These days, second-hand cars are almost as good as new ones and sometimes you may even find it better than buying a new one. If you have enough in your savings account, then your issue stands to be solved. But what if you don’t want to use all your savings or don’t have enough money, what do would you do?

You know a used car loan is a good option to think about.

Taking a used car loan is a smart and value-for-money deal. It not only lets you borrow the money to buy that much-needed car but also allows you to keep your savings.

A used car loan from NBFCs like Tata Capital, is very easy to avail and offer loans for a wide collection of cars ranging from hatchbacks and SUVs to premium sedans. The best part of taking a used car loan from Tata Capital is that they offer funds up to 95 per cent loan on your car value.

They offer used car loans from Rs 1 lakh to Rs 50 lakh with competitive interest rates starting at 12.5 per cent. To avail a used car loan, you won’t even have to step out of your house. You can easily apply for used car loan online, by clicking here.

Before you avail a loan, you should be eligible. You can read about your used car loan eligibility .

In a nutshell, you need to be employed:  in a government, public or private sector organisations, need to be minimum 21 years of age, and maximum 60 years of age. You should have at least two years’ of work experience with a minimum of six months with the current employer. To avail a used car loan, your income, too, needn’t be very high. If you earn about Rs 3 lakhs per annum or have a minimum of Rs 20,000 monthly income, you are eligible for a used car loan. You also need to have a telephone or mobile connection, which is no big deal in today’s time.

Thedocumentation required will also be easily available too.

Here is what you will need for:

  • Photo Identity Proof:  You will need to have a valid photo identity proof as a used car loan document, which could be a copy of your Voter ID card or Passport or Driving License or Aadhaar Card or PAN card.
  • Address Proof: You also need an address proof which could be a copy of your ration card, electricity bill or passport.
  • Proof of Income: Your used car loan documents should include an income proof in form of a copy of your salary account bank statements for the last three months, and a copy of your salary slips for the last three months.
  • A copy of your telephone or mobile bill is also required to process your used car loan application for instant approval of the loan.
  • Vehicle registration details: Last and most importantly, you need to have a copy of your Vehicle’s registration certificate.

These used car loan documents are enough to get you an instant approval on the loan.   Now that you know the eligibility criteria and documents required for a used car loan, you can keep all your documents ready so that you can get quick approval on the loan.