✓ Interest Rates Starting @ 10.50% ✓ Loan of up to ₹77 Lakhs ✓ Quick Disbursal Check Eligibility

It is important to know about the eligibility criteria and necessary paperwork that play a pivotal role in your used car loan application. Here's a quick look at the criteria you need to know about to enjoy a smooth process.

Eligibility Criteria

The second-hand car loan eligibility criteria may vary among lenders. Here are some common requirements:

  • Age: 18-80 years 

  • CIBIL score: 720 or more

  • Citizenship: Indian 

  • Employment type: Self-employed or salaried 

  • Minimum work experience: 1 year

  • Minimum monthly income: ₹20,000 for salaried applicants

Documents Required

Here is a list of documents you are typically asked to furnish when applying for used car finance:

  • KYC Documents: Any one of the following

    1. Aadhaar card

    2. PAN card

    3. Passport

    4. Voter ID

  • Employee ID card

  • ITR proof of last 2 years (if self-employed)

  • Vehicle registration certificate

  • Vehicle insurance copy

  • Salary slip of the last 2 months

  • Bank account statements of the last 3 months

FAQs

Who is eligible for a used vehicle loan?

Individuals aged between 18-80 years, holding Indian citizenship, with a CIBIL score of 720 or more, are usually eligible for this loan. Both self-employed and salaried applicants can apply.

Which document is important for a second-hand car loan?

Important documents for a second-hand vehicle loan include KYC documents, employee ID cards, income proof, and car-related documents.

What is the minimum salary required when applying for second-hand car finance?

For salaried applicants, a minimum monthly income of ₹20,000 is typically required when applying for second-hand car finance.

Can I get a pre-owned car loan without income proof?

Generally, you are required to submit income proofs when applying for a pre-owned car loan. Reach out to your lender and discuss alternatives in case you do not have the requested income proof.

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