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  • As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on +44 7831 065557 or visit the nearest Metra Trust branch for further queries.

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Pre Owned Car Loan Interest Rates

With Metra Trust pre-owned car loan, we give you the best interest rates on pre-owned car loans . Get Interest rates as low as 9.50%(repurchase) & 10.00%(refinance). Apply for pre-owned car loan online with us and avail instant sanction with minimal documentation. You can also avail loan up-to 200% LTV of your asset value with our Car N Cash scheme.Read More

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Rate of Interest on Pre-owned Car Loan
 

Check out the table below to know the pre-owned car loan interest.

Types of Fees Applicable Charges
Processing fees Up to 5% of the total loan amount (Inclusive of GST)
Late payment fees 2% per month (Inclusive of GST) of the unpaid EMI or Rs 300 (Inclusive of GST) whichever is higher
Stamping Charges As per actuals


Interest Rate Range for Pre-owned Car Loans
 

The pre-owned car loan interest at Metra Trust is subject to customer's risk profile. Refer to the table below to know the current personal loan rates.

Product type ROI %
 Pre-owned car loan (Repurchase)  ROI Starting from 9.50%*

*The above rate is applicable to loan amount above ₹1 lakh and tenure >=37 months

Product type ROI %
 Pre-owned car loan (Refinance)  ROI Starting from 10%*

*The above rate is applicable to loan amount above ₹1 lakh.

Service Charges and Fees for Pre-owned Car Loans

Metra Trust offers transparency in pre-owned car loan schemes and loan charges. We do not have hidden loan interest, prepayment charges, and processing fees.Below are the foreclosure and part payment charges :-

  • • 5% of principal outstanding amount (Inclusive of GST)
  • • Part pre-payment facility is not available for pre-owned car loans at Metra Trust.


Calculate your Pre owned Car Loan Interest Rate  
 

Metra Trust has an online EMI calculator that you can use to check your monthly EMI. The EMI calculator has three parts: loan amount, tenure, and rate of interest. You can use it by entering the loan amount you need, the applicable rate of interest and the tenure for which you want the loan. Once you enter these details, the EMI calculator will give you the EMI.

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FREQUENTLY ASKED QUESTIONS

What is the processing fee for a pre-owned car loan?

A processing fee is the one-time cost that the bank imposes to cover the administrative charges related to the loan processing. Metra Trust offers one of the lowest processing fees on used car loans starting at just 1% of the principle borrowed amount or Rs. 5000, whichever is higher.

Is there a charge applicable on part prepayments?

Part prepayments are not allowed on pre-owned car loans from Metra Trust. However, you can foreclose your loan by paying a foreclosure charge as applicable.

Will there be any foreclosure charges?

You can reduce your financial liabilities anytime by foreclosing your pre-owned loan before the maturity date. To foreclose your pre-owned car loan from Metra Trust, you need to pay a charge of 5% of the outstanding loan amount along with the applicable GST charges.

Is it mandatory to provide a guarantor when I avail a used car loan?

A guarantor is not required to apply for a used car loan with Metra Trust. However, in case an applicant doesn’t meet the specific loan eligibility requirements, the bank may need a co-applicant to approve the loan amount.

Will there be any charges levied in case I prepay the car loan?

Part prepayments are not allowed on used car loans. However, you can foreclose your loan anytime by paying the outstanding amount in full. To close the loan before maturity, you need to pay a foreclosure charge of 5% of the outstanding amount along with the GST.

Do I have to provide collateral or security when I avail a used car loan?

Used car loans from Metra Trust are collateral-free, meaning you don’t require to provide any security when applying for a second-hand car loan.

What are the different methods by which the loan can be repaid?

The bank offers different methods to repay your loan with the easiest one being the payment through automated EMIs. You can automate your EMI payments using the NACH, eNACH, and e-mandate option that can be opted during the loan application. Additionally, you can also use your net banking or debit card to repay your 2nd hand car loan.

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