If you're eyeing that dream car or contemplating upgrading your current ride, a used car loan can be your key to making it happen.
However, before you embark on this exciting journey, it's essential to understand the eligibility criteria, necessary documentation, and other vital aspects of securing a used car loan.
To apply for a used car loan, you typically need to be at least 21 years old. Generally, there is an upper age limit of 65 years, at the time of loan maturity
We prefer applicants who have been employed for a minimum period, often ranging from six months to a year, and provide funding to both salaried, self -employed and pensioners
Your income plays a pivotal role in determining your eligibility. We have a minimum income requirement of ₹15,000 that you must meet to qualify
Your credit score reflects your creditworthiness. There is usually a minimum credit score requirement for used car loans, but a score of 650 or higher is recommended
The minimum average quarterly balance needed in your bank account is ₹1,000 to become eligible for a used car loan
You'll need to provide documents to prove your income, such as salary slips, or income tax returns.
Last 6 months bank statement for your primary account where you receive your income
You’ll have to give a copy of your PAN card during the loan approval process
Documents like your passport, utility bills, or rental agreement serve as valid address proof.
This includes your Aadhaar card, passport, voter ID, or any other government-issued identity document (PAN can also be considered as an ID proof).
The amount you can borrow for your used car and the tenure of the loan are crucial factors. We offer loans ranging from 70% to 100% (0 Down payment) of the car's value, with repayment tenures typically extending from 1 to 6 years. The loan amount and tenure may vary based on your eligibility.
Customise EMIs with up to zero down payment and up to 6 year loan tenures starting at 12% ROI
Check your eligibility and get a loan offer within 2 minutes with minimal documentation
Coverage across all major indian cities with 15,000+ serviceable PIN codes`
Get a loan for pre-owned cars up to 14 years of age
If you have further questions, please do not hesitate to reach out to us on [email protected]