Pre-Owned Car Loan Eligibility & Documentation
Too many criteria and endless paperwork can be a dampener to the exciting experience of buying a car. When making such a purchase, you deserve to enjoy a hassle-free and effortless experience. Poonawalla Fincorp Pre-Owned Car Loan offers such a benefit, thanks to easy requirements and digital processes. We ensure easy access to funds, offer instant approval, and guarantee quick loan processing.
Pre-Owned Car Loan Eligibility Details
| 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 60 years of age (at loan maturity) | Proprietor / Partners / Directors / Trustee as applicable must be a minimum of 24 years of age |
| Experience / Vintage | upto 10Lacs: 3 months in current employment with 12 months total employment stability. | upto 10Lacs: 24 months in current business. | Should be in the same business for a minimum of 2 years |
| 10lacs-75lacs: 6 months in current employment with 24 months total employment stability. | 10lacs-75lacs: 60 months in current busines. | ||
| Citizenship | Individuals with Indian Citizenship | Proprietor / Partners / Directors with Indian Citizenship | Proprietor / Partners / Directors/Trustees with Indian Citizenship |
Note: The above-mentioned Pre-Owned Car Loan eligibility criteria is indicative. Additional eligibility criteria may be required during loan processing by Poonawalla Fincorp.
Pre-Owned Car Loan Documents Required
| 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 |
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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 Pre-Owned Car Loan documents list is indicative. Additional documents may be required during loan processing.
Frequently Asked Questions
Who can apply for a Poonawalla Fincorp Pre-Owned Car Loan?
We offer a used car loan to all types of applicants. Salaried or self-employed individuals along with firms and companies can avail of our services to get pre-owned cars. Do note that there are specific requirements for each borrower type, which must be met to get loan approval. Please refer above for detail eligibility criteria for each borrower type.
What is the age requirement for a used car loan?
To qualify for a Poonawalla Fincorp Pre-owned Car Loan, salaried and self-employed applicants must be at least 24 years of age at the time of application and must not exceed 60 years at the time of loan maturity. For firms and companies, the proprietor, director, trustee, or partner applying for the loan must be 24 years of age or higher.
Where can I find the full list of documents required for a used car loan?
Applicants can find the complete list of used car loan documents 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 latest 3 months. This is a mandatory requirement.
