Cholamandalam Used Car Loan
A used-car loan, also called a pre-owned or second-hand car loan, is financing that helps a borrower buy a vehicle that has already been owned and registered by someone else, rather than a brand-new car from a dealership. Borrowers typically use this kind of loan when they want a car within a smaller budget, when a specific model is no longer sold new, or when they prefer to spread the cost of a pre-owned vehicle over a fixed repayment period instead of paying the full price upfront.
The financed car usually acts as security for the loan, and the amount a borrower may receive depends on factors such as the vehicle's assessed value, age and condition, along with the applicant's profile and repayment capacity. Cholamandalam Investment and Finance Company, a non-banking financial company that has operated since 1978 and is part of the Murugappa Group, offers a pre-owned car loan that emphasises a largely digitised application and approval journey, limited paperwork and quick disbursal once documents are verified.
Chola highlights the convenience of in-principle sanction at the customer's location, doorstep support from its executives and a wide branch network, and it links the offering to its Gaadibazaar used-car portal so buyers can browse vehicles. Any sanction, funding level and final terms are subject to Chola's assessment and are not guaranteed.
No verified interest rate is available for the Cholamandalam used car loan.
Eligibility
Loan terms
- Largely digitised application and approval process for pre-owned car purchases
- In-principle sanction offered at the customer's location
- Doorstep support from Chola executives during the loan journey
- Wide branch network supporting the used-car loan offering
- Linked to Chola's Gaadibazaar portal for browsing pre-owned vehicles
Documents
- PAN and Aadhaar
- Last 3 salary slips (salaried) or 2-year ITR (self-employed)
- 6-month bank statement
- Passport-size photograph
- Vehicle RC + valuation / inspection report
Fees & charges
FAQ
A used vehicle is riskier collateral and depreciates faster, so lenders price the rate higher and finance a smaller share of the value. NBFCs often approve older cars and thinner files that banks decline.
Every row is date-stamped with the day we last checked it, and links to the lender’s published material so you can confirm it yourself. A row we confirmed against the source reads “Verified”; one we could only sight reads “as of”, and is not presented as confirmed. Anything we have not re-checked in 60 days is marked “rate under review” rather than left to look current. We do not claim a fixed re-checking cycle — the date on each row is the honest answer.
No. Viewing rates is not a credit enquiry and has no score impact. A hard enquiry happens only when you formally apply to a lender.