Pre-Owned Car Loan Eligibility & Documentation

Simple Requirements | Hassle-free Approvals | Minimal Paperwork

Strict criteria and endless paperwork can be a dampener on the exciting experience of buying a car. When making such a purchase, you deserve to enjoy a hassle-free and effortless experience. The Poonawalla Fincorp Pre-Owned Car Loan offers such a benefit, thanks to easy requirements and digital process. We ensure easy access to funds, offer instant approval, and guarantee quick loan processing.

Pre-Owned Car Loan: Eligibility Details

	Salaried Individuals	Self-Employed Individuals	Firm / Company
Age	Applicant must be between 21 and 55 years of age	Applicant must be between 21 and 55 years of age	Minimum 21 years of age, Proprietor / Partners / Directors / Trustee as applicable
Income	Minimum annual income of Rs.2.5 lakh	Minimum annual income of Rs.2.5 lakh	ITR of Rs.7.5 lakh
Experience / Vintage	Minimum 1 year of employment with current employer and at least 2 years of work experience	Should have a minimum experience of 2 years in current business.	Should be in the same business for minimum 2 years
Citizenship	Individuals with Indian Citizenship	Proprietor / Partners / Directors with Indian Citizenship	Proprietor / Partners / Directors/Trustees with Indian Citizenship

Pre-Owned Car Loan: Documents Required

	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 of 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 of the last 3 months	Statement of the last 6 months.	Statement of the last 6 months
Car Documents	If already finalized the car (Includes RC & Insurance)

Disclaimer: The above-mentioned documents are indicative. You may be required to furnish additional paperwork during loan processing.

Frequently Asked Questions

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

We offer used car loan financing to all types of applicants. Salaried or self-employed individuals along with firms and companies can avail our services to get pre-owned cars. Do note, there are specific requirements for each borrower type, which must be met in order to get loan approval.

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 21 years of age at the time of applicationand 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 21 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. Salaried individuals must submit the salary bank account statement for past 3 months, whereas self-employed persons and companies/firms must submit operational bank account statements for the last 6 months.

What is a used car loan eligibility calculator?

This is a digital tool you can find online which can help you get an idea of whether you can qualify for funding or not. For an accurate understanding of your used car loan eligibility, check with the specific lender directly.