How to Apply for Used Car Loans with Tata Capital?

Mar 02, 2017

Many people have this misconception that they cannot get a used car financed. But in reality, there are reputed lenders like Tata Capital who are more than willing to help people become proud owner of their cars.

Used cars have some inherent advantages. These cars cost much less than their newer counterparts. So you end up saving several lacs. Since these cars are not very old and reliable enough, it can work out nicely for someone who doesn't want to spend a lot of money on vehicles.

So let's first check out eligibility requirement for availing a used car loan from Tata Capital.

Tata Capital provides used car loans upto 90% of the valuation of the used car or its actual sale price (whichever is lower). The loan tenure available is upto 5 years but also depends on car tenure. The sum total of car's age and loan tenure should not exceed 8 years.

For loan applicants, they need to have a minimum annual income of Rs 3 lac (in case of salaried) and Rs 2 lac for self-employed professionals. This was about income related eligibility criterias. Now let's check what the documentation requirements are:

  • Identity Proof: PAN Card, driving license, passport or any other government issued identity document
  • Age Proof: Example - School leaving certificate, Passport, Ration Card, Driving License, etc. (Borrower needs to be more than 21 years old)
  • Address Proof: Any of the above mentioned documents having current address
  • Income Proof: For salaried individuals, ITR/Salary Slips/Form-16 can be submitted. For self-employed individuals, ITRs or balance sheets/P&L accounts can be submitted.
  • Signature Verification Proof
  • Recent photographs

Some people wait till last to get to know all the eligibility and documentation requirements. But it is always better to have a head start when dealing with something as critical as loan. So more you know about these requirements, better for you as a loan applicant.