Used Car Loan Eligibility Criteria & Documentation TATA Capital

Car Loan  Updated date : November 12, 2017 54

How can a loan for used cars help you?

You are at that stage of life when you earn a good income from your job and you are still commuting using your favourite two-wheeler. You begin to wonder why you have to breathe in all the pollution and suffer more if it starts raining. It is the right time to buy a car and you need not worry about financing. We will help you with a used car loan if you can decide the EMI you are able to afford. Buying a used car is a great way to get your dream car as used cars are available at good discounted prices. We at Tata Capital will finance you with very attractive benefits.

What is the Loan Eligibility Criteria for Used cars?

We offer used car loans with the following eligibility criteria based on the source of income

Salaried Individuals

  • Employed in government, public or private sector organizations
  • Aged between 21 and 60 years
  • Two years work experience with minimum 1 year with current employer
  • Income of Rs 3 lakhs per annum
  • Telephone or Mobile connection is required

Self-employed individual

  • Must be the proprietor
  • Aged between 21 and 60 years
  • Business must be running for 3 years
  • Income of Rs 2 lakhs per annum
  • Telephone or Mobile connection is required
  • 3 Months Bank Statements are required and ABB should be 0.5 times EMI

Self employed individual as partner in a partnership firm

  • Either the Firm or the Individual partner must have an income of Rs 2,00,000 per annum
  • 3 Months Bank Statements are required and ABB should be 0.5 times EMI
  • Telephone or Mobile connection is required

Self-employed in entities other than proprietorship or partnership firms

  • The individual should have income of Rs 2 lakhs per annum
  • Landline connection at office
  • 3 Months Bank Statements are required and ABB should be 0.5 times EMI

Now that you know you are eligible, you can calculate your EMI using our car loan EMI calculator.

This will help you get an idea of the amount you need to set aside for your EMI every month.

What Documents are Needed to Avail a Used Car Loan?

The documents needed to avail used car loan is as given below for different classes of borrowers

Salaried Individuals/Self-employed individual

  • Proof of age - Passport or PAN or driving license or ration card or employer ID or school/college leaving certificate where date of birth is mentioned
  • Proof of identity - passport or PAN or voters ID or driving license or ration card
  • Proof of income - latest salary slip with Form 16 or latest ITR
  • Proof of address - ration card or driving license or passport or telephone bill or electricity bill or employer ID or credit card and its statement
  • Proof of signed verification - passport or driving license or credit card or banker's verification or margin money paid to bank

Self-employed individual as partner in a partnership firm

  • Proof of age and identity - partnership deed
  • Proof of income - copy of latest ITR, balance sheet and profit & loss account audited where necessary
  • Proof of address - telephone bill or electricity bill of the firm

Self-employed in entities other than proprietorship or partnership firms

  • Proof of age and identity - memorandum and articles of association or certificate of incorporation of company
  • Proof of income - latest ITR, audited balance sheet and profit and loss statement
  • Proof of address - memorandum and articles of association or certificate of incorporation of company or telephone bill or electricity bill of company
  • Proof of signed verification - passport of applicant or driving license or credit card with statement or banker's verification or margin money paid to bank

How to Check Used Car Loan Eligibility?

You need to prepare a check list of all the documents required as above based on your source of income as a salaried individual or a self-employed individual or a non-individual. You need to check if you satisfy the age and income criteria. You also need to check if you satisfy the employment and business criteria.

With copies of all the documents in your hand you are now ready to apply for a used car loan from Tata Capital.

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