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Tata Capital > Blog > Loan for Vehicle > A Step-by-step Process for getting a Used-car Loan from Tata Capital

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A Step-by-step Process for getting a Used-car Loan from Tata Capital

A Step-by-step Process for getting a Used-car Loan from Tata Capital

Chandrika was looking for a used-car loan to buy her own vehicle. But she did not want to spend her savings on the car. She researched the market and found several lenders offering her a used car loan. After some consideration, she chose Tata Capital’s used-car loan as it offered several advantages over other lenders. Despite making up her mind, she was confused about the process of getting the loan.

Do you know how to get Tata Capital’s used-car loan?

The process is simple and straightforward. You can head straight to Tata Capital’s Online Car Store where you can choose, and buy a used car without any hassles. Here is a step-by-step process to get the loan.

Step 1: Find your car

If you are still searching for a suitable car, you can browse through the available options from the Online Car Store (OCS). You can select a car based on its type, model, price and other features that appeal to you. Once you do the necessary research, find and select your car, you can proceed to the next step. If you have already found car elsewhere, you can jump directly to the loan application stage.

Step 2: Check your eligibility

You can apply for a Tata Capital used-car loan only if you are eligible for it. So, check the eligibility criteria. Are you a salaried employee? Then your income must be at least Rs. 3 lakh per year. Also, you should be employed for at least two years. Only then can you be eligible for a loan. Do you run a business? Then your annual income must be at least Rs. 2 lakh. Also, your business should be running for at least three years. Make sure you are eligible for the loan before applying for it.

Step 3: Check your EMI

Check the EMI for the loan by entering the loan amount and the loan tenure. You can get an instant e-quote for your loan. So, generate an EMI quote before you apply for the loan. Then calculate whether you can afford to repay it. You can also tailor your loan details based on your budget.

Step 4: Apply for the loan online

You can apply for the used car loan on the Tata Capital website. You must provide details such as your name, contact number, and email ID, and the name of the city where you wish to buy the car. Fill in all the necessary details and submit it. An executive will contact you soon after, and can guide you through the loan application process.

Step 5: Submit your documents

As part of the application process, you need to submit essential documents to receive the loan. These include identity proof, age proof, and address proof. You also have to submit income proof, signature-verification proof and recent colour photographs of yourself. Once these documents are submitted, your loan process will begin.

The Bottom Line

Along with choosing the kind of car you want and a suitable used car loan, you can even choose your preferred EMI repayment mode. Tata Capital offers four different types of EMIs- Step Up, Step Down, Bullet Payment, and Balloon payment. This allows you to get a loan at the most affordable rate for you.

Chandrika found out about these steps and got her used-car loan in no time. You could do the same too.