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Documents Required for Used Car Loan
Ready for your dream car? Organize these documents by category and simplify your used car loan application.
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Necessary Documents for Used Car Loan
- Identity Proof
- Address Proof
- Proof of Income
- Car related documents
- Employment proof/ proof of business continuity
- Filled in Loan Application Documents
Used Car Loan Documents for Salaried Individuals
Here’s an easy list for you:
- Identity proof: Any one out of Aadhaar Card, Voter ID, Passport, Driving License or PAN Card
- Proof of residence: Any one out of Electricity/Water/Telephone bill, Aadhaar Card, Valid Passport, Voter ID or Driving License
- Proof of income: This includes Salary slips for last 1 month, bank statements showing salary credits for last 3 months, Income Tax Returns, Form 16, etc
- Own contribution proof, like down payment receipt
- Two passport-size photographs
- Appointment letter or employment contract, if you have spent less than 1 year at your current job
Pre Owned Car Loan Documents for a Non-Salaried Individuals
Here’s an easy list for you:
- Identity proof: Any one out of Aadhaar Card, Voter ID, Passport, Driving License or PAN Card
- Proof of residence: Any one out of Electricity/Water/Telephone bill, Aadhaar Card, Valid Passport, Voter ID or Driving License
- Proof of income: This includes Salary slips for last 1 month, bank statements showing salary credits for last 3 months, Income Tax Returns, Form 16, etc
- Own contribution proof, like down payment receipt
- Two passport-size photographs
- Appointment letter or employment contract, if you have spent less than 1 year at your current job
Second Hand Car Loan Documents for Self-Employed Individuals
Whether you’re self-employed in a partnership or otherwise, here’s a breakdown of the documents you require for a used car loan
Self-Employed (Partnership)
- Identity proof: Any one out of Aadhaar Card, Voter ID, Passport, Driving License, or PAN Card
- Partnership deed
- Proof of residence: Any one out of Electricity/Water/Telephone bill, Aadhaar Card, Valid Passport, Voter ID, or Driving License
- Business registration proof
- Proof of income: Income Tax Returns for last 2 years, audited Balance Sheet & Profit & Loss account
- Bank statements for last 6 months
Self-Employed (Others)
- Identity proof: Any one out of Aadhaar Card, Voter ID, Passport, Driving License, or PAN Card
- Proof of residence: Any one out of Electricity/Water/Telephone bill, Aadhaar Card, Valid Passport, Voter ID, or Driving License
- Business registration proof
- Proof of income: Income Tax Returns for last 2 years, audited Balance Sheet & Profit & Loss account
- Bank statements for last 6 months
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Frequently asked questions
What is the procedure for used car loan?
To apply for a used car loan with Piramal Finance, you just need to choose the used car loan option and click on “Apply Now” on their website. Then, you share some basic details and your mobile number. After that, someone from Piramal Finance will get in touch with you to help you through the rest of the process. It is designed to be quick and simple with minimal paperwork and mostly online steps.
Can I get a used car loan without income proof?
Usually, no. Piramal Finance needs proof of your income to make sure you can repay the loan. This could be salary slips, bank statements, or tax returns. Whether you are salaried or self-employed, you will need to provide some income documents.
Is a salary slip needed for a second-hand car loan?
Yes, if you are a salaried person, you will need to submit your salary slip as proof of income along with your bank statements and tax documents. If you are self-employed, you will need to provide other documents like audited financials, tax returns, and bank statements instead.