Buy a second hand car on EMI with an instant personal loan from Navi

Enjoy attractive interest rates starting at 9.9% p.a. with flexible EMI options

What is a Used Car Loan?

Purchasing a brand new car can be a costly affair for many. So, to reduce the financial burden, many consumers opt for pre-owned used cars or second hand car loans. Generally speaking, you can get up to 80% financing of the total value of the car with flexible repayment options. You have to pay the rest of the amount out of your pocket. This is where a personal loan for a used car can help you.

Navi offers instant personal loans that you can utilise to purchase a pre-owned car. The benefits are many – instant disbursal, zero paperwork, no collateral required, etc. So, whether you’re looking for additional funds for down payment or to purchase a new car, get a personal loan from Navi. Just download the Navi app and apply today!

Features and Benefits of a Used Car Loan

Features and Benefits of a Used Car Loan

Apply through the Navi Personal Loan app and get your loan approved and disbursed to your account within a few minutes
Get loans up to ₹20 lakh and buy a pre-owned car of your choice
Enjoy competitive interest rates starting from 9.9% p.a.
No paperwork or physical interaction required. Just download the Navi app and apply!
Enjoy repayment tenure up to 72 months. Repay at your convenience
No lengthy documentation process. Apply with your PAN and Aadhaar details via the Navi app

How to Apply for a Used Car Loan with Navi?

Follow the steps below to apply for a used/second hand car loan:
Download the Navi App from Play Store or App Store
Enter a few basic details like name, address, PAN, etc., to check your eligibility
Enter the loan amount and tenure
Our representative will call you. Complete your V-KYC with PAN
Enter bank details and set-up auto pay. Get instant money in your bank account

How to Apply for a Used Car Loan with Navi?

How To Apply

Eligibility Criteria and Documents Required

Indian Resident 18-65 years of age

PAN Card Holder

Salaried or Self-Employed

Aadhaar Card Holder

Second Hand Car Loan Interest Rates in India

Navi offers personal loans for purchasing second hand cars at attractive interest rates starting from 9.9% p.a. However, the final interest rate offered depends on your eligibility.
Interest Rate9.90% p.a. onwards
Processing FeeNil*
Loan AmountUp to ₹20 lakh
Loan Prepayment FeeNil
Loan TenureUp to 72 months

How to Calculate EMI on Personal Loan for Used Car?

The EMI of a used car/personal loan depends on three factors – loan amount, tenure and interest rate. The mathematical formula to calculate EMI is:

EMI = P × r × (1 + r)n/((1 + r)n – 1) where P= Loan amount, r= interest rate, n=tenure in number of months.

However, calculating EMI manually can be tedious and time consuming. As an alternative, you can use our used car loan EMI calculator to instantly check your monthly repayment obligations. All you need to do is select the loan amount, tenure and interest rate, and you shall be able to view the EMI amount.

Used Car Loan Calculator

Loan Amount

Rate of Interest (P.a)


Loan Tenure (Months)


Monthly EMI


Total Interest

Total Amount

Why Choose a Navi Personal Loan for Your Second Hand Car?


No heavy paperwork. Minimal documents. Instant disbursal. Applying for a personal loan for pre-owned car purchase is a breeze when you have Navi by your side. Download the Navi app and apply for a personal loan from anywhere, anytime and on the go.

Customer-first experience

The Navi app is designed to provide superior customer experience. Housing a user-friendly and easy-to-navigate interface, applying for a loan has never been easier. The entire loan journey - from application to disbursal - just takes a few minutes of your time.

Competitive pricing

Enjoy attractive interest rates and zero foreclosure fees with Navi Personal Loan. This positions Navi Personal Loan as one of the most affordable loan products in the market.

Trusted by Millions of Users

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App Downloads
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Loan Sanctioned
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Loan amount disbursed
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Apr 27

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Frequently asked questions

Yes, you can finance a second-hand or used car with the help of a personal loan. You can use this amount either as a down payment to purchase the car of your choice or making full payment towards the sale price of the second-hand car. Either way, getting a personal loan to buy a used-car could help you save you from unnecessary paperwork.
Having a good credit score can help you get better deals on your loan like lower interest rate, bigger ticket size, etc. In case you are wondering how to improve your credit score, read our blog for a detailed guide.
Yes, through full repayment you can foreclose your personal loan. Navi doesn’t charge any loan preclosure fee.
You can reduce your EMI by opting for a balance transfer, meaning, transferring your existing loan account to a new lender at a lower interest rate. Alternatively, you can also opt for a higher repayment tenure to reduce your EMI outgo.
Defaulting on your loan can call for penalty charges. It can also affect your credit score and creditworthiness. So, make sure to pay your EMIs on time.

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