Check Eligibility Criteria and Documents Required for Used Car Loan
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.
Used Car Loan Eligibility Criteria
| 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.
Documents Required for A Second Hand Car Loan
| Description | Salaried Individuals | Self-Employed Individuals | Firm / Company |
| Identity Documents |
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| Address Proof |
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| Income Documents | Latest salary slips for the last 3 month |
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| 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.
Frequently Asked Questions
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.
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.
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.
Yes. Applicants are required to submit bank account statements for the last 3 months. This is a mandatory requirement.
*Terms & Conditions Apply
