Why should you get a loan for a Used Car?

Getting a used car loan is beneficial because it allows you to bring your ideal car home quickly. Additionally, the loan balance with interest can be repaid in convenient monthly installments. Let’s see some more about TATA Capital's used car loan:

• High loan principal:

You can take as high as Rs. 50 lakhs of loan amount to buy a second hand car on EMI.

• Competitive interest rates:

The lowest in the market, used car loan interest rates as low as 15% are available to you.

• Flexibility:

You can select the loan term that best fits your financial requirements. Additionally, you can choose between a structured or fixed EMI repayment schedule.

What is the Eligibility Criteria for a Used Car Loan?

To get a used car loan, you must meet the following eligibility criteria:

• Age:

Your age must be 21 or above and 60 or below if you’re a salaried individual and 21 or above and 65 or below if you’re a self-employed individual to apply for an old car loan.

• Income:

Your income must be at least Rs. 20,000 per month if you’re a salaried individual and Rs. 2 lakhs per year if you’re a self-employed individual.

• Stability of Work:

You must have a stable employment status for at least a year and a stable business status for at least three years.

What Are the Documents Required for Used Car Loan?

Based on salaried individuals or self-employed individuals, the following are the documents required for a used car loan:

For Salaried Individuals:

• Photo Identity Proof – Copy of Voter’s ID/Driving License/Aadhaar Card/PAN Card/Passport
• Income Proof – Copy of your Salary account bank statements for the last three months
• Copy of Salary Slips of the last three months
• Proof of Residence – Copy of Ration Card/Passport/Electricity Bill
• Copy of Vehicle Registration Certificate
• Copy of telephone or phone bill

For Self-Employed Individuals:

• Photo Identity Proof – Aadhaar Card/Driving License/PAN Card/Passport/Voter’s ID
• Copy of your signature with signature proof
• Address Proof – Copy of Utility Bill/Bank Statements/Property Registration documents/Property Tax Receipt/Voter’s ID
• Income Proof – Copy of Income Tax Returns (ITR), audited Balance Sheet and Profit and Loss Statements along with last three months’ Bank Statements
• Copy of telephone or mobile bill