{"id":10122,"date":"2023-08-28T15:13:14","date_gmt":"2023-08-28T15:13:14","guid":{"rendered":"\/blog\/?p=10122"},"modified":"2024-09-03T18:00:47","modified_gmt":"2024-09-03T12:30:47","slug":"what-is-the-eligibility-of-getting-a-used-car-loan-with-tata-capital","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-vehicle\/what-is-the-eligibility-of-getting-a-used-car-loan-with-tata-capital\/","title":{"rendered":"What is the Eligibility of Getting a Used Car Loan with Tata Capital?"},"content":{"rendered":"\n<p>With\nIndia entering the BS-VI era from April 2020, car manufacturing will require\nadvanced technology, triggering price hikes for new cars. Conversely, the\nreduction in Good and Services Tax (GST) rate on used vehicles from 28% to\n12-18% has made used cars more affordable.&nbsp;<\/p>\n\n\n\n<p>If\nyou are looking to purchase a four-wheeler, this is the best time to buy a\nsecond-hand car. Moreover, if you are facing a cash crunch, you can mortgage\nyour existing vehicle and obtain a used car loan&nbsp;to tide over the crisis.\nTata Capital offers such loans to salaried as well as self-employed\nindividuals. Here are the conditions that you must fulfill to avail of the\nloan. &nbsp;<strong><\/strong><\/p>\n\n\n\n<p><strong>Additional Read &#8211; <\/strong><a href=\"https:\/\/tata-blog.osian.dev\/blog\/loan-for-vehicle\/why-tata-capitals-used-car-loan-is-a-great-choice-when-buying-your-first-car\/\">Why Tata Capital\u2019s Used Car Loan is a Great Choice when Buying Your First Car<\/a><\/p>\n\n\n\n<p><strong>General eligibility criteria for a second hand car loan:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You\nshould be between the age of 21 years and 65 years, and you must provide proof\nto confirm this.<\/li>\n\n\n\n<li>Your\nmonthly income must be at least Rs. 20,000.<\/li>\n\n\n\n<li>You\nmust have a strong credit score and a good credit history to convince Tata\nCapital of your repayment capacity.<\/li>\n\n\n\n<li>Usually,\nguarantors are not necessary to get a loan for used cars. However, if your\nincome fails to meet the eligibility terms, you can still obtain the loan with\na third-party guarantor.<\/li>\n\n\n\n<li>A\nfixed-line telephone or a postpaid mobile connection is mandatory, and you need\nto submit a copy of the bill.<\/li>\n<\/ul>\n\n\n\n<p>Apart\nfrom these conditions, some other specific criteria could be applicable to you,\nbased on your profession. The different requirements are mentioned below.<\/p>\n\n\n\n<p><strong>Used car loan eligibility&nbsp;conditions for salaried individuals:<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"770\" height=\"400\" src=\"\/wp-content\/uploads\/2020\/06\/what-is-the-eligibility-of-getting-a-used-car-loan-2.jpg\" alt=\"\" class=\"wp-image-10124\" srcset=\"https:\/\/tata-blog.osian.dev\/blog\/wp-content\/uploads\/2020\/06\/what-is-the-eligibility-of-getting-a-used-car-loan-2.jpg 770w, https:\/\/tata-blog.osian.dev\/blog\/wp-content\/uploads\/2020\/06\/what-is-the-eligibility-of-getting-a-used-car-loan-2-300x156.jpg 300w, https:\/\/tata-blog.osian.dev\/blog\/wp-content\/uploads\/2020\/06\/what-is-the-eligibility-of-getting-a-used-car-loan-2-768x399.jpg 768w\" sizes=\"auto, (max-width: 770px) 100vw, 770px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You\nmust be employed by any public or private company or a government organization.<\/li>\n\n\n\n<li>You\nmust have a work experience of minimum two years. Additionally, you need to\nhave been working with your present employer for at least six months.<\/li>\n\n\n\n<li>Your\nsalary must be at least Rs. 3 lakh per year, and you must submit your last\nthree months\u2019 salary slips as well as salary account bank statements as proof.<\/li>\n<\/ul>\n\n\n\n<p><strong>Eligibility factors for self-employed individuals:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>If\nyou own a business, you must be a proprietor or a partner. In case of a\npartnership, you will be required to provide the partnership deed and other\nbusiness-related documents.<\/li>\n\n\n\n<li>A\nminimal annual income of Rs. 2 lakh for either the business or the individual\napplicant is necessary, and you must provide bank statements as evidence.\nCopies of your income tax return (ITR), profit and loss statements, and audited\nbalance sheets are also required.<\/li>\n\n\n\n<li>The accelerated bookbuild (ABB) should be 0.5 times your equated monthly instalment (EMI). You can calculate the EMI using the <a href=\"https:\/\/tata-blog.osian.dev\/vehicle-loan\/used-car-loan\/emi-calculator.html\">used car loan EMI calculator<\/a> on Tata Capital\u2019s website.<\/li>\n\n\n\n<li>Your\nbusiness should be in operation for a minimum of three years. A copy of your\ntrade license or the commencement of business certificate is also required to\nsupport your eligibility.<strong><\/strong><\/li>\n<\/ul>\n\n\n\n<p><strong>Additional Read &#8211; <\/strong><a href=\"https:\/\/tata-blog.osian.dev\/blog\/loan-for-vehicle\/a-list-of-documentation-that-will-let-you-avail-a-used-car-loan-instantly\/\">A list of documentation that will let you avail a used car loan, instantly.<\/a><\/p>\n\n\n\n<p><strong>Conclusion<\/strong><\/p>\n\n\n\n<p>Tata Capital offers <a href=\"https:\/\/tata-blog.osian.dev\/vehicle-loan\/used-car-loan.html\">used car loan<\/a> at attractive interest rates starting from 15%. If you meet all the eligibility criteria for a loan on used car, you can apply online on Tata Capital\u2019s website to get instant approval and cover the cost up to 100% of the ex-showroom price.<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/vehicle-loan\/used-car-loan\/documents-required.html\">Check Used Car Loan Eligibility<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>With India entering the BS-VI era from April 2020, car manufacturing will require advanced technology. <\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/vehicle-loan\/what-is-the-eligibility-of-getting-a-used-car-loan-with-tata-capital\/\n\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":10125,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[27],"tags":[],"class_list":["post-10122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-vehicle"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tata Capital Used Car Loan Eligibility - Explained!<\/title>\n<meta name=\"description\" content=\"Need to know the eligibility criteria of Tata Capital used car loan? 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Check out now\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tatacapital.com\/blog\/loan-for-vehicle\/what-is-the-eligibility-of-getting-a-used-car-loan-with-tata-capital\/\" \/>\n<meta property=\"og:site_name\" content=\"TATA Capital Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-28T15:13:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-03T12:30:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tatacapital.com\/blog\/wp-content\/uploads\/2020\/06\/what-is-the-eligibility-of-getting-a-used-car-loan-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"770\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tata Capital\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tata Capital\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/loan-for-vehicle\/what-is-the-eligibility-of-getting-a-used-car-loan-with-tata-capital\/\",\"url\":\"https:\/\/www.tatacapital.com\/blog\/loan-for-vehicle\/what-is-the-eligibility-of-getting-a-used-car-loan-with-tata-capital\/\",\"name\":\"Tata Capital Used Car Loan Eligibility - Explained!\",\"isPartOf\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#website\"},\"datePublished\":\"2023-08-28T15:13:14+00:00\",\"dateModified\":\"2024-09-03T12:30:47+00:00\",\"author\":{\"@id\":\"https:\/\/www.tatacapital.com\/blog\/#\/schema\/person\/5ccf99347b9365e2fa68bd32006d0b4a\"},\"description\":\"Need to know the eligibility criteria of Tata Capital used car loan? 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