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Eligibility Criteria and Documents Required for Used Car Loan

You must fulfill simple eligibility criteria to secure a used car loan. You must also submit the necessary documents to complete your application.

 

Used Car Loan Eligibility Criteria

Nationality

Indian

Age
  • Salaried individuals: between 21 and 60 years
  • Self-employed individuals: between 21 and 65 years

Work experience and income
  • Salaried individuals: at least 1 year of work experience and a monthly salary of at least Rs. 25,000
  • Self-employed individuals: a business in operation for the past 2 years and a minimum yearly income of Rs. 3 lakhs

CIBIL score

700 or higher

Documents Required for a Used Car Loan

Identity, address, and photo proof

Any government-issued ID like Passport/ Driving License/ Voter's ID/ PAN Card/ Aadhaar Card

Income Proof

A copy of past three months' bank statements and salary slips, Income Tax Returns (ITR)/ audited Balance Sheet and Profit and Loss Statements

Signature Proof

A copy of the signature, along with signature proof

Vehicle-related documents

A copy of the Vehicle Registration Certificate

You may need to submit certain additional documents based on your employment type. 

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Used Car Loan Documents - By Employment
Type
  

  • Photo identity proof: Any government-issued document like Voter’s ID/Driving License/ Aadhaar Card/Passport

  • Salary slips: A copy of your salary slips for the past three months

  • Address proof: A copy of your Passport/Voter’s ID/Driving License/Aadhaar Card

  • Vehicle registration certificate: A copy of your vehicle’s registration certificate

  • Proof of identity, address, and age: A copy of any of the following:
     

    • Aadhaar Card

    • Voter’s ID

    • Passport

    • Driving License

  • Signature proof: A copy of your signature along with signature proof

  • Income proof: A copy of your Income Tax Returns (ITR), audited Balance Sheet, and Profit and Loss statements, along with bank statements for the past three months

  • Photo identity and address proof: A copy of your Passport/Aadhaar Card/Driving License/Voter’s ID

  • Income proof: A copy of your three months’ bank statement is required along with an audited Balance Sheet & Profit and Loss Statement. The Accelerated Book Build should also be 0.5 times the EMI.

  • Business proof: A copy of your company’s registered Partnership Deed/Certificate of Incorporation for public and private limited companies, including Memorandum and Articles of Association, along with a copy of the Commencement of Business certificate.

  • Proof of identity and residence: A copy of any one of the following government-issued IDs:
     

    • Voter’s ID

    • Driving License

    • Passport

    • Aadhaar Card

  • Income proof: A copy of your entity’s:
     

    • Income Tax Returns

    • Audited Balance Sheet and Profit & Loss statement

    • Bank statements for the past three months

  • Certificate of ownership: A copy of your Registered Partnership Deed or Certificate of Incorporation of Public and Private Limited Companies, including Memorandum and Articles of Association

Step-by-Step Documentation Process for Used Car Loan

Following a clear sequence when preparing documents reduces errors and avoids delays. Here is the recommended process:

  1. 1. Confirm eligibility: Verify nationality (Indian), age (typically 21–65 years), income, address, and credit score with valid documents
     

  2. 2. Compile income proof: Salaried applicants should arrange the last 3 months' salary slips, Form 16, and the latest ITR; self-employed applicants     need ITR for 2 years and audited financials
     

  3. 3. Organize bank statements: 6 months of bank statements reflecting regular salary credits or business income
     

  4. 4. Arrange vehicle documents: For the used car being purchased, collect the RC book, insurance certificate, valid PUC certificate, and a fitness  certificate if required
     

  5. 5. Get a vehicle valuation: The seller or a Tata Capital-approved valuator will provide the car's current market value for loan processing
     

  6. 6. Self-attest all documents: Sign and date all photocopies before submission
     

  7. 7. Submit online or at a branch: Upload documents through the Tata Capital portal or submit at the nearest branch for in-person processing

Related Videos

Know more about Used Car Loans
#usedcarloan

Know more about Used Car Loans

Abhi office jaane mein no jhig-jhig. Turn your aspirations into reality and enjoy a hassle-free ride now. Upgrade your daily ride journey with easy used- car loans. Apni khwahish puri karo with Tata Capital used car loans!

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Eligibility and Documents required for Used Car Loan

Eligibility and Documents required for Used Car Loan

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Frequently Asked Questions on Used Car Loan Documents

What is the CIBIL score required to be eligible for a used car loan?

While we do not have a set CIBIL score to determine eligibility, we suggest having a credit score of 750 or above to improve your eligibility chances while applying for a used auto loan. This is because your CIBIL score sheds light on your debt repayment ability and credit history, impacting your loan approval chances.

That said, we check other eligibility criteria to approve your loan. This includes:

  • Age: 21-60 years for salaried individuals and 21-65 for self-employed individuals.

  • Income: Minimum Rs. 25,000 monthly income for salaried individuals and minimum Rs. 3 lakhs per annum for self-employed individuals.

  • Stability of income: A stable employment status for a minimum of one year for salaried individuals and a stable business status for three years for self-employed individuals.

Why does a lender require the Registration Certificate of a vehicle before approving a used car loan?

A lender requires the vehicle’s Registration Certificate (RC) before approving a used car loan, as it serves as proof of ownership and verifies that the vehicle is legally registered. This helps ensure transparency and prevents fraudulent transactions.

What are the minimum and maximum age criteria for availing a used car loan?

The age criteria for availing a used car loan differ based on whether you’re a professional or self-employed:

  • Minimum age: 21 years for both salaried and self-employed individuals.

  • Maximum age: 60 years for salaried individuals and 65 years for self-employed individuals.

What is the maximum tenure to repay the car finance?

At Tata Capital, we offer a flexible loan repayment tenure for used car loans. The minimum tenure is 12 months, while the maximum is 72 months or six years.

Is pre‑approval available, and how does it work?

Yes, Tata Capital offers pre-approved used car loans for eligible customers. You simply need to check for available offers online, provide your personal, banking, and loan details, complete the eMandate, accept the agreement, and enjoy instant loan disbursal.

Can I get a used car loan if I don't have proof of income?

Formal proof of income is generally required to assess repayment capacity. However, some lenders accept bank statement credits as an alternative source of income for applicants without traditional income documents. It is advisable to check Tata Capital's current documentation norms directly, as requirements may vary by product and applicant profile.

Are there different document requirements for salaried and self-employed?

Salaried applicants submit salary slips, Form 16, and an employment certificate. Self-employed individuals provide income tax returns for 2 years, proof of business registration, audited financial statements, and GST registration, if applicable. Both categories require the same KYC and vehicle documents.

What extra documents do partnership or private limited companies need for used car loans?

Business entities additionally need to submit the partnership deed or memorandum of association, board resolution authorising the loan application, company PAN card, GST registration certificate, audited financial statements for 2 years, and bank statements for 6 months in the company's name.

How fast is the verification of used car loan documents?

With complete and accurate document submission, Tata Capital's verification process is designed to be efficient. Digital submission through the online portal enables faster processing. Approval timelines generally range from a few hours to a couple of working days, depending on the completeness of the document and the complexity of the credit assessment.

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