Your Document Checklist For Used Car Loan

Used car loan is a type of secured mortgage loan. Banks and NBFCs offer a special loan to their customers to help them buy a second hand/used car loan of their choice. By getting a used car loan you can buy a luxury or expensive car in Mumbai in your budget. Getting a used car loan in Mumbai is easy when you know exactly which documents you will require. Prepare yourself with these documents when you apply for a used car loan in Mumbai…

Identity proof

Providing a legitimate identity proof is the basic requirement of the loan application. You have to prove to the bank/NBFC that you are the same person who is applying for a used car loan. Banks and NBFCs in Mumbai require any one of these as identity proof for used car loan application: Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.

Income proof

Banks and NBFCs need to make sure that you have stable income and you can pay the used car loan in time. Also they need to know how much you are earning so that they will approve the loan amount accordingly. Salaried employees have to provide form 16 from the employer. Self employed professionals have to show proof of their business and ITR from last 2 years. Along with it loan applicants have to provide bank statements from last 6 months of the application date.

Proof of residence

A proof of residence is necessary when you apply for a used car loan as it showcases your stability. Banks and NBFCs accepts any of the following as a proof of residence for used car loan: Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.

Details of current loan obligations

If you have too many current loan obligations than your used car loan application in Mumbai may get rejected. Banks & NBFCs need to make sure that you are not succumbing into the debt. Thus while applying for a used car loan in Mumbai; you have to reveal how many loan obligations you currently have including your credit card outstanding.

Check your eligibility and apply for a used car loan

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