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TMFSL PRODUCT OFFERINGS: USED VEHICLE LOAN


Tata Motors Finance Solutions Limited (TMFSL) aspires to be the Most Preferred Partner when it comes to Used Vehicle Financing. We provide flexible loans to individuals who wish to start up their own business as well as fleet operators who are looking forward to expand their business by acquiring used vehicles.

repurchase

REPURCHASE
LOANS

TMFSL offers quick & hassle-free finance to customers of any segment, for buying used vehicles.

refinance

REFINANCING
LOANS

Get easy finance for your Business or Personal needs with our attractive refinance offer on your existing vehicle.

balance Transfer

BALANCE
TRANSFER

Switchover your existing vehicle loan to TMFSL for additional funding with longer tenures & reduced EMI burden.

balance Transfer

Top Up
Loan

Additional funding is offered to an existing customer on running TMFSL loan. Top up loan runs simultaneous to the parent loan & the customer pays 2 EMIs against the same CV.

Benefits

Quick loan disbursal with minimum documentation

Support and assistance for RTO formalities.

Higher Eligibility (up to 90%), and enhanced tenure up to 60 months *

 

(*Subject to credit assessment)

Key Features

Attractive Interest Rates

Loans from INR 75,000/- onwards

Funding for entire range of used vehicles

Covers vehicles up to 12 years old (At the time of loan maturity)**

 

**Ageing norms vary according to vehicle category

Documentations:

ID Proof – (Pan Card, Adhaar Card, Voter Id, Passport, Employee Id – For Govt Employees & PSU’s, Driving License...) – PAN/Aadhar**

Address Proof (Ration card /Driving License/ Voter's ID / Utility Bill (within last 3months) / Registered Rental Agreement / Passport)

Vehicle Documents – Registration Certificate with TMFL Hypothecation, Comprehensive Insurance, Tax, Fitness, Permit

 

**Detailed document requirement will vary according to customer profile.

What is repurchase finance?

It’s the finance offered to purchase a used vehicle.

What is refinance?

It’s a loan on your existing vehicle.

Is track record mandatory for repurchase or refinance?

Repayment Track Record is required, where ever applicable.

What is balance transfer?

If you having a loan on your existing vehicle, we can take over the loan by paying the outstanding amount to your financier. You can then start paying us the balance with revised conditions to suit your requirements.

On which vehicles can I avail a loan?

You can avail a loan on any vehicle manufactured by TATA Motors Ltd.

Can I avail loan on a Non-TATA vehicle?

Yes, but this is allowed only if you need funds to buy a new TATA vehicle.

What documents do I need to avail a loan?

Please refer to the list of documents mentioned in the above tab.

Is it mandatory to get a guarantor?

No, a guarantor is not mandatory. The evaluation of your loan proposal depends on your individual credit worthiness.

Can I rope in another borrower to enhance my eligibility?

Yes, a linear blood relative can be roped in as co-borrower.

What should be the maximum age of the vehicle?

The eligible age for used vehicles varies from 8 years to 12 years on the date of maturity. This varies from model to model.

Do you need collateral security?

Collateral is not mandatory; this is required on case to case basis.
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