A pre owned car loan, also known as a used car loan, is a type of loan that aims to help a person get a good secondhand car. This involves making monthly payments rather than paying in full cash, which is a somewhat more budget-friendly way to cop a vehicle.
Banks offer up to 80-85% of the total value of the used car for a loan tenure of 1 to 5 years provided the total age of the car and the loan tenure doesn't exceed more than 8-10 years. When you approach a bank for a used car loan, the bank will appoint an expert for the valuation of your car.
Note: The below mentioned Pre-Owned Car Loan documents list is indicative. Additional documents may be required during loan processing.
Identity Proof (If any)
• Aadhar Card
• Pan Card
• Passport Copy
• Voter Id
• Driving License
Address Proof (If any)
• Aadhar Card
• Passport
• Voter Id
• Driving License
Income Proof (Self Employed)
• Income Tax Returns for the last 2 years
• Profit/Loss statement and balance sheet for the last 2 years
• GST / MSME or any others company Registration Certificate
Income Proof (Salaried)
• Salary slip of last 3 Months
Bank Statements (Salaried)
Salary account statement for the last 6 months
Bank Statements (Self Employed)
Statement for the last 6 months
Car Documents (If any)
If you have already finalized the car, include RC & Insurance