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Eligibility and Documents Required for Used Car Loan

        Following are the general used car loan eligibility factors –

  • Age – The age of the applicant must be between 21 and 65 years.

  • Income – The income of the applicant must be at least Rs. 20,000 per month (for salaried individuals) and Rs. 2 lakhs per annum (for self-employed individuals).

  • Work Stability – The applicant must have a stable employment status for a minimum of one year or stable business status for a minimum of three years. 

    Following are the general used car loan documents –

  • Photo Identity Proof documents – Voter’s ID/Passport/PAN Card/Driving License/Aadhaar Card

  • Income Proof documents – Copy of past three months’ bank statements, Copy of Income Tax Returns (ITR)/audited Balance Sheet and Profit and Loss Statements along with past three months’ Bank Statements

  • Copy of Salary Slips for past three months

  • Address Proof documents – Ration Card/Electricity Bill/Passport, Copy of Utility Bill/Bank Statements/Property Registration documents/Property Tax Receipt

  • Copy of Vehicle Registration Certificate

  • Copy of telephone or mobile bill

  • Copy of signature along with proof

     

    The pre-owned car loan eligibility and documentation requirements will vary depending on whether you’re a salaried individual or self-employed individual.  

Used Car Loan Eligibility

 

The following is the used car loan eligibility criteria for salaried individuals –

  • The loan applicant’s age must fall within the prescribed range of 21 to 60 years

  • The applicant must have a minimum monthly salary of Rs. 20,000

  • The applicant must have a minimum of one-year work experience. 

     

 

Salaried individuals need to submit the following used car loan documents –

  • Copy of photo identity proof documents like Voter ID/Aadhaar Card/PAN Card/Passport/Driving License along with passport-sized photographs

  • Copy of past three months’ Salary Slips for income proof

  • Copy of address proofs like Ration Card/Electricity Bill/Passport

  • Copy of Vehicle’s Registration Certificate

  • Copy of Telephone or Mobile Bill 

Documents required for Used Car Loan

Photo Identity Proof

Copy of photo identity proof documents like Voter ID/Aadhaar Card/PAN Card/Passport/Driving License along with passport-sized photographs

Salary Slips

A Copy of your Salary slips for the last three months

Address Proof

Copy of address proofs like Ration Card/Electricity Bill/Passport 

Vehicle Registration Certificate

Copy of Vehicle’s Registration Certificate 

Telephone/Mobile Connection

Copy of Telephone or Mobile Bill 

Used Car Loan Eligibility

 

Self-employed individuals must meet the following used car loan eligibility criteria –

  • The loan applicant must also be the proprietor.

  • The applicant’s age must be between 21 and 65 years.

  • The business must be up and running at least for the past three years.

  • The applicant must have a minimum income of Rs. 2 lakhs per annum.

  • Asset Backed Security (ABS) must be 0.5 times the EMI. 

 

Self-employed individuals need to furnish the following used car loan documents –

  • Copy of photo identity proofs – Driving License/Voter’s ID/PAN Card/Passport/Aadhaar Card along with passport size photographs

  • Copy of the applicant’s signature with proof of the signature

  • Copy of address proof documents such as Utility Bills/Bank Statements/Property Registration documents/Property Tax Receipt/Voter’s ID

  • Copy of Income Tax Returns (ITR), audited Balance Sheet and Profit and Loss statements along with Bank Statements for the past three months

  • Copy of telephone or mobile bill 

Documents required for Used Car Loan

Photo Identity Proof

Driving License/Voter’s ID/PAN Card/Passport/Aadhaar Card along with passport size photographs 

Signature Proof

Copy of the applicant’s signature with proof of the signature

Address Proof

Copy of address proof documents such as Utility Bills/Bank Statements/Property Registration documents/Property Tax Receipt/Voter’s ID

Income Proof

Copy of Income Tax Returns (ITR), audited Balance Sheet and Profit and Loss statements along with Bank Statements for the past three months 

Telephone/Mobile Connection

Copy of telephone or mobile bill