eligibility criteria and documents required for used car loan

Check Used Car Loan Eligibility Criteria & Documents

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

Our used car loan eligibility criteria and documentation process are designed to eliminate lengthy paperwork and delays. With minimal documentation, simple eligibility requirements, and a fully digital process, we ensure a smooth and hassle-free loan experience when purchasing a pre-owned car.

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Used Car Loan Eligibility Criteria

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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 65 years of age (at loan maturity) Proprietor / Partners / Directors as applicable, must be a minimum of 24 years of age
Experience / Vintage Up to ₹10 Lakh: 3 months in current employment with 12 months total employment stability. Up to ₹10 Lakh: 24 months in current business. Should be in the same business for a minimum of 2 years
₹10 Lakh - 75 ₹Lakh: 6 months in current employment with 24 months total employment stability. ₹10 Lakh - ₹75 Lakh: 36 months in current business.
Citizenship Individuals with Indian citizenship Proprietor / Partners / Directors with Indian citizenship Proprietor / Partners / Directors with Indian citizenship
Credit Score The credit score of the applicant must be 700 and above The credit score of the applicant must be 700 and above The credit score of the Proprietor / Partners / Directors must be 700 and above

Note: The above-mentioned used car loan eligibility criteria are indicative. Additional eligibility criteria may be required during loan processing by loansuvida.com

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Documents Required for A Second Hand Car Loan

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Description Salaried Individuals Self-Employed Individuals Firm / Company
Identity Documents
  • Aadhaar Card
  • PAN Card
  • Driving License
  • Passport
  • Voter ID
  • Aadhaar Card
  • PAN Card
  • Passport
  • Voter ID
  • Firm/ GST Registration Certificate (If applicable) and Other Applicable Registration
  • KYC of Partners /Aadhaar Card/Voter ID/Driving License/Passport
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 for the last 3 month
  • 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 second-hand car loan documents list is indicative. Additional documents may be required during loan processing.