The pre-owned automobile industry in India, estimated to be worth USD 23 billion in FY22, is anticipated to expand at a CAGR of 19.5% through FY27. Numerous variables, including the availability of certified used cars, a reduction in the average ownership period for cars, easy finance, and higher discretionary incomes, are believed to be responsible for the increased spike. However, selecting the right lender for a used car loan online is vital. With Muthoot Capital’s used car loan, enjoy the streamlined procedure, quicker loan approval, and complete flexibility. 

Who is eligible to apply for a used automobile loan from Muthoot Capital?

To avail of a used car loan from Muthoot Capital, applicants have to fulfil the below eligibility conditions:

  • An applicant must be an Indian national and a salaried/self-employed person/agriculturist to avail of a used car loan. 
  • When applying for used automobile financing, applicants must be 21 years old or older and younger than 65 at the conclusion of the loan’s term.
  • Additionally, a salaried employee must have a minimum net salary of Rs. 5,000 p.m (Rs. 1,80,000), and a self-employed person must have a net profit of Rs. 1,50,000/- p.a.

What documents are required to avail of a used car loan from Muthoot Capital?

The documents required to avail of a used car loan online from Muthoot Capital are: 

1. Proof of identity: 

For identity proof, one can submit any one of Adhaar card/passport/driving licence/voters ID card/PAN card.

2. Proof of income:

For income proof, submit any of the following; Form 16/ITR/pay slip/salary credit in the bank statement

3. Proof of address:

For address proof, submit any of the following; Aadhaar card/passport/ voters ID card/telephone bill/driving licence/electricity bill/ration card/ gas connection bills/LIC policy.

4. Proof of asset:

For asset proof, submit any of the following; Latest tax receipt of building/land/house.

5. Photo proof:

Recent passport size photo

What are the steps to avail a used car loan from Muthoot Capital?

To benefit from a used automobile loan from Muthoot Capital, do the following actions:

  1. Complete the used car loan online application form or visit the branch to apply in person.
  2. In the second step, applicants can verify the eligibility requirements and the loan amount they can borrow for a used car. 
  3. Find the duration and amount that works best for you using the EMI calculator on the website or the app.
  4. Submit the necessary documents.
  5. Receive quick loan approval and disbursement so you may get the vehicle of your dreams.

With Muthoot Capital, securing a used car loan is quick and straightforward, with few documents required. Avail LTV up to 95% at a competitive car loan rate used starting from 8.5-9% onwards, flexible repayment terms ranging from 12 to 60 months and loan amounts from Rs. 50,000 to Rs. 10 Lakhs. Borrowers must carefully evaluate their finances and then opt for a loan. Since if they cannot repay the loan, their credit score will get impacted, and the car will also be seized. They can utilise the used car loan EMI calculator provided by Muthoot Capital to estimate the car loan rate used and the EMIs and manage their finances.