How to apply for used car loan
Frequently asked questions
You can get a loan of up to Rs. 77 lakh by meeting our simple eligibility parameters.
Our used car loan requires minimal documentation. You will need documents such as:
- KYC documents - Aadhaar/ passport/ voter’s ID
- PAN card
- Employee ID card
- Salary slips for the last 2 months
- Bank account statements for the previous 3 months
- Vehicle registration certificate and insurance copy
You can apply for a used car loan even if you have an existing loan. Approval of your application will depend on several factors like your income, debt-to-income ratio and more. Before we approve, we'll evaluate your credit worthiness on several such parameters. Remember that applying for more than one loan could hurt your CIBIL Score and make it harder for you to get another loan.
Our used car loan has 3 unique variants – Term Loan, Flexi Term Loan and Flexi Hybrid Loan. With our Flexi Term Loan, you get a sanctioned loan amount from which you can withdraw and prepay whenever needed. You only need to pay interest on the money you withdraw. There is also no fee for part-prepayment.
When you apply for a used car loan, you must read the eligibility criteria carefully and ensure that you have all the documents. This will help you avoid any rejection while you are applying for a used car loan.
You can apply for our used car loan if you have CIBIL Score of 720 or higher.
Salary account is not mandatory to get our used car loan.
We offer approval within 24 hours* when you apply for our used car loan. Once approved, the funds are disbursed within 48 hours*.