Eligibility Criteria for a Used Car Loan
Meet the required used car loan eligibility criteria based on your occupation to avail of the loan:
- Age
- Salaried Individuals
- 21 (during loan application) and 60 years of age (at loan maturity) Self-Employed Individuals
- Self-Employed Individuals
- 24 (during loan application) and 65 years of age (at loan maturity)
- Firm / Company
- Proprietor / Partners / Directors as applicable, must be a minimum of 24 years of age
- Salaried Individuals
- Experience /Vintage
- Salaried Individuals
- Up to ₹10 Lakh: 3 months in current employment with 12 months total employment stability.
- ₹10 Lakh - 75 ₹Lakh: 6 months in current employment with 24 months total employment stability.
- Self-Employed Individuals
- Up to ₹10 Lakh: 24 months in current business.
- ₹10 Lakh - ₹75 Lakh: 36 months in current business.
- Firm / Company
- Should be in the same business for a minimum of 2 years
- Salaried Individuals
- Citizenship
- Salaried Individuals
- Individuals with Indian citizenship
- Self-Employed Individuals
- Proprietor / Partners / Directors with Indian citizenship
- Firm / Company
- Proprietor / Partners / Directors with Indian citizenship
- Salaried Individuals
- Credit Score
- Salaried Individuals
- CIBIL 700 and above
- New to Credit is also allowed
- Self-Employed Individuals
- CIBIL 700 and above
- New to Credit is also allowed
- Firm / Company
- The credit score of the Proprietor / Partners / Directors must be 700 and above
- Salaried Individuals
Documents Required for a Used Car Loan
Submit the required documents depending upon whether you are salaried, self-employed or an established firm/company:
- Identity Documents
- Salaried Individuals
- Aadhaar Card
- PAN Card
- Driving License
- Passport
- Voter ID
- Self-Employed Individuals
- Aadhaar Card
- PAN Card
- Passport
- Voter ID
- Firm / Company
- Firm/ GST Registration Certificate (If applicable) and Other Applicable Registration
- KYC of Partners /Aadhaar Card/Voter ID/Driving License/Passport
- Salaried Individuals
- Address Proof
- Salaried Individuals
- Passport
- Driving License
- Voter ID
- Self-Employed Individuals
- Passport
- Driving License
- Voter ID
- Firm / Company
- Electricity bill for owned premises
- Rent agreement for Rented premises
- Passport for Partner / Directors
- Salaried Individuals
- Income Documents
- Salaried Individuals
- Latest salary slip for the last 1 month
- Self-Employed Individuals
- Income Tax Returns for the last 2 years
- Profit/Loss statement and balance sheet for the last 2 years
- GST Returns
- Firm / Company
- Income Tax Returns along with computation for the last 2 years
- Profit/Loss statement and balance sheet for the last 2 years
- GST Returns
- Salaried Individuals
- Bank Account Statement
- Salaried Individuals
- Salary account statement for the last 3 months
- Self-Employed Individuals
- Statement for the last 6 months
- Firm / Company
- Statement for the last 6 months
- Salaried Individuals
- Car Documents
- If you have already finalised the car, include RC & Insurance
Note: The above-mentioned second-hand car loan documents list is indicative. Additional documents may be required during loan processing.
Pre-owned Car Loan EMI Calculator
Plan your EMIs with ease with our Loan Against Property EMI calculator. Just enter the loan amount, interest rate, and tenure and determine the option that fits your budget. Try now!
Apply for a Pre-owned Car Loan in Just 3 Steps
Click on "Apply Now"
Tap the “Apply Now” button to initiate your application.
Enter Details
Enter your DOB, contact, employment and car details.
Upload Documents
Upload the necessary documents for quicker approval.
On successful verification, the loan amount will be disbursed into your bank account instantly.
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Frequently Asked Questions
All salaried, self-employed individuals, firms, and companies can apply for an old car loan from Poonawalla Fincorp. Note that there are specific eligibility criteria for each borrower type, which must be met to get loan approval.
Applicants can find the complete list of loan documents for a second-hand car loan online. Simply visit the official Poonawalla Fincorp used car loan webpage, go to the eligibility and documents section, and find this information.
To qualify for a loan for a second-hand car, salaried and self-employed applicants must be at least 21 years of age at the time of application and must not exceed 60 years (for Salaried) & 65 years (for Self Employed) at the time of loan maturity. For firms and companies, the proprietor, director, or partner applying for the loan must be 24 years of age or older.
Happy Customers, Happy Us
I opted for a Loan Against Property balance transfer with Poonawalla Fincorp, and the experience exceeded my expectations. The application process was completely digital, quick, and required minimal paperwork. Getting a significantly lower interest rate helped me reinvest in my business. With better financial flexibility, I was able to scale operations efficiently, leading to a 30% increase in business turnover. Poonawalla Fincorp made the entire journey stress-free, and I highly recommend their services to any business owner looking for smart financial solutions.
Poonawalla Fincorp’s Pre-owned Car Loan made the entire financing process effortless. The loan approval was quick, and the minimal documentation made it even more convenient. Within just a couple of days, the funds were disbursed, allowing me to purchase a well-maintained pre-owned vehicle without any hassle. The repayment options were flexible, and the entire experience was seamless. Thanks to Poonawalla Fincorp, I could get my car without any financial strain. Highly recommended!
Securing a loan to purchase a commercial property with rental income was crucial for my business. Having previously worked with Poonawalla Fincorp, I was confident in their services. The process was incredibly smooth and transparent. The quick disbursement and excellent post-sales support made the entire experience stress-free. Thanks to Poonawalla Fincorp, I now own a prime commercial property in Mumbai, which has significantly boosted my business. Their quick turnaround time and excellent post-sales support made all the difference. I wholeheartedly recommend them to anyone in need.
I had a great experience with Poonawalla Fincorp’s Pre-owned Car Loan. The offered loan amount was as per my expectations, and the entire process was smooth and hassle-free. The documentation was minimal, and the loan was disbursed in just two days! What stood out was the flexibility—repayment was easy, and the EMI structure was well-planned. The loan approval process was straightforward, making it convenient to get the car I wanted without any delays. Overall, the service was excellent, and I highly recommend Poonawalla Fincorp to anyone looking for an easy and quick loan process!
A friend in need, is a friend indeed. Poonawalla fincorp has been like one of those friends for me, who has supported me in my journey. With no hidden charges and no prepayment charges, the company has provided me with the adequate funds I needed for me professional practice. From the loan application process to the disbursal of funds, I did not face any problems. My experience was hassle-free and smooth. Not just me, all my fellow professionals and friends have had a wonderful experience with Poonawalla Fincorp’s Professional Loan.
I am practicing Chartered Accountant (CA) based out of Hubli. There were working capital issues that i was facing like upgrading my firm’s overall infrastructure, hiring well-qualified staff and digitization. Poonawalla fincorp hab been of great support when it comes to funding these requirements. I’ve got one of the best interest rates available in the market, my documentation process was fast & hassle-free. and the digital application process made it very simple to get a Professional Loan as a CA. I recommend to CAs to consider Poonawalla Fincorp for their working capital or any other funding requirements.
I run a chain of farmacy stores with 5 branches in pune. With the growing polpularity of home delivery, my customers were expecting the same from me as well. However, the extra capital requirement made it difficulf for me to hire delivery persons. With Poonawalla fincorp’s Business loan, I am now able to compete with online pharmacy retailers, manage working capital and upgrade my system. My customers have grown 50-60%. The loan applicatipn process is digital, simple and speedy. I was delighted to get my loan amount disbursed quickly, allowing me to upgrade my operationg seamlessly.
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