Check Your Used Car Loan Eligibility and Apply Online
Financing a second-hand car has become easier than ever due to rising demand and flexible lending options. However, it is important to understand the eligibility criteria for a used car loan before applying. Apply for a Pre-Owned Car Loan from Poonawalla Fincorp today and enjoy competitive rates with quick disbursal.
- Age
- Salaried Individuals
- 21 (during loan application) and 60 years of age (at loan maturity) Self-Employed Individuals
- Self-Employed Individuals
- 24 (during loan application) and 65 years of age (at loan maturity)
- Firm / Company
- Proprietor / Partners / Directors as applicable, must be a minimum of 24 years of age
- Salaried Individuals
- Experience /Vintage
- Salaried Individuals
- Up to ₹10 Lakh: 3 months in current employment with 12 months total employment stability.
- ₹10 Lakh - 75 ₹Lakh: 6 months in current employment with 24 months total employment stability.
- Self-Employed Individuals
- Up to ₹10 Lakh: 24 months in current business.
- ₹10 Lakh - ₹75 Lakh: 36 months in current business.
- Firm / Company
- Should be in the same business for a minimum of 2 years
- Salaried Individuals
- Citizenship
- Salaried Individuals
- Individuals with Indian citizenship
- Self-Employed Individuals
- Proprietor / Partners / Directors with Indian citizenship
- Firm / Company
- Proprietor / Partners / Directors with Indian citizenship
- Salaried Individuals
- Credit Score
- Salaried Individuals
- CIBIL 700 and above
- New to Credit is also allowed
- Self-Employed Individuals
- CIBIL 700 and above
- New to Credit is also allowed
- Firm / Company
- The credit score of the Proprietor / Partners / Directors must be 700 and above
- Salaried Individuals
Documents Required for a Pre-owned Car Loan
Submit the required documents depending upon whether you are salaried, self-employed or an established firm/company:
- Identity Documents
- Salaried Individuals
- Aadhaar Card
- PAN Card
- Driving License
- Passport
- Voter ID
- Self-Employed Individuals
- Aadhaar Card
- PAN Card
- Passport
- Voter ID
- Firm / Company
- Firm/ GST Registration Certificate (If applicable) and Other Applicable Registration
- KYC of Partners /Aadhaar Card/Voter ID/Driving License/Passport
- Salaried Individuals
- Address Proof
- Salaried Individuals
- Passport
- Driving License
- Voter ID
- Self-Employed Individuals
- Passport
- Driving License
- Voter ID
- Firm / Company
- Electricity bill for owned premises
- Rent agreement for Rented premises
- Passport for Partner / Directors
- Salaried Individuals
- Income Documents
- Salaried Individuals
- Latest salary slip for the last 1 month
- Self-Employed Individuals
- Income Tax Returns for the last 2 years
- Profit/Loss statement and balance sheet for the last 2 years
- GST Returns
- Firm / Company
- Income Tax Returns along with computation for the last 2 years
- Profit/Loss statement and balance sheet for the last 2 years
- GST Returns
- Salaried Individuals
- Bank Account Statement
- Salaried Individuals
- Salary account statement for the last 3 months
- Self-Employed Individuals
- Statement for the last 6 months
- Firm / Company
- Statement for the last 6 months
- Salaried Individuals
- Car Documents
- If you have already finalised 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.
Benefits of Choosing a Pre-Owned Car Loan
Here are some key benefits of choosing a Pre-Owned Car Loan.
- Lower Cost of Ownership: Second-hand vehicles are usually significantly more affordable than new models, reducing the overall cost of ownership.
- Quick Processing: Fast approvals for eligible applicants ensure a quicker loan process.
- Minimal Documentation: Can be finished with the basic KYC, income proof, and vehicle documents, which are primarily done on the Internet.
- Fixed EMIs: Flexible tenures (usually up to 5–7 years) with fixed instalments help maintain predictable monthly budgeting.
- Wide Vehicle Choice: It includes hatchbacks, sedans, SUVs, and premium cars.
Online EMI Calculator For Old Car Loan
Calculate your EMIs using our online calculator. A used car loan eligibility calculator helps you estimate the monthly payable amount and total interest to be paid. You need to just enter the desired loan amount, tenure, and applicable interest rate.
Apply for a Used Car Loan in Just 3 Steps
Click on "Apply Now"
Tap the “Apply Now” button to initiate your application.
Enter Details
Enter your DOB, contact, employment and car details.
Upload Documents
Upload the necessary documents for quicker approval.
On successful verification, the loan amount will be disbursed into your bank account instantly.
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pre owned car loan18 Feb 2026| 5 min -
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Frequently Asked Questions
The lenders need a minimum of a 700 CIBIL score before they can approve a used car loan application.
In the case of salaried people, they should be aged between 21 and 60 years when the loan matures.
In most cases, you would need to provide identity proof, address proof, income documents, bank statements, and the RC and insurance of the car.
Yes, the majority of lenders fund cars that are less than 10 years old when the loan matures.
Self-employed applicants may apply, provided that they meet the income requirement, business age, and credit score requirements of the lender.
The majority of lenders specified the down payment of 10-20% of the car value, which can also enhance your eligibility.
Most lenders obtain and disperse a Pre-Owned Car Loan in a period of 2-5 working days with full documentation.
Yes, prepayment is permitted with charges of 4% plus applicable taxes after the lock-in period.
Happy Customers, Happy Us
Throughout my loan journey, the Poonawalla Fincorp team showcased exceptional dedication, in-depth product knowledge, and a truly customer-centric approach. At every stage, they guided me with patience and clarity, making the entire process seamless, transparent, and timely. Their proactive communication and unwavering willingness to go the extra mile are a testament to the organization’s high standards of service excellence. Such professionalism not only fosters strong customer trust but also reinforces Poonawalla Fincorp’s reputation as a leading, customer-focused financial institution. I extend my heartfelt thanks to the entire team for their commendable efforts and wish them continued success in all their endeavors.
I am incredibly grateful for the outstanding support I received throughout my loan process. The guidance provided made every step feel manageable and stress-free. What stood out most was the humility and genuine willingness to help at every stage, qualities that made a significant difference in my experience. Without this support, the journey would have been far more challenging. I truly appreciate the dedication and helpful nature that was consistently demonstrated. The efforts put forth were invaluable, and I feel fortunate to have worked with someone so committed and supportive.
It was really great working with Poonawalla Fincorp. Thanks to the support and coordination by the team. I was able to get a significant portion of my requirements despite having a bit of a mess in my financial records. The loan processing and disbursement process at Poonawalla Fincorp was super smooth. They were incredibly cooperative and helpful. I’m looking forward to building a healthy relationship with them in the future. Thank you.
Poonawalla Fincorp’s Pre-owned Car Loan made the entire financing process effortless. The loan approval was quick, and the minimal documentation made it even more convenient. Within just a couple of days, the funds were disbursed, allowing me to purchase a well-maintained pre-owned vehicle without any hassle. The repayment options were flexible, and the entire experience was seamless. Thanks to Poonawalla Fincorp, I could get my car without any financial strain. Highly recommended!
Securing a loan to purchase a commercial property with rental income was crucial for my business. Having previously worked with Poonawalla Fincorp, I was confident in their services. The process was incredibly smooth and transparent. The quick disbursement and excellent post-sales support made the entire experience stress-free. Thanks to Poonawalla Fincorp, I now own a prime commercial property in Mumbai, which has significantly boosted my business. Their quick turnaround time and excellent post-sales support made all the difference. I wholeheartedly recommend them to anyone in need.
I had a great experience with Poonawalla Fincorp’s Pre-owned Car Loan. The offered loan amount was as per my expectations, and the entire process was smooth and hassle-free. The documentation was minimal, and the loan was disbursed in just two days! What stood out was the flexibility—repayment was easy, and the EMI structure was well-planned. The loan approval process was straightforward, making it convenient to get the car I wanted without any delays. Overall, the service was excellent, and I highly recommend Poonawalla Fincorp to anyone looking for an easy and quick loan process!
A friend in need, is a friend indeed. Poonawalla fincorp has been like one of those friends for me, who has supported me in my journey. With no hidden charges and no prepayment charges, the company has provided me with the adequate funds I needed for me professional practice. From the loan application process to the disbursal of funds, I did not face any problems. My experience was hassle-free and smooth. Not just me, all my fellow professionals and friends have had a wonderful experience with Poonawalla Fincorp’s Professional Loan.
I am practicing Chartered Accountant (CA) based out of Hubli. There were working capital issues that i was facing like upgrading my firm’s overall infrastructure, hiring well-qualified staff and digitization. Poonawalla fincorp hab been of great support when it comes to funding these requirements. I’ve got one of the best interest rates available in the market, my documentation process was fast & hassle-free. and the digital application process made it very simple to get a Professional Loan as a CA. I recommend to CAs to consider Poonawalla Fincorp for their working capital or any other funding requirements.
I run a chain of farmacy stores with 5 branches in pune. With the growing polpularity of home delivery, my customers were expecting the same from me as well. However, the extra capital requirement made it difficulf for me to hire delivery persons. With Poonawalla fincorp’s Business loan, I am now able to compete with online pharmacy retailers, manage working capital and upgrade my system. My customers have grown 50-60%. The loan applicatipn process is digital, simple and speedy. I was delighted to get my loan amount disbursed quickly, allowing me to upgrade my operationg seamlessly.
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