All you need to know
Personal loan for all your needs
Higher credit score increases the chances of loan approval. Check your CIBIL score today and get free insights on how to be credit-worthy.
Check Credit ScoreHome Loan with instant approval starting
@ 8.70% p.a
All you need to know
Home Loan for all your needs
Calculators
Business loan to suit your growth plan
All you need to know
Business loan for all your needs
Get secured business loans with affordable interest rates with Tata Capital. Verify eligibility criteria and apply today
Know MoreExplore Used Car Loans
Explore Two Wheeler Loans
Calculators
Avail Loan Against Securities up to ₹40 crores
All you need to know
Explore Loan Against Securities
Calculators
Higher credit score increases the chances of loan approval. Check your CIBIL score today and get free insights on how to be credit-worthy.
Check Credit ScoreAvail Loan Against Property up to ₹3 crores
All you need to know
Loans for all your needs
Calculators
All you need to know
Loans for all your needs
Shop with our QIK EMI card at authorized dealerships and repay with easy EMIs
Know MoreAll you need to know
Calculators
General documents required for Used Car Loan are as follows:
The used car loan documents required will vary depending on your employment type.
After receiving the used car loan documents required from you, we will verify all details to ensure they are accurate. The verification process can take at least 24 to 36 hours. If all used car documents are valid and you can repay the loan on time, we will proceed to the next step–loan approval.
Self-employed individuals must submit the following documents to avail of a second-hand car loan –
The used car eligibility criteria differ for salaried and self-employed individuals at Tata Capital. For salaried individuals, the minimum age criteria for a pre-owned car loan are 21, and the maximum is 60.
On the other hand, for self-employed individuals, the minimum age criteria for availing of a used auto loan are 21, and the maximum age is 65.
Yes, you will have to furnish specific documents to avail of a pre-owned car loan with Tata Capital. Note that the documents vary for salaried individuals to self-employed individuals.
The documents for salaried individuals are-
#1. Copy of Voter's ID/Driving License/Aadhaar Card/PAN Card/Passport
#2. Copy of your salary account bank statements for the last three months
#3. Copy of salary slips for the last three months
#4. Copy of Ration Card/Passport/Electricity Bill
#5. Copy of Vehicle Registration Certificate
#6. Copy of telephone or phone bill
The documents for self-employed individuals are-
#1. Aadhaar Card/Driving License/PAN Card/Passport/Voter's ID
#2. Copy of your signature with signature proof
#3. Copy of Utility Bill/Bank Statements/Property Registration documents/Property Tax Receipt/Voter's ID
#4. Copy of Income Tax Returns (ITR), audited balance sheet, and profit and loss statements along with last three months' Bank Statements
#5. Copy of telephone or mobile bill
A salaried and self-employed individual can apply for a used car loan with Tata Capital. The criteria are-
| Criteria | Salaried Individual | Self-employed Individual |
|---|---|---|
| Age | 21-60 years | 21-65 years |
| Income | The minimum monthly income should be Rs. 20,000 | Minimum two lakhs per annum |
| Stability of work | Stable employment status for a minimum of 1 year | Stable business status for a minimum of 3 years. |
| Additional eligibility requirements | - | ABB should be 0.5 times the EMI amount for self-employed individuals in partnerships or otherwise, the business should have an active landline connection, and the individuals must furnish bank statements of the last three months before applying for the loan. |
Most lenders also approve applications of borrowers who have a good CIBIL score and a healthy loan repayment pattern.
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. 20,000 monthly-income for salaried individuals and minimum Rs. 2 lakhs per annum for self-employed individuals.
Stability of income- A stable employment status for a minimum of 1 year for salaried individuals and a stable business status for three years for self-employed individuals.
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.
Submitted successfully
Start an SIP in minutes by signing up with the Tata Capital Moneyfy App. We are your one stop shop for all things investment.
SMS sent successfully!
An SMS has been sent to XXXXXXX051
Click on the link in the
message
to download the Moneyfy App.
Looking for a seamless loan experience? Get the Tata Capital Loan App and Apply for loans, Download Account Statement/Certificates, Track your requests & much more.
SMS sent successfully!
An SMS has been sent to XXXXXXX051
Click on the link in the
message
to download the Moneyfy App.
Thank you for subscribing
We will send news and updates to your registered email ID
rahul.sharma@gmail.com
Uh oh, something went wrong
Please try again later.
Click allow button to receive notifications
SMS sent successfully!
