eligibility criteria and documents required for used car loan

Eligibility Criteria & Required Documents for Pre-Owned Car Loan

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

Pre-owned 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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Pre-Owned Car Loan Eligibility Details

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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 60 years of age (at loan maturity) Proprietor / Partners / Directors / Trustee 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: 60 months in current business.
Citizenship Individuals with Indian citizenship Proprietor / Partners / Directors with Indian citizenship Proprietor / Partners / Directors / Trustees with Indian citizenship
Credit Score The credit score of the applicant must be 750 and above The credit score of the applicant must be 750 and above The credit score of the Proprietor / Partners / Directors / Trustee must be 750 and above

Note: The above-mentioned Pre-Owned Car Loan eligibility criteria are indicative. Additional eligibility criteria may be required during loan processing by Poonawalla Fincorp.

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Pre-owned Car Loan Documents Required

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Description Salaried Individuals Self-Employed Individuals Firm / Company
Identity Documents
  • PAN Card/Form 60
  • Aadhaar Card
  • Driving License
  • Passport
  • Voter ID
  • PAN Card
  • Aadhaar Card
  • Passport
  • Voter ID
  • Firm/Company PAN Card, GST Registration Certificate (If applicable) and Other Applicable Registration
  • KYC of Partners / Directors PAN Card and Aadhaar Card
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
  • 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 finalised 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.

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

We offer a used car loan to all – salaried, self-employed individuals, and firms and companies. 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 Poonawalla Fincorp’s 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 older.

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.

*Terms & Conditions Apply

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