When it comes to used car loans, TVS Credit has introduced a unique offering—up to 150% Loan-to-Value (LTV) financing without income proof. This makes it one of the most accessible used car loan options, especially for individuals without traditional income documentation. Whether you’re self-employed, a freelancer, or someone without a stable income record, TVS Credit ensures that financing a pre-owned car is hassle-free.
In this review, we’ll explore the key features, eligibility criteria, charges, pros and cons, and why TVS Credit is a top choice for used car buyers.
What Makes TVS Credit Used Car Loan Stand Out?
TVS Credit is one of the few lenders offering:
✅Up to 150% LTV – Borrow more than the car’s value if conditions are met.
✅No Income Proof Required – Ideal for individuals without formal income documents.
✅Fast Processing & Minimal Paperwork – Approvals within 4 hours.
✅Flexible Tenure & High Loan Amounts – Repay over 12 to 60 months.
Whether you’re looking for a budget hatchback or a premium sedan, TVS Credit makes buying a used car easier than ever.
Key Features of TVS Credit Used Car Loan
| Feature | Details |
| Loan Amount | ₹50,000 to ₹50 lakh |
| Loan-to-Value (LTV) | Up to 150% (if eligibility criteria are met) |
| Interest Rate | 13% – 18% |
| Repayment Tenure | 12 – 60 months |
| Approval Time | Within 4 hours |
| Processing Fees | Up to 10% of the loan amount |
| Foreclosure Charges | 3-5% of outstanding principal (based on remaining tenure) |
| Penal Charges | 36% per annum on unpaid installments |
| Bounce Charges | Maximum ₹750 per instance |
| Duplicate NOC/NDC Charges | ₹500 per request |
No Income Proof Required – Who Benefits?
TVS Credit’s no income proof requirement makes it accessible for:
✔ Self-employed individuals with irregular cash flow
✔ Freelancers and gig workers without salary slips
✔ Small business owners without proper documentation
✔ Individuals working in the informal sector
Instead of income proof, TVS Credit assesses eligibility based on asset ownership, credit history, and car valuation.
Eligibility & Required Documents
Although income proof is not mandatory, borrowers must provide basic documents to verify their identity, address, and assets.
Type Documents Accepted
| Type | Documents Accepted |
| ID & Signature Proof | Voter’s ID, Driving License, Aadhaar Card, PAN Card, Passport |
| Age Proof | PAN Card |
| Address Proof | Ration Card, Passport, Electricity Bill |
| Asset Documents | Vehicle RC Book & Insurance Certificate |
| Other Documents | Bank Statement or Passbook |
✅ Own house increases approval chances for 150% LTV financing.
✅CIBIL score of 750+ improves interest rates and loan terms.
Schedule of Charges – What You Need to Know
TVS Credit’s loan structure includes various charges that borrowers should be aware of.
Processing Fees
- Up to 10% of the loan amount.
Foreclosure Charges
- Remaining Tenure ≤ 12 months → 3% of principal outstanding.
- Remaining Tenure > 12 months & ≤ 24 months → 4% of principal outstanding.
- Remaining Tenure > 24 months → 5% of principal outstanding.
Penal Charges on Unpaid Installments
- 36% per annum on delayed payments.
Other Charges
- Bounce Charges: ₹750 per instance.
- Duplicate NOC/NDC Charges: ₹500.
Pros & Cons of TVS Credit Used Car Loan
✅ Pros
✔ High LTV (Up to 150%) – Covers not just the car’s price but also insurance, RTO fees, and additional costs.
✔ No Income Proof Required – Great for self-employed, freelancers, and informal workers.
✔ Fast Approvals – Loan decisions within 4 hours.
✔ Flexible Repayment Options – Choose 12 to 60 months tenure based on your budget.
✔ Minimum Documentation – Only basic KYC and vehicle-related documents are needed.
❌ Cons
✖ Higher Interest Rates (13%-18%) – Higher than bank loans (8-10%).
✖ High Processing Fees (Up to 10%) – Increases the overall loan cost.
✖ Penal Charges (36% p.a.) – Heavy penalty on missed EMIs.
✖ Limited to Certain Applicants – Higher LTV is only approved for house owners & good CIBIL score holders.
✖ Risk of Over-Borrowing – Borrowing more than the car’s value can lead to financial strain.
Why TVS Credit Charges Higher Interest Rates?
The 13%-18% interest rate is higher than traditional bank loans, but here’s why:
- No Income Proof Risk – Lending without salary slips or ITR increases lender risk.
- Higher LTV (150%) – More financing means more risk for TVS Credit.
- Fast Loan Approval – Quick disbursal without lengthy verification results in higher rates.
- Used Car Depreciation – Higher rates protect the lender from defaults since used cars lose value quickly.
Despite these higher charges, the ease of access and minimal documentation make TVS Credit a preferred option for many buyers.
Why is TVS Credit Dominating the Market?
🚗 2nd Highest Sales in Tamil Nadu across all TVS business segments.
🏆Expanding PAN-India with easy loan offerings.
📈Growing preference among self-employed and gig workers.
Google Ratings and Consolidated Reviews
Positive Review: Some users found the app functional and suggested adding more advanced features for a better experience.
Negative Review: Many users reported poor customer service, technical issues, extra EMI deductions, and difficulties in getting refunds or support.
Conclusion: The experience with TVS Credit depends on individual credit scores, timely repayments, and personal interactions with customer service.
FAQ’s
Does the car’s age affect loan approval?
Yes, lenders have age limits for used cars, usually requiring that the car not exceed 10 years at the end of the loan tenure.
Can you get 0% interest on a car loan?
0% interest car loans are rare and usually offered by manufacturers with conditions like higher down payments or shorter tenures. Always check for hidden fees before opting in.
Final Verdict – Should You Apply for TVS Credit Used Car Loan?
TVS Credit is an excellent choice if you:
✅ Need a high LTV loan (up to 150%).
✅ Do not have traditional income proof like salary slips or ITR.
✅ Want a fast and easy loan approval process?
✅ Own a house (better approval chances).
However, if you qualify for a lower-interest bank loan, it may be a more cost-effective choice. Always compare loan offers and calculate your EMI burden before making a decision.
Would you like to compare TVS Credit with other used car loan providers? Let me know! 🚗💰
Top Read Topics
Piramal Finance Instant Personal Loan Review | Secured vs Unsecured Loan
