Used Car Loan Eligibility Criteria

Here’s how you can ensure your pre-owned car loan eligibility. Check the following criteria and soon bring home a second-hand car.

Parameters	Criteria
Nationality	Indian

Parameters	Criteria
Nationality	Indian

Documents Required for a Used Car Loan

Once you are sure about your loan eligibility, proceed and check this list of required documents.

Type	Document
ID and Signature Proof	Copy of Voter’s ID/Driving Licence/Aadhaar Card/PAN Card/Passport
Age Proof	PAN Card
Address Proof	Copy of Ration Card/Passport/Electricity Bill
Income Proof	Copy of Income Document like Salary Slip/Form 16/ITR with Computation of Income
Asset Documents	Photocopy of Vehicle RC Book and Insurance Certificate
Other Documents	Bank Statement or Passbook

Type	Document
ID and Signature Proof	Copy of Voter’s ID/Driving Licence/Aadhaar Card/PAN Card/Passport
Age Proof	PAN Card
Address Proof	Copy of Ration Card/Passport/Electricity Bill
Income Proof	Copy of Income Document like Salary Slip/Form 16/ITR with Computation of Income
Asset Documents	Photocopy of Vehicle RC Book and Insurance Certificate
Other Documents	Bank Statement or Passbook, Shop Act or Business Proof, Partnership deed with a declaration for partnership firm, Repayment track of existing or completed loan, TDS certificate, GST Certificate

Type	Document
ID and Signature Proof	Copy of Voter’s ID/Driving Licence/Aadhaar Card/PAN Card/Passport
Age Proof	PAN Card
Address Proof	Copy of Ration Card/Passport/Electricity Bill
Income Proof	Copy of Income Document like Salary Slip/Form 16/ITR with Computation of Income
Other Documents	Bank Statement or Passbook, MOA/AOA with board resolution for private/public Ltd. Firm

Factors that may affect your Used Car Loan eligibility are

You must be 21 years or older. Alternatively, you can continue the process with a guarantor.

You must have at least 6 months of experience with the current company to prove your income stability.

A credit score of more than 750 enhances the possibility of instant Used Car Loan approval.

Your current debt status plays an important role in ensuring your eligibility

Age: Your age should be at least 21 years. Or else, you can proceed with a guarantor.
Income Stability: At least 6 months of work experience with the current organisation.
Credit Score: A credit score of more than 750 increases the possibility of loan approval.
Existing Debt Status: Your current debt status is a deciding factor in ensuring your eligibility.

If you are 21 years and above, then you’ll be eligible to get a Used Car Loan. Alternatively, you can continue the loan process with a guarantor.

At TVS Credit, we provide Used Car Loan approvals in just 4 hours post document submission.

Quick Apply!