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Used Car Loan Eligibility Criteria & Documents Required

Eligibility for a Pre-Owned Car loan from Shriram Finance depends on the individual and the vehicle. The essential eligibility criteria are as below:

Individuals/ Proprietorship Firm/ Partnership Firm/ Private & Public Limited Company

Salaried Individuals

  • All Indian residents
  • Minimum age of 21 years
  • Maximum age of loan maturity at 59 years
  • Income requirement as per the vehicle model, vehicle age and repayment tenure
Age

Self Employed

  • Minimum age of 21 years
  • Maximum age of loan maturity at 59 years
  • Income requirement as per the vehicle model, vehicle age and repayment tenure
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Required Documents

  • Application Form
  • Registration Certificate of Vehicle
  • KYC Documents
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FAQs

What are the minimum and maximum age requirements for applicants of Shriram Finance Used Car Loans?

The minimum age requirement is 21 years and the maximum is 59 years at loan maturity.

What is the minimum and maximum loan amount offered by Shriram Finance for Used Car Loans?

The minimum loan amount is ₹1 Lakh, and the maximum is up to 85% of the used car's value.

What is the minimum and maximum tenure for Shriram Finance Used Car Loans?

The minimum tenure is 12 months and the maximum is 48 months.

What are the eligibility criteria for salaried individuals applying for Shriram Finance Used Car Loans?

The minimum age for eligibility is 21 years. The maximum age at loan maturity should not be beyond 59 years. The income requirement is subject to the chosen vehicle model, age and repayment tenure.

What are the eligibility criteria for self-employed individuals applying for Shriram Finance Used Car Loans?

The minimum age eligibility is 21 years. The maximum age at the time of loan maturity should not be beyond 59 years. The income requirement is subject to the chosen vehicle model, vehicle age and repayment tenure.

What is the minimum credit score required to be eligible for Shriram Finance Used Car Loans?

At Shriram Finance, there is no requirement for a minimum credit score. However, having a good credit score may increase loan approval chances.

Can I get a Used Car Loan from Shriram Finance if the car is more than 10 years old?

No. Shriram Finance does not finance cars more than 10 years old.

What documents are required to apply for Shriram Finance Used Car Loan?

The documents required include KYC documents, income proof, bank statements, and documents related to the used car's ownership and insurance. The exact list of documents may vary based on the applicant's profile and the loan amount.

Financing your used car is easy and quick