NBFC Partner Review · October 2026Best for: Self-employed & salaried in Tier 2/3 cities

Piramal Finance Used Car Loan — Interest Rates, Eligibility & EMI (October 2026)

Reviewed by Arjun Mehta, Head of Credit & Lending Partnerships (CFA, 12+ yrs Auto Finance, Nxcar Lending Desk)
Last updated:

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.

Compare Piramal vs 26 Other Lenders

Piramal Finance Used Car Loan Key Facts (October 2026)

Piramal Finance used car loan interest rate, LTV, tenure and charges
Lender CategoryNBFC-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 Range12 to 60 months (1 to 5 years)
Max Car Age at Loan MaturityUp to 12 years at maturity
Minimum CIBIL Score Accepted675+
Processing Fee & ForeclosureProcessing: Check with lender · Foreclosure: Fixed-rate loan; check Key Facts Statement
Typical Sanction & Disbursal Speed24 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:

Piramal Finance used car loan interest rate slabs
Borrower / Loan SlabIndicative Interest Rate (p.a.)Key Underwriting Note
All loan sizes14.50% 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:

Computed 5-year monthly EMIs for Piramal Finance across loan sizes
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

Compare all 27 lenders for your profile
₹5,00,000
₹1,00,000₹15,00,000₹30,00,000
14.50%
10.00% (Lowest Bank)13.00% (Median)21.01% (High-Risk NBFC)
60 months (5 years)
12 mo (1 yr)48 mo (4 yrs)84 mo (7 yrs)

Estimated Monthly EMI

₹11,764/mo

Principal Loan Amount₹5,00,000
Total Interest Payable₹2,05,848
Total Amount Payable₹7,05,848

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

Documents required for a used car loan in India
Document CategorySalaried ApplicantsSelf-Employed Applicants
Identity Proof (KYC)PAN card (mandatory) + Aadhaar card, Passport, Voter ID, or Driving LicencePAN card (personal & firm if applicable) + Aadhaar card, Passport, or Voter ID
Address ProofAadhaar, utility bill (electricity/water/gas < 60 days), or registered rent agreementResidence proof + Office/Shop proof (GST certificate, Udyam, Shop Act, utility bill)
Income ProofLast 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 StatementsLast 6 months' salary bank account statement (PDF or Account Aggregator fetch)Last 6 to 12 months' primary current and savings bank statements
Vehicle DocumentsRegistration 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:

Comparison of Piramal Finance against peer used car loan lenders
LenderInterest Rate (p.a.)Max LTVMax Car AgeBest For
Piramal Finance (This Page)14.50% to 16.50%Up to 85% of valuation (Check with lender)12 yrs at maturitySelf-employed & salaried in Tier 2/3 cities
Muthoot Finance14.75% to 18.75%Up to 80% to 85% of valuation (Check with lender)12 yrs at maturityBroad eligibility, lower CIBIL & semi-urban buyers
HDB Financial Services15.00% to 17.51%Up to 85% of valuation (Check with lender)12 yrs at maturityHDFC Bank subsidiary for non-prime profiles
IndoStar Capital15.01% to 21.01%Up to 80% of valuation (Check with lender)12 yrs at maturityOlder cars, commercial-adjacent & sub-700 CIBIL
Equitas Small Finance Bank13.00% to 15.00%Up to 80% of valuation (Check with lender)12 yrs at maturityVintage / 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.

Apply for Piramal or compare 27 lenders

Piramal Finance rates: 14.50% to 16.50% · Max LTV: Up to 85% of valuation (Check with lender)