eligibility criteria and documents required for used car loan

Check Used Car Loan Eligibility Criteria & Documents

Loan up to 75 Lakh | Attractive Interest Rate | Zero Foreclosure Charges

Used car loan eligibility criteria and documents are designed to reduce endless paperwork. With minimal documentation, easy eligibility criteria and digital processing, we ensure you an effortless and hassle-free process when making such a purchase.

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Used Car Loan Eligibility Criteria

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Description Salaried Individuals Self-Employed Individuals Firm / Company
Age Applicants must be between 24 (during loan application) and 60 years of age (at loan maturity) Applicants must be between 24 (during loan application) and 65 years of age (at loan maturity) Proprietor / Partners / Directors as applicable, must be a minimum of 24 years of age
Experience / Vintage Up to ₹10 Lakh: 3 months in current employment with 12 months total employment stability. Up to ₹10 Lakh: 24 months in current business. Should be in the same business for a minimum of 2 years
₹10 Lakh - 75 ₹Lakh: 6 months in current employment with 24 months total employment stability. ₹10 Lakh - ₹75 Lakh: 36 months in current business.
Citizenship Individuals with Indian citizenship Proprietor / Partners / Directors with Indian citizenship Proprietor / Partners / Directors with Indian citizenship
Credit Score The credit score of the applicant must be 700 and above The credit score of the applicant must be 700 and above The credit score of the Proprietor / Partners / Directors must be 700 and above

Note: The above-mentioned used car loan eligibility criteria are indicative. Additional eligibility criteria may be required during loan processing by Poonawalla Fincorp.

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Documents Required for A Second Hand Car Loan

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Description Salaried Individuals Self-Employed Individuals Firm / Company
Identity Documents
  • Aadhaar Card
  • PAN Card
  • Driving License
  • Passport
  • Voter ID
  • Aadhaar Card
  • PAN Card
  • Passport
  • Voter ID
  • Firm/ GST Registration Certificate (If applicable) and Other Applicable Registration
  • KYC of Partners /Aadhaar Card/Voter ID/Driving License/Passport
Address Proof
  • Passport
  • Driving License
  • Voter ID
  • Passport
  • Driving License
  • Voter ID
  • Electricity bill for owned premises
  • Rent agreement for Rented premises
  • Passport for Partner / Directors
Income Documents Latest salary slips for the last 3 month
  • Income Tax Returns for the last 2 years
  • Profit/Loss statement and balance sheet for the last 2 years
  • GST Returns
  • Income Tax Returns along with computation for the last 2 years
  • Profit/Loss statement and balance sheet for the last 2 years
  • GST Returns
Bank Account Statement Salary account statement for the last 3 months Statement for the last 6 months Statement for the last 6 months
Car Documents If you have already finalized the car, include RC & Insurance

Note: The above-mentioned second-hand car loan documents list is indicative. Additional documents may be required during loan processing.

Who can apply for a Poonawalla Fincorp’s Pre-Owned Car Loan?

All the salaried, self-employed individuals, and firms and companies can apply for an old car loan from Poonawalla Fincorp. Do note that there are specific eligibility criteria for each borrower type, which must be met to get loan approval.

What is the age requirement for a used car loan?

To qualify for a loan for a second hand car, salaried and self-employed applicants must be at least 24 years of age at the time of application and must not exceed 60 years (for Salaried) & 65 years (for Self Employed) at the time of loan maturity. For firms and companies, the proprietor, director, or partner applying for the loan must be 24 years of age or older.

Where can I find the full list of documents required for a used car loan?

Applicants can find the complete list of loan documents for a second hand car loan online. Simply visit the official Poonawalla Fincorp Pre-owned Car Loan webpage, go to the eligibility & documents section, and find this information.

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

Yes. Applicants are required to submit bank account statements for the last 3 months. This is a mandatory requirement.

*Terms & Conditions Apply

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