Used cars, second-hand cars or pre-owned cars have become popular amongst consumers nowadays. This is mainly due to the establishment of several organised used car dealerships across the country. These reliable car dealerships ensure that the second-hand cars are certified and well-maintained. When purchasing a used car from a private dealer, there is a worry of whether the car is a stolen property or if it is in working condition. You can do without this sort of stress when dealing with a reputable auto dealership.

Apart from being a very comfortable option to purchase a ‘new’ car, a used car loan offers a dimension of simplicity, transparency and hassle-free experience that is at par, and at times significantly higher than the corresponding car loan procedure for a new automobile. Want to own a car but are not willing to spend too much into the experience? What you seek is a well-maintained, reliable and springy used car that has aged gracefully, and consequently, a second-hand car loan to purchase it.

Used Car Loan - Features and Benefits

• Immensely Pocket Friendly- Explained in simple associative terms, a second-hand car will cost less, thus, the pre-owned car loan financing will also be a lesser number compared to its new-car alternative. Meaning, smaller monthly instalments to contend with.




• Less Hassle, More Features- While most banks feature used car finance as an important component in their arsenal of products, the demand for it is naturally second to a new car loan. Thus, these products are customized to appear as customer friendly as possible. Meaning, lots of features and rebates at half the usual hassle associated with a new car loan.




• Used Cars Are a Lot More Fun- When it comes to a pre-owned car, the choice of models isn’t dependent on its current on-road price. What would seem like a hefty investment for a new car of a particular model, seems very reasonable in the case of a second-hand car of the same make. Plus, the prospect of depreciation in pre-owned cars is considerably less when compared to new cars, thus retaining its original value when you intend to resell it at a future date. Importantly, the insurance costs of a pre-owned car are lesser compared to a new car.

Used Car Loan with Pooja Consultancy?

On Pooja Consultancy, you can get a comprehensive glimpse of the various features, interest rates, eligibility criteria, and required documentation for a second-hand car loan as offered by an assortment of banks and financial institutions across India. All the information you want can be accessed in one single platform.

• Calculate the applicable EMI and other essential loan details by using a variety of financial tools provided on the website.




• A comprehensive listing of loaning banks- choose the one that meets your specific expectations.




• Instant online loan application followed by immediate approval based on the submitted information.




• Robust customer support division to help you with concerns and queries.

Documents Expected When Applying for a Used Car Loan

Based on individual banks, all or some of these documents will be requested to be produced at the time of the loan application:

• Proof of Age, Residence, Identification and Signature (Passport/Voter’s ID/PAN Card).




• Proof of Income (Salary slips/Form 16/ITR with income computation).




• Copies of the pre-owned car’s RC Book and Insurance records.




• Bank statement. Usually statements for the past 6 months will be required.




• Passport sized photographs (Minimum 2 nos.)




• Documentation or deed that establishes the credentials of a proprietorship or partnership firm.

Eligibility Criteria for Used Car Loans

The following list is a generalized view on the commonly expected requirements that form the basic eligibility criteria for second hand car loans. Banks, at their own discretion, may require additional proof and/or documentation to establish your eligibility for the said loan.

• The applicant must be aged no lesser than 21 years nor be older than 65 years.


• Must be a salaried individual, self-employed person, a proprietorship or partnership firm, a public sector undertaking, a private company, person currently employed in the agriculture sector or dependent industries.


• In order to qualify for an old car loan, and if the applicant is a salaried individual, the net annual income of the said applicant and/or co-applicant together should not be lesser than Rs.3, 00, 000*.


• If the applicant is a self-employed individual, proprietorship or partnership firm, then the net profit or total taxable income of said applicant and/or co-applicant together should not be lesser than Rs.4, 00, 000* per annum.


• If the applicant is an agriculturist, the net annual income of the said applicant and/or co-applicant together should not be lesser than Rs.4, 00, 000* per annum.

Refinance car loans

Automobile refinancing is done by paying off an existing loan with a new loan. Refinancing a car loan is done for a number of reasons like reducing interest rates, lower the payments that have to be made every month or for other personal reasons. Most of the time people would want to lower the amount that they pay on a monthly basis towards a loan. This is done by either lowering the interest rates, by extending the loan payment period or by doing both.

Sometimes a car loan borrower will want to add someone or remove their names from the car loan. Refinancing is an easy way to add or remove a cosigner to the loan.

Contact pooja consultancy now and seal the deal!