Used Vehicle Loan
Finance your pre-owned vehicle. Interest rates starting from 18.49% p.a.
Get competitive financing for an eligible pre-owned vehicle with flexible tenure, straightforward documentation and transparent pricing.
Up to 90% vehicle value financing
Interest rates starting from 18.49% p.a.
Flexible tenure
Independent vehicle valuation
Easy documentation
EMI calculator
Transparent pricing
Final interest rate is based on the applicant's credit profile, income, loan amount, collateral/asset, loan-to-value ratio, tenure and Basel Investments Limited's prevailing credit and interest-rate policy.
For every application, Basel will provide the applicable Key Fact Statement containing the final interest rate, APR and applicable fees and charges before execution of the loan agreement.
No pre-payment or foreclosure charge is levied on a floating-rate loan taken by an individual for a purpose other than business, whatever the source of the money used to repay and with no minimum lock-in period, as the Reserve Bank of India (Pre-payment Charges on Loans) Directions, 2025 require. Where a charge does apply, it is stated in your sanction letter, Key Fact Statement and loan agreement before you sign, and on a term loan it is charged only on the amount prepaid.
Subject to eligibility, credit assessment and Basel Investments Limited's applicable policies. All interest rates are stated on an annualised basis.
Terms
What this product is
- Structure
- Equal monthly instalments on a reducing balance.
- Rate of interest
- Starting from 18.49% p.a., up to 26% p.a. Fixed rate, reducing balance.
- Processing fee
- Up to 1.50% of the loan amount, plus applicable taxes.
- Tenure
- Normally up to 60 months; up to 72 months for selected assets.
- Repayment
- Monthly EMI.
- Purpose
- Purchase of an eligible pre-owned vehicle.
- Loan amount
- ₹75,000 to ₹40 lakh.
- Funding
- Up to 85% of the assessed vehicle value, and up to 90% for selected newer vehicles and eligible customers.
- Interest calculation
- Fixed rate, reducing balance.
- Vehicle valuation charges
- At actuals.
- Security
- Hypothecation of the financed vehicle.
Who this suits
Individuals buying an eligible pre-owned vehicle.
Used Vehicle Loan
Indicative LTV by vehicle age
| Vehicle age | Up to LTV |
|---|---|
| Up to 2 years | 90% |
| 2 to 4 years | 85% |
| 4 to 6 years | 80% |
| Older eligible vehicles | Lower LTV, based on valuation |
Subject to eligibility, credit assessment and Basel Investments Limited's applicable policies. Final interest rate is based on the applicant's credit profile, income, loan amount, collateral/asset, loan-to-value ratio, tenure and Basel Investments Limited's prevailing credit and interest-rate policy.
EMI calculator
Work out your EMI.
- Monthly EMI
- ₹9,523
- Principal
- ₹4,12,500
- Total interest
- ₹2,73,144
- Total amount payable
- ₹6,85,644
Illustrative only, and not an offer. The EMI is calculated on a reducing balance and excludes the processing fee and other charges. The rate starts at the product's starting rate, which is not available to every applicant. Final interest rate is based on the applicant's credit profile, income, loan amount, collateral/asset, loan-to-value ratio, tenure and Basel Investments Limited's prevailing credit and interest-rate policy. Your final rate, EMI and APR are stated in your Key Fact Statement before you sign.
Apply
Apply for Used Vehicle Loan
Subject to eligibility, credit assessment and Basel Investments Limited's applicable policies.
We do not ask for your Aadhaar number here. Never share an OTP, card PIN or password with anyone claiming to act for Basel.
Before you borrow
Read this part properly.
Your vehicle is the security for this loan
If the loan is not repaid, Basel may enforce its security over the vehicle and sell it to recover what is owed. That is the central difference between this loan and an unsecured one, and it is worth weighing before anything else.
Your loan agreement carries the repossession clause the Reserve Bank requires, in terms agreed with you before you sign. It states the notice you are given before Basel takes possession of the vehicle, the circumstances in which that notice may be shortened, how possession is taken, the final opportunity you are given to repay before any sale, how the vehicle is returned to you if you do repay, and how a sale is conducted. Any amount left over after the debt and the costs of sale are met is paid back to you.
Repaying early
Charge: As stated in your Key Fact Statement and loan agreement.
Applies: No pre-payment or foreclosure charge is levied on a floating-rate loan taken by an individual for a purpose other than business, whatever the source of the money used to repay and with no minimum lock-in period, as the Reserve Bank of India (Pre-payment Charges on Loans) Directions, 2025 require. Where a charge does apply, it is stated in your sanction letter, Key Fact Statement and loan agreement before you sign, and on a term loan it is charged only on the amount prepaid. Every charge on this loan is in the schedule of charges.
Missed payments
Charge: 3% per annum on the overdue amount, calculated for the period of default.
Applies: Only when an amount is not paid by its due date. Penal charges are not capitalised, and no further interest is charged on penal charges. The charge is for the default: it is not added to the rate of interest.
Missed repayments are reported to credit information companies and will affect your credit record. How repayment may be pursued is set out in our Fair Practices Code.
Applies to this product
Standard terms
- Maximum contractual rate
- Not exceeding 50% per month. This is a ceiling on the rate of interest. It does not cap the APR, which also carries the processing fee and GST, and which is therefore disclosed as a figure in its own right.
- Goods and Services Tax
- 18% on fees and charges that attract it, as the law requires. GST is never charged on interest.
- Annual Percentage Rate
- All-inclusive and not compounded. It is the whole cost of the credit expressed as a fraction of the amount actually received, scaled to a year. Disclosed in the Key Facts Statement before the borrower accepts.
- Who computes the figures
- The server. The application never performs arithmetic on money and never treats a locally held figure as authoritative.
Questions
Used Vehicle Loan: frequently asked questions
- What rate will I be offered on a used vehicle loan?
- Interest rates start from 18.49% p.a., up to a standard maximum of 26% p.a., fixed, on a reducing balance. The starting rate is not available to every applicant: the final interest rate is based on your credit profile, income, loan amount, the vehicle, loan-to-value ratio, tenure and Basel's prevailing credit and interest-rate policy, and is stated in your Key Fact Statement before you sign.
- How much of the vehicle's value can be financed?
- Normally up to 85% of the assessed vehicle value, and up to 90% for selected newer vehicles, for loans from ₹75,000 to ₹40 lakh.
- How is the vehicle valued?
- By an independent valuation. Vehicle valuation charges are payable at actuals.
- Are there charges for repaying early?
- These are fixed-rate loans, so a foreclosure or part-prepayment charge may apply. Any charge is stated in your sanction letter, Key Fact Statement and loan agreement before you sign, and on a term loan it is charged only on the amount prepaid. Under the Reserve Bank of India (Pre-payment Charges on Loans) Directions, 2025, no such charge is levied on a floating-rate loan taken by an individual for a purpose other than business.