Piramal Finance Used Car Loan — Interest Rates, Eligibility & EMI (October 2026)
Piramal Finance prices used car loans in a compact 14.50% to 16.50% band on Nxcar. While its 14.50% starting rate is higher than prime banks and low-floor NBFCs like Hero FinCorp or Poonawalla, its 16.50% ceiling is notably restrained—2.25 to 4.50 points below high-yield NBFCs like Muthoot Finance, Cholamandalam and IndoStar Capital.Piramal's strength lies in practical, branch-supported underwriting for small business owners, shopkeepers and salaried employees in Tier 2 and Tier 3 cities whose income is real and verifiable through bank statements or field visits, even if their formal ITR is modest.If your CIBIL score sits between 675 and 725 and banks have declined you, Piramal's 16.50% cap protects you from runaway interest costs.
Comparing multiple banks before applying? Read our pillar used car loan guide or compare all lender rates across 27 banks and NBFCs.
Piramal Finance Used Car Loan Key Facts (October 2026)
| Lender Category | NBFC-UL (Piramal Capital & Housing Finance) |
|---|---|
| Interest Rate (p.a., Reducing Balance) | 14.50% to 16.50% |
| EMI per ₹1 Lakh (5-Year Tenure) | ₹2,353 – ₹2,458 |
| Maximum LTV (Funding Share) | Up to 85% 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+ |
| Processing Fee & Foreclosure | Processing: Check with lender · Foreclosure: Fixed-rate loan; check Key Facts Statement |
| Typical Sanction & Disbursal Speed | 24 to 48 hours |
Nxcar Lending Desk Note: Caps maximum rate at 16.50% — 2.51% below Cholamandalam's ceiling. (Median sanction time: 30 hrs; average loan size: ₹4,70,000).
what is Piramal Finance's used car loan interest rate by slab?
Below is the October 2026 slab-wise pricing structure for Piramal Finance across loan sizes, CIBIL bands, and income documentation tracks:
| Borrower / Loan Slab | Indicative Interest Rate (p.a.) | Key Underwriting Note |
|---|---|---|
| All loan sizes | 14.50% to 16.50% | 2-point spread |
Piramal Finance Used Car Loan: Honest Pros and Cons
Why Borrowers Choose Piramal
- • Tight 2-point rate band (14.50% to 16.50%) that caps worst-case interest at 16.50%
- • Strong branch presence in Tier 2 and Tier 3 cities with pragmatic income assessment
- • Cheaper ceiling than HDB Financial (17.51%), Muthoot (18.75%) and Cholamandalam (19.01%)
Matching borrower guide: used car loan for self-employed borrowers →
Limitations & Watch-Outs
- • 14.50% starting floor is uncompetitive for 750+ CIBIL salaried borrowers
- • Does not approve deep subprime scores below 650
Piramal Finance Used Car Loan EMI Table (₹3L to ₹12L over 5 Years)
Monthly EMIs and 5-year total interest computed on reducing-balance math across Piramal's lowest (14.50%), mid (15.50%), and ceiling (16.50%) rates:
| Loan Amount (60 Months) | At Lowest Rate (14.50%) | At Mid Rate (15.50%) | At Ceiling Rate (16.50%) |
|---|---|---|---|
| ₹3,00,000 | ₹7,058/moInterest: ₹1,23,509 | ₹7,216/moInterest: ₹1,32,957 | ₹7,375/moInterest: ₹1,42,521 |
| ₹5,00,000 | ₹11,764/moInterest: ₹2,05,848 | ₹12,027/moInterest: ₹2,21,596 | ₹12,292/moInterest: ₹2,37,536 |
| ₹8,00,000 | ₹18,823/moInterest: ₹3,29,357 | ₹19,243/moInterest: ₹3,54,553 | ₹19,668/moInterest: ₹3,80,057 |
| ₹12,00,000 | ₹28,234/moInterest: ₹4,94,036 | ₹28,864/moInterest: ₹5,31,830 | ₹29,501/moInterest: ₹5,70,086 |
Quick Used Car Loan EMI Calculator
Adjust loan amount, interest rate, and tenure on reducing-balance math
Estimated Monthly EMI
₹11,764/mo
Piramal Finance Pre-Owned Car Loan Eligibility & Documents
Salaried Applicants
₹18,000 a month (Check with lender)
Self-Employed Applicants
Cash-flow and banking assessment
| 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) | |
Piramal Finance vs Other Used Car Loan Lenders
See how Piramal Finance 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 |
|---|---|---|---|---|
| Piramal Finance (This Page) | 14.50% to 16.50% | Up to 85% of valuation (Check with lender) | 12 yrs at maturity | Self-employed & salaried in Tier 2/3 cities |
| Muthoot Finance | 14.75% to 18.75% | Up to 80% to 85% of valuation (Check with lender) | 12 yrs at maturity | Broad eligibility, lower CIBIL & semi-urban buyers |
| HDB Financial Services | 15.00% to 17.51% | Up to 85% of valuation (Check with lender) | 12 yrs at maturity | HDFC Bank subsidiary for non-prime profiles |
| IndoStar Capital | 15.01% to 21.01% | Up to 80% of valuation (Check with lender) | 12 yrs at maturity | Older cars, commercial-adjacent & sub-700 CIBIL |
| Equitas Small Finance Bank | 13.00% to 15.00% | Up to 80% of valuation (Check with lender) | 12 yrs at maturity | Vintage / older cars over 12 years |
Frequently Asked Questions (Piramal Finance Used Car Loan)
What is Piramal Finance's used car loan interest rate in October 2026?+
Piramal Finance's used car loan interest rate ranges from 14.50% to 16.50% 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 Piramal Finance fund for a second-hand car (maximum LTV)?+
Piramal Finance finances Up to 85% 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 Piramal Finance used car loan?+
Piramal Finance 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 Piramal Finance pre-owned car loan?+
Piramal Finance's typical CIBIL requirement is 675+. ₹18,000 a month (Check with lender)
Can I pre-pay or foreclose my Piramal Finance used car loan early?+
Yes. Foreclosure and pre-payment terms at Piramal Finance are governed by your Key Facts Statement (Fixed-rate loan; 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.
Who is Piramal Finance's used car loan best suited for?+
Piramal Finance is best suited for self-employed business owners and salaried buyers in Tier 2 and Tier 3 cities with a 675+ CIBIL score who want flexible income assessment and a capped 16.50% maximum rate.