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General documents required for Used Car Loan are as follows:
The used car loan documents required will vary depending on your employment type.
After receiving the used car loan documents required from you, we will verify all details to ensure they are accurate. The verification process can take at least 24 to 36 hours. If all used car documents are valid and you can repay the loan on time, we will proceed to the next step–loan approval.
Self-employed individuals must submit the following documents to avail of a second-hand car loan –
The used car eligibility criteria differ for salaried and self-employed individuals at Tata Capital. For salaried individuals, the minimum age criteria for a pre-owned car loan are 21, and the maximum is 60.
On the other hand, for self-employed individuals, the minimum age criteria for availing of a used auto loan are 21, and the maximum age is 65.
Yes, you will have to furnish specific documents to avail of a pre-owned car loan with Tata Capital. Note that the documents vary for salaried individuals to self-employed individuals.
The documents for salaried individuals are-
#1. Copy of Voter's ID/Driving License/Aadhaar Card/PAN Card/Passport
#2. Copy of your salary account bank statements for the last three months
#3. Copy of salary slips for the last three months
#4. Copy of Ration Card/Passport/Electricity Bill
#5. Copy of Vehicle Registration Certificate
#6. Copy of telephone or phone bill
The documents for self-employed individuals are-
#1. Aadhaar Card/Driving License/PAN Card/Passport/Voter's ID
#2. Copy of your signature with signature proof
#3. Copy of Utility Bill/Bank Statements/Property Registration documents/Property Tax Receipt/Voter's ID
#4. Copy of Income Tax Returns (ITR), audited balance sheet, and profit and loss statements along with last three months' Bank Statements
#5. Copy of telephone or mobile bill
A salaried and self-employed individual can apply for a used car loan with Tata Capital. The criteria are-
| Criteria | Salaried Individual | Self-employed Individual |
|---|---|---|
| Age | 21-60 years | 21-65 years |
| Income | The minimum monthly income should be Rs. 20,000 | Minimum two lakhs per annum |
| Stability of work | Stable employment status for a minimum of 1 year | Stable business status for a minimum of 3 years. |
| Additional eligibility requirements | - | ABB should be 0.5 times the EMI amount for self-employed individuals in partnerships or otherwise, the business should have an active landline connection, and the individuals must furnish bank statements of the last three months before applying for the loan. |
Most lenders also approve applications of borrowers who have a good CIBIL score and a healthy loan repayment pattern.
While we do not have a set CIBIL score to determine eligibility, we suggest having a credit score of 750 or above to improve your eligibility chances while applying for a used auto loan. This is because your CIBIL score sheds light on your debt repayment ability and credit history, impacting your loan approval chances.
That said, we check other eligibility criteria to approve your loan. This includes-
Age- 21-60 years for salaried individuals and 21-65 for self-employed individuals.
Income- Minimum Rs. 20,000 monthly-income for salaried individuals and minimum Rs. 2 lakhs per annum for self-employed individuals.
Stability of income- A stable employment status for a minimum of 1 year for salaried individuals and a stable business status for three years for self-employed individuals.
At Tata Capital, we offer a flexible loan repayment tenure for used car loans. The minimum tenure is 12 months, while the maximum is 72 months or six years.
Obtaining a used car loan without income proof can be difficult, as lenders typically need proof of income to ensure you can repay the loan. However, some lenders may offer loans if you have a strong credit score or a co-applicant or guarantor with a stable income.
The minimum age requirement for a used car loan is 18 years.
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