What documents are required for a used car loan?

You must produce the following documents to avail of a used car loan: Photo identity proof documents: Voter ID/Passport/Driving License/Aadhaar Card Income proof documents: Copy of the last three months' salary account bank statements Salary slips: Copy of the last three months' salary slips Proof of residence: A copy of your Voter ID/Passport/Driving License/Aadhaar Card Vehicle Registration Certificate: Copy of Vehicle Registration Certificate

What documents are required for a self-employed individual to avail of a used car loan?

Self-employed individuals must submit the following documents to avail of a second-hand car loan – Photo Identity Proof – Voter ID/Passport/Driving License/Aadhaar Card Signature Proof –Copy of your signature Proof of Residence : A copy of your Voter ID / Passport / Driving License / Aadhaar Card Income Proof –Copy of your Income Tax Returns, Audited Balance Sheet, and Profit and Loss Statements, along with the last three months' Bank Statements

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.

Are there any specific financial documents for a used car loan?

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 and self-employed individuals. The documents for salaried individuals are: Copy of Voter ID/Driving License/Aadhaar Card/PAN Card/Passport Copy of your salary account bank statements for the last three months Copy of salary slips for the last three months Copy of Passport/electricity bill Copy of Vehicle Registration Certificate Copy of telephone or phone bill The documents for self-employed individuals are: Aadhaar Card/Driving License/PAN Card/Passport/Voter ID Copy of your signature with signature proof Copy of utility bills/bank statements/property registration documents/property tax receipts/Voter ID Copy of Income Tax Returns (ITR), audited Balance Sheet, and Profit and Loss Statements, along with the last three months' bank statements Copy of telephone or mobile bill

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.

Who can apply for Tata Capital’s used car loan?

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. 25,000 Minimum Rs. 3 lakhs per annum Stability of work Stable employment status for a minimum of one year Stable business status for a minimum of three 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.

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Eligibility & 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	Documents required for a used car loan
Nationality: Indian	Identity, address, and photo proof: Any government-issued ID like Passport/ Driving License/ Voter’s ID/ PAN Card/ Aadhaar Card
Age: Salaried individuals: between 21 and 60 years Self-employed individuals: between 21 and 65 years	Income proof: A copy of the past three months’ bank statements, Income Tax Returns (ITR)/audited Balance Sheet, and Profit and Loss Statements
Work experience and income: Salaried individuals: at least 1 year of work experience and a monthly salary of at least Rs. 20,000 Self-employed individuals: a business in operation for the past 2 years and a minimum yearly income of Rs. 2 lakhs	A copy of the past three months’ salary slips
CIBIL score: 700 or higher	A copy of the Vehicle Registration Certificate A copy of the signature, along with signature proof

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

FAQs on Documents Required for Used Car Loan

You must produce the following documents to avail of a used car loan:

Photo identity proof documents: Voter ID/Passport/Driving License/Aadhaar Card
Income proof documents: Copy of the last three months' salary account bank statements
Salary slips: Copy of the last three months' salary slips
Proof of residence: A copy of your Voter ID/Passport/Driving License/Aadhaar Card
Vehicle Registration Certificate: Copy of Vehicle Registration Certificate

Obtaining a used car loan without income proof can be difficult, as lenders typically need proof of income to ensure you can repay the loan. However, some lenders may offer loans if you have a strong credit score or a co-applicant or guarantor with a stable income.

Self-employed individuals must submit the following documents to avail of a second-hand car loan –

Photo Identity Proof– Voter ID/Passport/Driving License/Aadhaar Card
Signature Proof–Copy of your signature
Proof of Residence : A copy of your Voter ID / Passport / Driving License / Aadhaar Card
Income Proof–Copy of your Income Tax Returns, Audited Balance Sheet, and Profit and Loss Statements, along with the last three months' Bank Statements

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.

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 and self-employed individuals.

The documents for salaried individuals are:

Copy of Voter ID/Driving License/Aadhaar Card/PAN Card/Passport
Copy of your salary account bank statements for the last three months
Copy of salary slips for the last three months
Copy of Passport/electricity bill
Copy of Vehicle Registration Certificate
Copy of telephone or phone bill

The documents for self-employed individuals are:

Aadhaar Card/Driving License/PAN Card/Passport/Voter ID
Copy of your signature with signature proof
Copy of utility bills/bank statements/property registration documents/property tax receipts/Voter ID
Copy of Income Tax Returns (ITR), audited Balance Sheet, and Profit and Loss Statements, along with the last three months' bank statements
Copy of telephone or mobile bill

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.

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.

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.

After receiving the used car loan documents required from you, we will verify all details to ensure they are accurate and complete. The verification process typically takes between 24 and 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.

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. 25,000	Minimum Rs. 3 lakhs per annum
Stability of work	Stable employment status for a minimum of one year	Stable business status for a minimum of three 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.

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.