Used-car finance through Mehar Advisory starts from 11.25% p.a.* The final interest rate depends on the selected lender, the vehicle, the applicant's credit profile and other case-specific factors.
Current Used Car Loan Interest Rate
Our network offers second hand car loan rates starting from 11.25% p.a.*
The starting rate is not a guaranteed rate for every applicant. The lender decides the final pricing after assessing the applicant and the vehicle.
What Determines Your Used Car Loan Interest Rate?
Two applicants can receive different rates even when they request the same loan amount because lenders assess the complete applicant and vehicle profile. The main factors include:
- 1. CIBIL / credit profile
- 2. Vehicle age
- 3. Vehicle value
- 4. Applicant income/profile
- 5. Existing repayment obligations
- 6. Loan amount
- 7. Tenure
- 8. Selected lender
How Does CIBIL Affect the Interest Rate?
A stronger credit profile can improve the lender options available to an applicant and may affect pricing. Mehar Advisory currently uses 650+ as the benchmark for used-car finance applications, but CIBIL alone does not determine the final rate.
You can learn how CIBIL affects used-car loan eligibility in our detailed credit guide.
Loan Amount and Funding
₹1 lakh to up to ₹50 lakh
Up to 90% of eligible vehicle value
Important: Actual funding depends on vehicle value, lender policy and applicant profile.
How Does Tenure Affect Your Loan Cost?
Used car loans are generally offered with a repayment tenure of 12 to 60 months.
A longer tenure can reduce the monthly EMI, but it can increase the total interest paid over the life of the loan.
Interest Rate vs EMI
Your EMI depends on the loan amount, final interest rate and tenure. A lower EMI does not necessarily mean a lower total borrowing cost if the tenure is longer. Total repayment is the sum of the principal borrowed plus the total interest accrued.
Use our EMI calculator to estimate your payments.
Other Charges to Check Before Applying
- File / processing charge: 1.5%
- Vehicle valuation: ₹700
- Other: Lender-specific charges may apply.
Why Compare Multiple Lenders?
Mehar Advisory acts as a financing/advisory intermediary and helps customers compare available options from 20+ banks and NBFCs.
Lender policies can differ on rate, funding percentage, maximum tenure, accepted vehicle age, eligible applicant profile, and associated charges. Comparing helps you find terms that match your profile.
Simple Rate Example
Illustrative Example Only
Looking for Used Car Finance in Jaipur?
Mehar Advisory helps customers in Jaipur compare available used-car finance options through a network of banks and NBFCs. You can apply online or get local assistance from the Jaipur team.
Who Can Apply?
- Salaried, Self-employed, Business owners
- Age: 21–60
- CIBIL: 650+ benchmark
- Income: ₹20,000/month benchmark OR strong overall profile
For full eligibility details, check our used car loan in Jaipur page.