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

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.

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Pre-Owned Car Loan Eligibility Details

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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
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Pre-Owned Car Loan Documents Required

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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.

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.

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