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Upgrade your drive - Used Car Loans

Upgrade your drive with our easy Used Car Loans

  • Loan approval in just 4 hours
  • Up to 95% funding
  • Apply without Income Proof
  • Flexible Repayment
Apply Now

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
Age 21 – 65 years*
Status of Employment Active
Employment Stability Minimum 1 year
Parameters Criteria
Nationality Indian
Age 21 – 65 years*
Status of Employment Active
Employment Stability Minimum 1 year
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 Affecting Used Car Loan Eligibility

Factors that may affect your Used Car Loan eligibility are

Age

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

Income Stability

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

Credit Score

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

Existing Debt Status

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

Frequently Asked Questions

To qualify for a used car loan, consider the following key conditions:

  • 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.

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