TVS Credit Used Car Loan — Interest Rates, Eligibility & EMI (October 2026)
TVS Credit publishes the single most transparent risk-pricing grid in Nxcar's 27-lender dataset. Instead of hiding behind a vague '15% to 20%' range, TVS Credit breaks its rate down into six exact cells across two CIBIL bands (above 700 vs below 700) and three income types (salaried, self-employed and no income proof).For CIBIL above 700, TVS Credit charges 15.25% for salaried borrowers, 15.75% for self-employed borrowers (a remarkably small 0.50-point premium), and 17.00% without income proof. For CIBIL below 700, those three rates step up to 18.00%, 19.00% and 20.00% respectively.That clarity makes TVS Credit our top pick in two categories: Low CIBIL Score (because you know upfront you will pay 18.00%–20.00% instead of facing a bank rejection) and Self-Employed borrowers who need a predictable, documented rate card.
Comparing multiple banks before applying? Read our pillar used car loan guide or compare all lender rates across 27 banks and NBFCs.
TVS Credit Used Car Loan Key Facts (October 2026)
| Lender Category | NBFC-ML (TVS Credit Services Ltd) |
|---|---|
| Interest Rate (p.a., Reducing Balance) | 15.25% to 20.00% |
| EMI per ₹1 Lakh (5-Year Tenure) | ₹2,392 – ₹2,649 |
| Maximum LTV (Funding Share) | Up to 80% 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 | 600+ (explicit pricing grid for below 700) |
| 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: Saving ₹44,000 on a ₹5L, 5-yr loan by moving from <700 CIBIL (18.00%) to 700+ (15.25%). (Median sanction time: 24 hrs; average loan size: ₹4,40,000).
what is TVS Credit's used car loan interest rate by slab?
Below is the October 2026 slab-wise pricing structure for TVS Credit across loan sizes, CIBIL bands, and income documentation tracks:
| Borrower / Loan Slab | Indicative Interest Rate (p.a.) | Key Underwriting Note |
|---|---|---|
| Salaried — CIBIL above 700 | 15.25% | Base salaried rate |
| Self-employed — CIBIL above 700 | 15.75% | Only 0.50% above salaried |
| No income proof — CIBIL above 700 | 17.00% | Surrogate banking programme |
| Salaried — CIBIL below 700 | 18.00% | +2.75 pts penalty for <700 CIBIL |
| Self-employed — CIBIL below 700 | 19.00% | +3.25 pts penalty for <700 CIBIL |
| No income proof — CIBIL below 700 | 20.00% | Highest risk tier |
TVS Credit Used Car Loan: Honest Pros and Cons
Why Borrowers Choose TVS Credit
- • Clearest 6-cell published rate matrix by CIBIL (above/below 700) and income type
- • Only 0.50% premium for self-employed borrowers with 700+ CIBIL (15.75% vs 15.25% salaried)
- • Dedicated approval path for both sub-700 CIBIL scores and no-income-proof buyers
Matching borrower guide: used car loan for a low CIBIL score →
Limitations & Watch-Outs
- • 15.25% starting floor is not competitive for 750+ CIBIL salaried borrowers (who can get 10.00%–10.76% at banks)
- • For no-income-proof borrowers with 700+ CIBIL, Kotak Mahindra Bank (14.25% to 16.75%) is cheaper than TVS Credit's 17.00%
TVS Credit Used Car Loan EMI Table (₹3L to ₹12L over 5 Years)
Monthly EMIs and 5-year total interest computed on reducing-balance math across TVS Credit's lowest (15.25%), mid (17.63%), and ceiling (20.00%) rates:
| Loan Amount (60 Months) | At Lowest Rate (15.25%) | At Mid Rate (17.63%) | At Ceiling Rate (20.00%) |
|---|---|---|---|
| ₹3,00,000 | ₹7,176/moInterest: ₹1,30,584 | ₹7,558/moInterest: ₹1,53,466 | ₹7,948/moInterest: ₹1,76,890 |
| ₹5,00,000 | ₹11,961/moInterest: ₹2,17,641 | ₹12,596/moInterest: ₹2,55,777 | ₹13,247/moInterest: ₹2,94,817 |
| ₹8,00,000 | ₹19,137/moInterest: ₹3,48,225 | ₹20,154/moInterest: ₹4,09,244 | ₹21,195/moInterest: ₹4,71,706 |
| ₹12,00,000 | ₹28,706/moInterest: ₹5,22,338 | ₹30,231/moInterest: ₹6,13,866 | ₹31,793/moInterest: ₹7,07,560 |
Quick Used Car Loan EMI Calculator
Adjust loan amount, interest rate, and tenure on reducing-balance math
Estimated Monthly EMI
₹11,961/mo
TVS Credit Pre-Owned Car Loan Eligibility & Documents
Salaried Applicants
₹15,000 to ₹18,000 a month (or no-income-proof tier)
Self-Employed Applicants
Explicit self-employed & no-income-proof grids
| 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) | |
TVS Credit vs Other Used Car Loan Lenders
See how TVS Credit 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 |
|---|---|---|---|---|
| TVS Credit (This Page) | 15.25% to 20.00% | Up to 80% to 85% of valuation (Check with lender) | 12 yrs at maturity | Transparent grid for low CIBIL & self-employed |
| 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 |
| 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 |
| 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 |
| 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 (TVS Credit Used Car Loan)
What is TVS Credit's used car loan interest rate in October 2026?+
TVS Credit's used car loan interest rate ranges from 15.25% to 20.00% 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 TVS Credit fund for a second-hand car (maximum LTV)?+
TVS Credit finances Up to 80% 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 TVS Credit used car loan?+
TVS Credit 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 TVS Credit pre-owned car loan?+
TVS Credit's typical CIBIL requirement is 600+ (explicit pricing grid for below 700). ₹15,000 to ₹18,000 a month (or no-income-proof tier)
Can I pre-pay or foreclose my TVS Credit used car loan early?+
Yes. Foreclosure and pre-payment terms at TVS Credit 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.
How much extra does TVS Credit charge if my CIBIL score is below 700?+
At TVS Credit, dropping below a 700 CIBIL score adds 2.75 percentage points for salaried borrowers (15.25% to 18.00%), 3.25 points for self-employed borrowers (15.75% to 19.00%), and 3.00 points for no-income-proof borrowers (17.00% to 20.00%).