Salaried: 21-60 YearsNon-Salaried: 23-65 Years
Salaried: 2,00,000 Non-Salaried: 2,50,000
Salaried & Self-Employed15,00,000
The eligibility criteria mainly depends on your employment. Choose the employment type and check your eligibility.
|For Salaried||For Self-Employed|
|Must be an Indian Resident||Must be an Indian Resident|
|Loan applicable only for personal usage||Loan applicable only for personal usage|
|Age Requirement: 21-60 years||Age Requirement: 23-65 years|
|Minimum Net Income: ₹2,00,000 per annum||Minimum Net Income: ₹2,50,000 per annum|
|Car should not have had more than two previous owners||Car should not have had more than two previous owners|
|Car should not be more than 12 yrs old at the end of loan tenure||Car should not be more than 12 yrs old at the end of loan tenure|
|Maximum Loan Amount: ₹15,00,000||Maximum Loan Amount: ₹15,00,000|
|Documents||For Salaried||For Self-Employed|
|Bank statement & Salary slip|
|ITR (2 years) and computation of Income (including other income sources)|
|ITR (2 years) and computation of Income OR CA certified / Provisional CA certified / Audited P/L statement and B/S (PAT)|
|Business Proof - Shop & Establishment Registration/GST Certificate/ Municipal Corporation Tax Form26AS or Udyam Aadhaar Registration|
|For Salaried & Self employed|
Passport Size Photograph
Additional Address Proof, wherever required
Income & Banking Document (Salary Slip)
Vehicle Valuation Report
|For Salaried & Self employed|
POA (Proof of Address)
POI (Proof of Identity)
6 Month Bank Statement
Financer/Loan Details for BT
Any other document, as per Loan against car product
A pre-owned car loan, also known as a used car loan, is an unsecured loan that enables you to buy a well-maintained second-hand car without any hassle. Pre-owned car loans are disbursed at reasonable and competitive interest rates, and their repayment duration can be as long as seven years. Every salaried and self-employed individual can opt for a used car loan. Whether salaried or self-employed, you’ll enjoy the benefit of repaying the loan in EMIs over the loan term. There’s minimal documentation required for this loan application process.
To get a pre-owned car loan with ease and convenience, follow these tips:
Dig some research to find a lender with a reasonable interest rate and quick disbursal policy. For instance, we at Piramal Finance take no time in sanctioning and disbursing the loan amount, provided all documents and details are authentic.
Choose a longer loan tenure as it improves your pre-owned car loan eligibility.
To save time, go for an online pre-owned car loan process.
Organize and keep all the required documents ready. The more the delay in submitting the documents, the longer it will take to process and sanction.
The various benefits of choosing a pre-owned car loan vary from lender to lender. However, the most common benefits include
Easy car buying process,
Quick sanction and disbursal
Freedom to choose from a wide range of auto-dealers
Coverage for multiple cars, including SUVs
Loan available for cars valued up to INR 15 lacs
Lower rate of interest than other types of unsecured loans
Customized repayment schedule as per your convenience
Maximum repayment flexibility
Whether or not you have to make a down payment depends on the lender. Some lending institutions like ours accept only a small amount, while others may prefer down payments. It’s your duty to check this parameter with the lending institution before taking any decision.
At Piramal Finance, pre-owned car loans are processed, sanctioned, and disbursed very quickly. Just fetch us your bank details and KYC proof and leave the rest to us. For more precise knowledge on the time needed for sanctioning, contact our customer support representative anytime.