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Shriram Used Car Loans

Used Car Loans in Mumbai

Mumbai, the financial hub of India, is a city where owning a car can be both a necessity and a luxury. For many, purchasing a used car is a more affordable option compared to buying a new one. Used car loans provide the financial support needed to make this purchase feasible. Shriram Finance is one of the prominent lending institutions offering used car loans in Mumbai, catering to the diverse needs of car buyers.

Used Car Loan Types in Mumbai

Shriram Finance offers different kinds of second-hand car loan options to cater to diverse customer requirements. Choose the loan type that best fits your requirements and financial situation.

Pre-Owned Car Loan

Pre-Owned Car Loan

For purchasing pre-owned cars, providing financing up to 85%* of the vehicle's value.
Loan Against Car (Car Refinancing)

Loan Against Car (Car Refinancing)

This option allows you to leverage the value of your car to access funds, provided there are no existing loans on the vehicle. It's ideal for meeting immediate financial needs without selling your car.

Features and Benefits of Used Car Loans in Mumbai

The features and benefits of a Used car loan in Mumbai offered by Shriram Finance are designed to make it easier for customers to buy a used car without financial stress.
Competitive Interest Rates

Competitive Interest Rates

Starting at 10%* p.a., making financing more accessible.
Flexible Repayment Tenures

Flexible Repayment Tenures

Loans can be repaid over a period of up to 48 months.
High Financing Percentage

High Financing Percentage

up to 85%* of the vehicle's value can be financed.
Regular Reminders

Regular Reminders

Timely notifications to help manage loan payments effectively.
Easy Online Application

Easy Online Application

The application process is simple and hassle-free, allowing you to apply online in just a few steps.
Car Refinancing Options

Car Refinancing Options

While not a balance transfer, our refinancing allows you to leverage your car's value for additional funds without an existing loan.
Dedicated Customer Service

Dedicated Customer Service

Our customer service team is always available to assist with any queries or concerns.
Customised Loan Solutions

Customised Loan Solutions

We offer tailored loan options to meet your specific financial needs and preferences.

Used Car Loan Interest Rates in Mumbai

Shriram Used Car Loan Interest Rates in Mumbai start at 10%* p.a., offering competitive and affordable financing options. Our interest rate is designed to help you manage your loan repayments comfortably, ensuring that owning a pre-owned vehicle remains within your budget. Below is a summary of the key charges and fees associated with our Used Car Loan:

Type of Fees Applicable Charges
Interest RateStarting from 10%* p.a.
Processing Feesup to 5%*
Foreclosure Chargesup to 4%*
Loan Tenureup to 48 months

Use our second-hand car loan EMI calculator to get an estimate of your potential interest rate and EMIs. This tool helps you plan your finances better before applying for a loan.

How to Use the Used Car Loan EMI Calculator

To use the pre-owned car loan calculator, simply select your desired loan amount and tenure. The calculator will instantly provide your monthly EMI helping you plan your finances effectively. It is a user-friendly tool to help you plan your loan. This calculator helps you understand how different loan amounts and tenures affect your monthly payments, allowing you to choose the most suitable option for your budget.

STEP 01

Required Loan Amount

STEP 02

Interest Rate

%

Min 10%

Max 42%

STEP 03

Loan Tenure
months

Min 18 months

Max 48 months

Loan Summary

loangraph

Loan

Loan Amount

₹ 1,00,000

Interest Payable

₹ 8,103

Monthly EMI

₹ 6,006

Car Refinancing in Mumbai

Shriram Finance offers car refinancing options in Mumbai, allowing you to leverage your vehicle's value for immediate funds without having to sell it. This service helps you to use your car's equity to access immediate funds which can be useful for various financial needs. Our refinancing solutions provide competitive interest rates and flexible repayment options so that you can effortlessly manage your finances while keeping your vehicle. This option is available if there are no existing loans on the vehicle, making it a practical financial solution for those needing additional funds.

Eligibility and Documentation Criteria for Used Car Loans in Mumbai

To check used car loan eligibility online, applicants must meet the following criteria. These documents may vary based on the applicant's profile and the loan amount.

  • Individual IconEligibility Criteria:
    • Age Minimum 21* years, with a maximum age of 59* years at loan maturity.
    • Residency All Indian residents.
    • Income Requirements vary based on the vehicle model, age, and repayment tenure.
  • Individual IconRequired Documents:
      To check used car loan eligibility online, applicants must meet certain criteria. The essential documents required include:
    • KYC Documents Proof of identity and address.
    • Income Proof Salary slips for salaried individuals, income tax returns (ITR) for self-employed.
    • Bank Statements Recent bank statements may be required.
    • Vehicle Documents Registration certificate and insurance details of the used car.

Step-by-Step Application Process for Used Car Loans in Mumbai

To apply for a used car loan, follow the steps below:

How To Apply
  • Step 1

    Visit the Shriram Finance website and register using your mobile number.
  • Step 2

    Verify the OTP sent to your mobile number to proceed.
  • Step 3

    Provide your personal information such as name, address, and contact details.
  • Step 4

    Once your application is submitted, a representative will connect with you to process your loan further.

Our Used Car Loan Branches in Mumbai

Shriram Finance has numerous branches across Mumbai to serve you better. Key locations include: 

Locate Us

or

  • ANDAMAN AND NICOBAR ISLANDS
  • ANDHRA PRADESH
  • ASSAM
  • BIHAR
  • CHANDIGARH
  • CHHATTISGARH
  • DADRA AND NAGAR HAVELI
  • DELHI
  • GOA
  • GUJARAT
  • HARYANA
  • HIMACHAL PRADESH
  • JAMMU AND KASHMIR
  • JHARKHAND
  • KARNATAKA
  • KERALA
  • Karnataka
  • MADHYA PRADESH
  • MAHARASHTRA
  • MANIPUR
  • MEGHALAYA
  • Madhya Pradesh
  • Maharashtra
  • ODISHA
  • PUDUCHERRY
  • PUNJAB
  • RAJASTHAN
  • SIKKIM
  • TAMIL NADU
  • TELANGANA
  • TRIPURA
  • Tamil Nadu
  • Telangana
  • UTTAR PRADESH
  • UTTARAKHAND
  • WEST BENGAL

Used Car Loan Customer Care in Mumbai

Shriram Finance offers dedicated customer care services in Mumbai for Pre-owned car Loan queries. You can call us or visit any branch for personalised support. Below are our used car loan customer care numbers: 

Used Car Loan Status in Mumbai

To check your Used Car Loan Status in Mumbai, simply log in to your account on the Shriram Finance website, navigate to the 'Loan Status' section and finally enter your application number or loan account number. You can also call our customer care number or visit a branch to inquire about your loan status. We strive to keep you updated throughout the loan process.

Used Car Loan FAQs

Can I get a Used Car Loan in Mumbai?

Yes, you can get a Used Car Loan in Mumbai from us. We offer adaptable and convenient financing options for pre-owned vehicles.

What are the eligibility criteria for a Used Car Loan in Mumbai?

To be eligible for a Used Car Loan, you must be an Indian resident, at least 21*, and not more than 59* at loan maturity. The income requirement varies based on the vehicle model, age, and repayment tenure.

What is the interest rate on a Used Car Loan?

The interest rate for our Used Car Loans starts at 10%* p.a. but the exact rate may vary based on individual factors.

What documents are required for a Used Car Loan in Mumbai?

Required documents include an application form, registration certificate of the vehicle, KYC documents, income proof, and bank statements. The exact list may vary based on your profile and loan amount.

What is the processing fee for a Used Car Loan?

The processing fee for a Used Car Loan is up to 5%* of the loan amount.

What is the down payment required for a Used Car Loan in Mumbai?

We offer financing of up to 85%* of the vehicle's value, which means you need to pay a down payment covering the remaining 15%*

Can I apply for a Used Car Loan online in Mumbai?

Yes, you can apply for a Used Car Loan online through the Shriram Finance website or Shriram One mobile app in a few easy steps.

What is the maximum loan amount I can get for a used car in Mumbai?

The maximum loan amount for a Used Car Loan is up to 85%* of the vehicle's value, with a minimum loan amount starting from ₹1 lakh*.

Disclaimer

The information provided in this guide is for educational purposes only and should not be considered financial advice. Always consult with a financial advisor before making investment decisions related to fixed deposits or any other financial products.