What requirements must be met to get a used car loan?

Here is a quick and clear detailed rundown of the requirements for you to get a used car loan:

• You need to be between 21 and 59 years at loan maturity
• Indian resident status is a must.
• Employment: Both salaried and self-employed accepted, but steady income proof is essential.
• Age of the car: The used car needs to be within 10 years. This may vary across lenders.
• Loan amount starts from ₹1 lakh, covering up to 90% of the car’s value.
• Interest rate starts from around 10% p.a.

Documents that you need to keep handy:

• Your Identity proof like Aadhaar or PAN.
• Address proof documents.
• Income proof (salary slips or business statements).
• Bank statements for the recent months.
• Vehicle registration as well as insurance papers.

Good credit history helps, but it’s not a deal-breaker here. Just ensure your paperwork’s complete and your finances steady, smooth approval is almost within reach.