eligibility criteria and documents required for used car loan

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

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

Pre-Owned Car Loan Eligibility & Documentation

Too many criteria and endless paperwork can be a dampener to the exciting experience of buying a car. When making such a purchase, you deserve to enjoy a hassle-free and effortless experience. Poonawalla Fincorp Pre-Owned Car Loan offers such a benefit, thanks to easy requirements and digital processes. 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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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 upto 10Lacs: 3 months in current employment with 12 months total employment stability. upto 10Lacs: 24 months in current business. Should be in the same business for a minimum of 2 years
10lacs-75lacs: 6 months in current employment with 24 months total employment stability. 10lacs-75lacs: 60 months in current busines.
Citizenship Individuals with Indian Citizenship Proprietor / Partners / Directors with Indian Citizenship Proprietor / Partners / Directors/Trustees with Indian Citizenship

Note: The above-mentioned Pre-Owned Car Loan eligibility criteria is 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 finalized 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 types of applicants. Salaried or self-employed individuals along with firms and companies can avail of our services to get pre-owned cars. Do note that there are specific requirements for each borrower type, which must be met to get loan approval. Please refer above for detail eligibility criteria for each borrower type.

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 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 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 for the latest 3 months. This is a mandatory requirement.

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