🔑 Key Features of a Used Car Loan
| Feature | Description |
|---|---|
| Purpose | To finance the purchase of a pre-owned car |
| Loan Amount | 60% to 90% of the used car’s market/assessed value |
| Tenure | 1 to 5 years (some lenders offer up to 7 years) |
| Interest Rate | 10% to 18% p.a. (higher than new car loans) |
| Collateral | The used car being purchased |
| Processing Time | 24–72 hours (can vary based on valuation & documents) |
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✅ Eligibility Criteria
| Criteria | Requirement |
|---|---|
| Age | 21 to 65 years |
| Income | Minimum ₹15,000–₹25,000/month (varies by city and lender) |
| Employment | Salaried, self-employed, or business owners |
| Credit Score | 650+ preferred for better interest rates |
| Car Age Limit | Car should typically be less than 10 years old and in good condition |
Apply Loan
📋 Documents Required
KYC – PAN Card, Aadhaar, Passport
Income Proof – Salary slips, ITR, bank statements
Address Proof – Aadhaar, Passport, utility bills
RC (Registration Certificate) – Of the used car
Insurance & Road Tax Papers – Of the vehicle
Photographs – Passport-sized
Seller Agreement or Car Valuation Report