eligibility criteria and documents required for used car loan

Pre-Owned Car Loan Feel the pride of owning a car

Loan up to 30 Lakhs | Attractive Interest Rate | Zero Foreclosure Charges

Pre-Owned Car Loan Eligibility & Documentation

Things to consider before applying for a loan

Owning your car with Poonawalla Fincorp Pre-Owned Car Loan is as easy as it gets. Our easy eligibility criteria, minimal documentation and simple application process ensure that you get a pre-owned car loan in no time!

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Know the Pre-Owned Car Loan Eligibility Criteria

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Salaried Individuals Self-Employed Individuals Firm / Company
Age Applicant must be of minimum 21 years at the time of Loan application and should be maximum 60 years (Or retirement age, whichever is earlier, for Salaried)at loan maturity. Applicant must be minimum 21 years of age at the time of loan application and should be maximum 60 years at loan maturity. Minimum 21 years Proprietor / Partners / Directors / Trustee as applicable
Income Have a minimum annual salary of ₹2.5 Lakhs Gross Annual Income should be of Minimum ₹2.5 Lakhs ITR of 7.5L
Experience / Vintage 12 months in current employment with 24 months total employment stability. Should have a minimum experience of 2 years in current business. Should be in same business for minimum 2 years
Citizenship Individuals with Indian Citizenship Proprietor / Partners / Directors with Indian Citizenship Proprietor / Partners / Directors/Trustees with Indian Citizenship
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Documents required for Pre-Owned Car Loan

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Salaried Individuals Self-Employed Individuals Firm / Company
Identity Documents
  • PAN Card/Form 60 & any one
  • 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 Salary slip of the latest month
  • Income Tax Returns along with computation for 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 credit bank account statement of the last 3 Months Operative bank account statement for the last 6 months. Last 6 months Bank statement
Car Documents If already finalized the car (Includes RC & Insurance)

*The above list is indicative and additional documents may be required during processing of your application

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Apply
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Apply Online

Click on Apply online and fill in the basic details in application form.

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Upload
Documents

Submit Documents

Submit your KYC and Income documents to check your loan eligibility.

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Verification

Verification

The application and documents are processed for quick verification and assessment.

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Quick
Approval

Quick Approval

You get a quick update once your loan application is approved.

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Instant
Disbursal

Instant Disbursal

That’s it! Your car loan is instantly disbursed and ready for you to drive your dream car.

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Buying a car involves a significant amount of investment! Before finalising a car you should do a thorough research of various car models, their features and mileage, and finally the mode of finance. Most people prefer a car loan rather than dipping into your savings, whether it is for a brand new or used car.

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