Get quick and hassle-free vehicle loans
Drive home your dream car faster with our trusted finance partner.
Documents and eligibility requirements for a loan on a used car
Eligibility criteria
Age
18-60 years of age
Employment status
Salaried, self-employed and business owners
Minimum income
Minimum annual income of ₹2.5 lakh
Credit score
Credit score of 650 or above
Documents requirements
Identity proof:-
- PAN card (mandatory)
- Aadhar card / Passport / Driving license / Voter ID
Address proof:-
- Aadhar card / Passport / Driving license / Voter ID / Utility bills / Rent agreement
Income proof:-
- 6 months’ bank statement
- 3 months’ salary slips
Vehicle documents:-
- Vehicle registration certificate (RC)
- Vehicle insurance copy
Easy Process to Get a Used Vehicle Loan
EASY, FAST & SECURE
Step-1
Check Eligibility
Step-2
Share Necessary Documents
Step-3
Submit Loan Application
Step-4
Loan Approval & Agreement
Step-5
Loan Disbursement
Finance Partners
Common questions related to used vehicle loan
What is a used car loan, and how does it work?
A used car loan is a type of financing that helps you buy a pre-owned vehicle by borrowing money from a bank or finance company. You pay it back in easy monthly instalments (EMIs) over a fixed period, along with interest.
What is the average interest rate on a second-hand car?
Interest rates for used-car loans usually range from 8% to 18%, depending on the lender, your credit score, and the condition of the vehicle.
Can I get a used car loan with a low credit score?
Yes, you can still get a used car loan with a low credit score, but the interest rate might be slightly higher. Some lenders also offer loans based on income stability or down payment.
How many days it takes for the loan disbursement?
Once approved, used car loans are usually disbursed within 3 to 5 working days, depending on document verification and lender processing time.
How is my loan eligibility determined?
Loan eligibility is calculated based on factors like your income, credit score, existing debts, employment type, and the car’s value or condition.
What factor impact my pre-owned car loan interest rate?
Your credit score, income stability, loan tenure, vehicle age, and lender policies all play a key role in determining your used car loan interest rate.
Have Questions? We're Here to Help!
Get Expert Guidance on Buying, Selling, Financing, or Insuring Your Next Vehicle.