Pre Owned Car Loan

What Is Pre Owned Car Loan?

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.

Documents Required For Pre-Owned Car Loan

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