{"id":22566,"date":"2023-08-29T03:27:27","date_gmt":"2023-08-29T03:27:27","guid":{"rendered":"https:\/\/tata-blog.osian.dev\/blog\/?p=22566"},"modified":"2024-03-15T15:53:03","modified_gmt":"2024-03-15T10:23:03","slug":"what-are-the-requirements-to-get-a-used-car-loan","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-vehicle\/what-are-the-requirements-to-get-a-used-car-loan\/","title":{"rendered":"What Are the Requirements to Get a Used Car Loan?"},"content":{"rendered":"\n<p><\/p>\n\n\n\n<p>Used cars are affordable, have a low depreciation rate, and are cost-effective in the long run. No wonder the pre-owned vehicle market is attracting a lot of buyers!<\/p>\n\n\n\n<p>And so, keeping in mind their increasing popularity, lenders also offer great financing options to potential buyers at reasonable rates. You can also opt for a pre-owned car loan to bring home your choice of car.<\/p>\n\n\n\n<p>Before applying for a loan, read on to understand the various used car loan requirementsthat you must take care of.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Second-hand car loan eligibility<\/strong><\/h2>\n\n\n\n<p>The eligibility criteria for second-hand car finance depends on income, work stability, CIBIL score, and credit history.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>#1 Income<\/strong><\/h3>\n\n\n\n<p>The higher is your monthly income; the better is your eligibility. This way, you\u2019ll qualify for a bigger loan amount.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>#2 Loan history<\/strong><\/h3>\n\n\n\n<p>You must have a repayment history free of defaults. If you have outstanding loans or credit card bills, clear your dues before approaching the lender.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>#3 CIBIL or credit score<\/strong><\/h3>\n\n\n\n<p>Having a healthy credit or CIBIL score, ideally 750 or more, increases your eligibility for a <a href=\"https:\/\/tata-blog.osian.dev\/vehicle-loan\/used-car-loan.html\">used car loan<\/a>.<\/p>\n\n\n\n<p style=\"color:#FF0000\"><strong>Additional Read:<em> <\/em><\/strong><a href=\"https:\/\/tata-blog.osian.dev\/blog\/loan-for-vehicle\/what-to-look-for-in-a-used-car-loan-agreement\/\">What to Look for in a Used Car Loan Agreement<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>#4 Work stability<\/strong><\/h3>\n\n\n\n<p>You should have a stable income source. If you frequently switch jobs or your business delivers inconsistent returns, your loan application can be rejected.<\/p>\n\n\n\n<p>While used car loan criteria differ from one lender to another, to avail of a loan with Tata Capital, you must meet the following conditions:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>For self-employed individuals<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You must belong to the age group of 21 to 65 years<\/li>\n\n\n\n<li>Your business should be up and running for a minimum of 3 years<\/li>\n\n\n\n<li>You must have an annual income of Rs. 2 lakhs<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>For salaried employees<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>You must belong to the age group of 21 to 60 years<\/li>\n\n\n\n<li>You must earn at least Rs. 20,000 per month<\/li>\n\n\n\n<li>You must have a stable working experience of at least 1 year<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Documents required<\/strong><\/h2>\n\n\n\n<p>Besides fulfilling the used car loan eligibility conditions, you must submit certain documents. Here\u2019s a list of documents needed for verification with Tata Capital.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>#1 For salaried individuals<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Copy of photo identity proof: Aadhar card, voter ID, PAN card, driving license, or passport<\/li>\n\n\n\n<li>Passport-sized photographs<\/li>\n\n\n\n<li>Copy of income proof: Past 3 months\u2019 salary slips<\/li>\n\n\n\n<li>Copy of address proof: Electricity bill, ration card, or passport<\/li>\n\n\n\n<li>Copy of mobile or telephone bill<\/li>\n\n\n\n<li>Copy of vehicle\u2019s registration certificate<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>#2 For self-employed individuals<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Copy of photo identity proof: Aadhar card, voter ID, PAN card, driving license, or passport<\/li>\n\n\n\n<li>Copy of telephone or mobile bill<\/li>\n\n\n\n<li>Copy of address proof \u2013Utility bill, property registration documents, bank statements, voter ID, property tax receipt<\/li>\n\n\n\n<li>Copy of signature with signature proof<\/li>\n\n\n\n<li>Copy of income proof: Income Tax Returns (ITRs), audited Balance Sheet, P\/L statements, last 3 months\u2019 bank statements<\/li>\n<\/ul>\n\n\n\n<p style=\"color:#FF0000\"><strong>Additional Read:&nbsp; <\/strong><a href=\"https:\/\/tata-blog.osian.dev\/blog\/loan-for-vehicle\/7-questions-to-ask-yourself-before-taking-a-used-car-loan\/\">7 Questions to Ask Yourself before Taking a Used Car Loan<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Over to you<\/strong><\/h3>\n\n\n\n<p>Looking for a reliable lender? Well, your search ends here with Tata Capital! Apply online for a quick second-hand car loanand enjoy affordable <a href=\"https:\/\/tata-blog.osian.dev\/vehicle-loan\/used-car-loan\/rates-and-charges.html\">used car loan interest rates <\/a>and convenient repayment options. Connect today to drive away with your desired ride!<\/p>\n\n\n\n<div class=\"wp-block-group alignwide\"><div class=\"wp-block-group__inner-container is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-columns alignwide is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/vehicle-loan\/apply-now-used-car-loan.html\">Apply Now<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><\/div>\n<\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Used cars are affordable, have a low depreciation rate, and are cost-effective in the long run. No wonder the pre-owned vehicle market is attracting a lot of buyers!  <\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/vehicle-loan\/what-are-the-requirements-to-get-a-used-car-loan\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":22567,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[27],"tags":[],"class_list":["post-22566","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>What Are the Requirements to Get a Used Car Loan? - Tata Capital Blog<\/title>\n<meta name=\"description\" content=\"Used cars are affordable, have a low depreciation rate, and are cost-effective in the long run. 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