownership of business documents relevant to your salary, profession or business.

 

  • Age, address, ID and signature proof
  • Bank statement OR Passbook Copy
  • Income document (salary slip/form 16/ITR with computation of income)
  • Photocopy of vehicle RC book and insurance certificate
  • Pan Card
  • Gas Bill Required

SELF EMPLOYED

  • GST certificate
  • Shop Act or business proof Under age
  • Address & ID Proof
  • Repayment track of existing or completed loan
  • TDS certificate
  • PAN Card

PROPRIETORSHIP AND/OR PARTNERSHIP FIRM

  • Income document (salary slip/form 16/ITR with computation of income)
  • Photocopy of vehicle RC book and insurance certificate
  • Partnership deed with declaration for partnership firm
  • Age, address, ID and signature proof
  • Repayment track of existing or completed loan
  • Shop Act or Business Proof
  • Bank statement OR Passbook Copy
  • PAN Card
  • TDS certificate
  • GST certificate

PRIVATE AND/OR PUBLIC LIMITED COMPANIES

  • Age, address, ID and signature proof
  • Income document (salary slip/form 16/ITR with computation of income)
  • Bank statement OR Passbook Copy
  • MOA/AOA with board resolution for private/public ltd. firm
  • PAN Card

FAQs

What is an EMI?

EMI stands for ‘Equated Monthly Instalments’. The instalment comprises two components – the principal and the interest. EMIs provide you with the ease and benefit of paying back your loan in fixed monthly payments over a long period of time.

What documents are required to change my communication/ mailing address?

Please mail a self-attested copy of any KYC document (as mentioned in the Eligibility and Documentation section) to info@srfinz.com, or walk into any of our branches with your documents.

Does SRFINZ offer any special schemes?

We frequently offer special schemes – don’t miss out! To avail of our latest offers, get in touch with us.

I am an existing customer; can I apply for another loan?

Yes. However, please note that the approval of your loan is subject to your credit score and fulfilment of eligibility criteria for the product.

Will I be eligible for any special schemes after I have repaid my loan?

Once you have cleared your loan without default, you may be eligible for special schemes.

Do I have the option of prepaying my loan?

Yes, this can be done as per the foreclosure terms mentioned in your loan agreement.

How long will it take to get a loan?

Your loan will be processed within 24 to 48 hours depending upon the documents and verification requirement.

What are the tenure options for used car loans?

You can choose from any of the 7 well-placed repayment options of 6,10,12,15,20,24 or 30. months, which are designed to suit your requirements.

Is there any security/collateral which needs to be offered for this loan?

No. You only have to submit your KYC documents along with bank details for loan approval. Until the loan is repaid, the vehicle will be hypothecated to SR-Finz

What is down payment/margin money?

Down payment is a small initial amount that you will need to pay at vehicle dealership. It’s the difference between on-road price and loan amount sanctioned to you.

What cars can I buy with SR-Finz Services used car loans?

Leading auto manufacturers like Maruti Udyog, Tata Motors, Hyundai Motors, Ford India, Skoda, General Motors, Honda India, Fiat India, Toyota India are covered. Some discontinued models may not be eligible for finance.

Do I need a guarantor for used car loans?

No, but if your income does not meet our eligibility criteria, then you can club the income of your father/mother/spouse/son to become eligible for your loan. They would need to come in as a co-applicant for the loan.

What is the procedure to get NOC?

Once you have completed your loan repayment, we will process and close your loan, post which a physical copy of the NOC will be sent to your registered address. You may also contact our customer care number at 044 28131189 or write to us at info@srfinz.com.

When do I become eligible to get an NOC? How can I receive it?

You can get your NOC once you’ve paid your entire loan amount and any corresponding dues applicable.

Being an existing customer, can I apply for another loan?

Yes, you can apply for another loan.

Do I need a guarantor?

yes, a guarantor is required.

Who can be a co-applicant for the loan?

Your spouse or any blood relative staying at the same residence as yours can be a co-applicant.

What will be done with the post-dated cheques if I request to change the mode of repayment/ account for my loan?

The cheques submitted, will be defaced and retained. And in case you wish to get back your cheques, kindly lodge a request with our customer care or write us an email at info@srfinz.com.

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