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 |
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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 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
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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