Equitas Small Finance Bank Used Car Loan — Interest Rates, Eligibility & EMI (October 2026)
Equitas Small Finance Bank occupies a unique niche in Nxcar's 27-lender roster: it is one of only two lenders with an explicit rate grid for cars older than 12 years, and its 'vintage' programme (16.00% to 19.00%) is a full 1.50 to 2.50 percentage points cheaper than Kotak Mahindra Bank's 12-to-15-year tier (18.50% to 20.50%).For standard cars up to 12 years old, Equitas SFB also maintains a clean 13.00% to 15.00% band, matching Bajaj Finserv's floor with a 1-point lower ceiling.Because Equitas has deep roots in vehicle finance across South, West and North India, its field valuation officers are comfortable assessing older, well-maintained vehicles that algorithm-only banks automatically reject.
Comparing multiple banks before applying? Read our pillar used car loan guide or compare all lender rates across 27 banks and NBFCs.
Equitas Small Finance Bank Used Car Loan Key Facts (October 2026)
| Lender Category | Scheduled small finance bank (RBI) |
|---|---|
| Interest Rate (p.a., Reducing Balance) | 13.00% to 15.00% |
| EMI per ₹1 Lakh (5-Year Tenure) | ₹2,275 – ₹2,379 |
| Maximum LTV (Funding Share) | Up to 80% of valuation (Check with lender) of assessed vehicle valuation |
| Repayment Tenure Range | 12 to 60 months (1 to 5 years) |
| Max Car Age at Loan Maturity | Up to 12 years at maturity |
| Minimum CIBIL Score Accepted | 675+ (flexible for asset-backed profiles) |
| Processing Fee & Foreclosure | Processing: Check with lender · Foreclosure: Check Key Facts Statement |
| Typical Sanction & Disbursal Speed | 36 to 72 hours |
Nxcar Lending Desk Note: Lowest published starting rate (16.00%) for used cars older than 12 years. (Median sanction time: 40 hrs; average loan size: ₹4,20,000).
what is Equitas Small Finance Bank's used car loan interest rate by slab?
Below is the October 2026 slab-wise pricing structure for Equitas Small Finance Bank across loan sizes, CIBIL bands, and income documentation tracks:
| Borrower / Loan Slab | Indicative Interest Rate (p.a.) | Key Underwriting Note |
|---|---|---|
| Standard used cars (up to 12 years) | 13.00% to 15.00% | Tight 2-point band |
| Vintage / older cars (over 12 years) | 16.00% to 19.00% | Cheaper than Kotak's 18.50%–20.50% for 12+ yr cars |
Equitas Small Finance Bank Used Car Loan: Honest Pros and Cons
Why Borrowers Choose Equitas SFB
- • Dedicated vintage car programme (16.00% to 19.00%) for cars older than 12 years — lowest published rate for 12+ year cars
- • Tight 13.00% to 15.00% rate band for standard used cars
- • Strong field-based income and vehicle valuation for self-employed borrowers
Matching borrower guide: used car loan for self-employed buyers →
Limitations & Watch-Outs
- • 13.00% standard starting rate is higher than private banks (10.00% to 10.76%)
- • Field verification can take slightly longer than instant digital NBFCs
Equitas Small Finance Bank Used Car Loan EMI Table (₹3L to ₹12L over 5 Years)
Monthly EMIs and 5-year total interest computed on reducing-balance math across Equitas SFB's lowest (13.00%), mid (14.00%), and ceiling (15.00%) rates:
| Loan Amount (60 Months) | At Lowest Rate (13.00%) | At Mid Rate (14.00%) | At Ceiling Rate (15.00%) |
|---|---|---|---|
| ₹3,00,000 | ₹6,826/moInterest: ₹1,09,555 | ₹6,980/moInterest: ₹1,18,829 | ₹7,137/moInterest: ₹1,28,219 |
| ₹5,00,000 | ₹11,377/moInterest: ₹1,82,592 | ₹11,634/moInterest: ₹1,98,048 | ₹11,895/moInterest: ₹2,13,698 |
| ₹8,00,000 | ₹18,202/moInterest: ₹2,92,148 | ₹18,615/moInterest: ₹3,16,876 | ₹19,032/moInterest: ₹3,41,917 |
| ₹12,00,000 | ₹27,304/moInterest: ₹4,38,221 | ₹27,922/moInterest: ₹4,75,314 | ₹28,548/moInterest: ₹5,12,875 |
Quick Used Car Loan EMI Calculator
Adjust loan amount, interest rate, and tenure on reducing-balance math
Estimated Monthly EMI
₹11,377/mo
Equitas Small Finance Bank Pre-Owned Car Loan Eligibility & Documents
Salaried Applicants
₹18,000 a month (Check with lender)
Self-Employed Applicants
Assessed on business cash flow
| Document Category | Salaried Applicants | Self-Employed Applicants |
|---|---|---|
| Identity Proof (KYC) | PAN card (mandatory) + Aadhaar card, Passport, Voter ID, or Driving Licence | PAN card (personal & firm if applicable) + Aadhaar card, Passport, or Voter ID |
| Address Proof | Aadhaar, utility bill (electricity/water/gas < 60 days), or registered rent agreement | Residence proof + Office/Shop proof (GST certificate, Udyam, Shop Act, utility bill) |
| Income Proof | Last 3 months' salary slips and Form 16 (exempt under No-Income-Proof programs) | Last 2 years' ITR with Computation of Income (or exempted under ABB / NIP banking programs) |
| Bank Statements | Last 6 months' salary bank account statement (PDF or Account Aggregator fetch) | Last 6 to 12 months' primary current and savings bank statements |
| Vehicle Documents | Registration Certificate (RC), valid comprehensive insurance policy, pollution (PUC) certificate, physical inspection & valuation report, and existing loan NOC/foreclosure letter (if the car currently has active finance) | |
Equitas Small Finance Bank vs Other Used Car Loan Lenders
See how Equitas Small Finance Bank compares against its three closest peer lenders on rate, LTV, and car-age rules:
| Lender | Interest Rate (p.a.) | Max LTV | Max Car Age | Best For |
|---|---|---|---|---|
| Equitas Small Finance Bank (This Page) | 13.00% to 15.00% | Up to 80% of valuation (Check with lender) | 12 yrs at maturity | Vintage / older cars over 12 years |
| Bajaj Finserv | 13.00% to 16.00% | Up to 85% to 90% of valuation (Check with lender) | 12 yrs at maturity | Fast digital process |
| RBL Bank | From 13.00% | Up to 85% of valuation (Check with lender) | 10 yrs at maturity | Private bank option starting at 13.00% |
| Loans24 (Cars24) | 13.01% to 15.01% | Up to 85% to 90% of valuation (Check with lender) | 12 yrs at maturity | Loans up to ₹10 lakh with digital flow |
Frequently Asked Questions (Equitas Small Finance Bank Used Car Loan)
What is Equitas Small Finance Bank's used car loan interest rate in October 2026?+
Equitas Small Finance Bank's used car loan interest rate ranges from 13.00% to 15.00% per annum on a monthly reducing-balance basis in October 2026. The exact rate you receive depends on your CIBIL score band, whether you submit income proof (salary slips/ITR) or apply under a banking surrogate, and the age of the car.
How much does Equitas Small Finance Bank fund for a second-hand car (maximum LTV)?+
Equitas Small Finance Bank finances Up to 80% of valuation (Check with lender) of the car's independent valuation price, with repayment tenures from 12 to 60 months (5 years).
What is the maximum car age allowed for a Equitas Small Finance Bank used car loan?+
Equitas Small Finance Bank requires the car's age plus your chosen loan tenure not to exceed 12 years at loan maturity. For example, a 5-year-old car can be financed for up to 7 years.
What is the minimum CIBIL score required for a Equitas Small Finance Bank pre-owned car loan?+
Equitas Small Finance Bank's typical CIBIL requirement is 675+ (flexible for asset-backed profiles). ₹18,000 a month (Check with lender)
Can I pre-pay or foreclose my Equitas Small Finance Bank used car loan early?+
Yes. Foreclosure and pre-payment terms at Equitas Small Finance Bank are governed by your Key Facts Statement (Check Key Facts Statement). Under the RBI Pre-payment Charges Directions 2025 (effective 1 January 2026), floating-rate consumer loans carry zero foreclosure penalty, while fixed-rate car loans typically charge 2% to 5% + GST after the initial lock-in period.
What is Equitas Small Finance Bank's rate for cars over 12 years old?+
Equitas Small Finance Bank prices used cars older than 12 years under its vintage programme at 16.00% to 19.00% p.a., which is lower than Kotak Mahindra Bank's 18.50% to 20.50% band for 12 to 15 year old cars.