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Used Car Loan Eligibility


Eligibility

You need to meet some basic conditions to be eligible for a Used Car Loan. Following are the general Used Car Loan eligibility factors:

You need to be in the age group of 21-65 years.

You should earn a salary of ₹ 20,000 per month.

You should have a minimum of 1 year of work experience.

Documentation

You need to submit:

The standard documents required to establish your credentials.

Proof of identity and proof of residence.

Income documents, ITR, trade license and ownership of business documents relevant to your salary, profession or business.

Documents required for Used Car Loan

Photo Identity Proof

A copy of your Voter ID / Passport / Driving License / Aadhaar Card / PAN Card

Income Proof

A copy of your Salary account bank statements for the last three months

Salary Slips

A Copy of your Salary slips for the last three months

Address Proof

A copy of your Ration Card / Electricity Bill / Passport

Vehicle Registration Certificate

A copy of your Vehicle's registration certificate

Telephone/Mobile Connection

A copy of your telephone / mobile bill is required

Used Car Loan Eligibility

 

  • Must be the proprietor
  • Aged between 21 and 65 years
  • Business must be running for 3 years
  • Income of ₹2 lakhs per annum
  • Telephone or Mobile connection is required
  • 3 Months Bank Statements are required and ABB should be 0.5 times EMI

Documents required for Used Car Loan

Photo Identity Proof

A copy of your Voter ID / Passport / Driving License / Aadhaar Card / PAN Card

Signature Proof

A Copy of your proof with your signature

Address Proof

A copy of your Utility Bill / Bank Statements / Property Registration Documents / Property Tax Receipt / Voter ID

Income Proof

A copy of your Income Tax Return documents, Audited balance sheet & Profit and Loss statement along with your Bank Statements for the last 3 months

Telephone/Mobile Connection

A copy of your telephone / mobile bill is required

USED CAR LOAN ELIGIBILITY

 

  • Either the Firm or the Individual partner must have an income of ₹2,00,000 per annum
  • 3 Months Bank Statements are required and ABB should be 0.5 times EMI
  • Telephone or Mobile connection is required

Documents required for Used Car Loan

Photo Identity Proof

A copy of your Voter ID / Passport / Driving License / Aadhaar Card

Income Proof

A copy of your three Months Bank Statements are required and Accelerated Book Build should be 0.5 times EMI & Audited Balance Sheet & Profit and Loss Statement.

Business Proof

A copy of your company's registered Partnership Deed / Certificate of Incorporation of public and private limited companies including Memorandum and Articles of Association along with a copy of the Commencement of Business certificate

Telephone/Mobile Connection

A copy of your telephone / mobile bill is required

Used Car Loan Eligibility

 

  • The individual should have income of  ₹2 lakhs per annum
  • Landline connection at office
  • 3 Months Bank Statements are required and ABB should be 0.5 times EMI

Documents required for Used Car Loan

Photo Identity Proof

A copy of your Voter ID / Passport / Driving License / Aadhaar Card along with a photograph

Address Proof

A copy of your Utility Bill / Bank Statements / Property Registration Documents / Property Tax Receipt / Voter ID

Income Proof

A copy of your Income Tax Return documents, Audited balance sheet & Profit and Loss statement along with your Bank Statements for the last 3 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

Telephone/Mobile Connection

A copy of your telephone / mobile bill is required

EMI Calculator

Detailed FAQs

 To avail a used car loan from Tata Capital as a salaried individual, you must meet the following used car loan eligibility criteria –

  • Age – 21 to 65 years

  • Monthly salary – at least Rs. 20,000

  • Work experience – minimum of one year

For self-employed individuals, the following are the used car loan eligibility criteria –

  • Age – 21 to 65 years

  • Business stability – minimum three years

  • Annual income – minimum Rs. 2 lakhs

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 You will need to repay your used car loan in Equal Monthly Instalments or EMIs. Income plays a key role in determining the amount of money you can shelve out each month to pay off your used car loan EMI. As such, the higher your income, the higher will be your used car loan eligibility and vice-versa. Meaning, high income makes you eligible to borrow a higher loan amount.  

 The following used car loan documents will be needed for loan approval –

  • Photo Identity Proof documents – Copy of Voter ID/PAN Card/Driving License/Aadhaar Card/Passport

  • Income Proof documents – Copy of past three months’ Salary account bank statements

  • Salary Slips – Copy of past three months’ salary slips

  • Address Proof documents – Copy of Electricity Bill/Passport/Aadhaar Card

  • Copy of Vehicle Registration Certificate

  • Copy of Telephone or Mobile bills

 The following factors affect an applicant’s used car loan eligibility

  • Credit or CIBIL score – Applicants with a high CIBIL or Credit score, preferably 750 or above, will have a higher used car loan eligibility.

  • Income – The higher the income, the more eligible the applicant will be to opt for a higher principal loan amount.

  • Work stability – Besides the quantum of earning, the applicant’s work stability will also impact their eligibility for a pre-owned car loan. It is important to have a stable employment status (in case of salaried individuals) and business status (in case of self-employed individuals). 

  • Car type – Since the car will be the collateral for the used car loan, its age and make are also taken into consideration. A car with a high resale value and young age will increase loan eligibility. 

 Once the required documents for used car loan have been submitted, the lender will verify all details to ensure authenticity. This process of document verification may take at least 24 to 36 hours. If the lender finds all used car documents to be valid and the borrower capable of repaying the loan on time, they will then proceed on to the next step – loan approval.

 Self-employed individuals will need to submit the following documents required for second hand car loan

  • Photo Identity Proof – Copy of Passport/Voter ID/Aadhar Card/Driving License/PAN Card

  • Signature Proof – Copy of the applicant’s signature

  • Address Proof – Copy of Utility Bills/Property Registration documents/Property Tax Receipt/Voter ID/Bank Statements

  • Income Proof – Copy of Income Tax Returns, Audited Balance Sheet, Profit and Loss Statements along with past three months’ Bank Statements

  • Copy of telephone or mobile bills 

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