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Used Car Loan

Apply for Used Car Loan online. Get loans for Hatchbacks, Sedans, MUVs & SUVs.

Group 1860

Easy repayment option

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Minimal documentation

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Speedy processing

Features

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Competitive interest rates

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Hassle-free documentation

Key Details

TENURE

Up to 84 months

PART PRE-CLOSURE

Enabling you to pay loans quicker, which will save you from paying more interest otherwise.

REPAYMENT PROCEDURE

Customer friendly repayment schemes for your different requirements

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Our Interest Rates

Mean rate and Interest rate range for the quarter April 2024 – June 2024

Segment

Mean Interest Rate

Min Rate (in %) p.a.

Max Rate (in %) p.a.

Used Car

17.25%

11%

24%

•Mean rate = Sum of rate of interest of all loan accounts / Number of all loan accounts.

Annualised Percentage Return (APR) for the quarter April 2024 – June 2024

Segment

Min Rate (in %)

Min Rate (in %)

Used Car

11%

24%

Interest Rate Effective From 1st October 2023

Product

Interest Rate (in %) p.a.

Tenure in (Months)

Used Car Loan

9.50% - 29.00%

12 - 84

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Here are our Charges

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Schedule of Charges

Type

Charges

Processing Charges#

1% to 2%


Documentation charge

Rs 1500 (inclusive of GST)


Overdue charges (ODC)

36% p.a


Cheque bounce charges (CBC)

Rs 500 for every cheque bounce


Insurance Renewal penalty charges (IRP)

258


Pre-closure charges

Foreclosure payment amount*3 or 4%


Part Pre-payment charges

2%


Field visit charges

250


Repossession charges (paid to the repo vendor)

Minimum Rs.3000/- to Maximum Rs.25000


Valuation charges (Paid to the valuator vendor)

Rs. 500-750


Legal charges (paid to the vendor)

Minimum Rs.250/- to Maximum Rs.30000


Parking Yard charges (Paid to the vendor)

Rs.50/- Per day or actuals depending on vehicle type whichever is higher


Duplicate NOC

500


Stamp Duty

At Actuals


Bank Swap charges

Up to Rs.1000/-


EMI Due Date Change

24% on POS into No. of days Divided by 365


*Goods and Services tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable)

# Processing fee would depend upon the loan amount, the nature of vehicle and other factors

Application forms complete in all respects will be processed within 14 days from the date of receipt of the application form.

Loan Application Forms and Loan Agreements can be accessed in Form Centre

Always use the customer care numbers displayed on Bank's official website.

DO NOT use any other numbers since this may put you at risk of fraud.

Please be aware of prank and deceptive calls.

Bank will never ask for sensitive information like Card Number, OTP, Password, CVV etc.

This is to inform you that www.equitasbank.com is the only registered and original web portal of Equitas Small Finance Bank Limited and we do not have web portal in the name of www.equitasbank.co. Anybody accessing the same will be at their own risk and loss and Equitas Small Finance Bank shall not be held liable under any circumstances for any loss of claim suffered by anybody dealing with the said web portal.

©2024, Equitas Small Finance Bank Ltd.