admin@loanonmind.com +91 93945 93945
used carloan loanonmind

Eligibility Criteria

  • To avail Car Loan, you should be an individual aged 21 to 67 years, belonging to one of the following 3 categories:
  • Regular employees of Central Public Sector Enterprises (Maharatnas/ Navratnas/ Miniratnas). Defence Salary package (DSP), Para Military salary package (PMSP) & Indian Coastal Guard Package (IGSP) Customers and Short Commissioned Officers of various Defence establishments.
    Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 3,00,000/-.
    48 times of the Net Monthly Income.
    Professionals, Self-employed, Businessmen, proprietary/partnership firms and others who are income tax assesses
    Net Profit or Gross Taxable income of Rs. 3, 00,000/- p.a. (income of co-applicant can be clubbed together).
    4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans.
    Persons engaged in agriculture and allied activities. Income Tax return is not required in case of agriculturists.
    Net Annual income of applicant and/or co applicant together should be a minimum of Rs. 4, 00,000/-.
    3 times of Net Annual Income.

    To be eligible for an LoanOnMind New or Used Car Loan, applicants must adhere to the below-mentioned car loan eligibility criteria

  • Applicant/individual must be aged between 21 years and 67 years.
  • The applicant must be either a Central/State Government employee, a professional or self-employed individual, or an individual who is engaged in agricultural and allied activities.
  • Documents Required

    KYC Documents

  • Two passport size photos each of the applicant/ and the co obligant
  • Identity Proof – Passport / Voters ID / Driving License/ PAN Card / Aadhaar Card
  • Address Proof – Passport / Voters ID / Driving License / Aadhaar Card
  • Age Proof – Passport / Birth Certificate / Driving License / SSLC or AISSE Certificate
  • NREGA job card
  • Letter issued by National Population Register (NPR).
  • As proof of address, applicants can provide a copy of any of the following documents:

  • Additional documents for Non Resident Customers - Certified copy of Passport, Visa, Work Permit, ID card
  • Resident Salaried
  • Latest Salary Certificate / Salary Slip (3 months)
  • Copies of IT returns (2 years) or Form No.16 (2 years)
  • Latest 6 month's Bank Account statement evidencing the salary credits
  • Resident Self Employed
  • Proof of Business existence & Business Profile
  • Last 12 months bank a/c statements
  • IT returns for 2 years supported by Balance Sheet, P&L Account for the past two years. Where ever available, Tax paid challans may also be collected OR Last 2 years IT returns supported by Tax calculation sheet & Tax paid challans
  • Non Resident Salaried (either of option1 or option 2)

    Option 1

  • NRE account statement with any bank for last one year
  • Embassy / CRO certified Salary Certificate/ latest 3 months salary Slip OR Latest Salary Certificate / Slip (3 months) supported by 6 months Salary Crediting Statement
  • Option 2

  • Two years NRE a/c statement of the customer and/or resident accounts of spouse/parents (with us/ other Bank) in which remittance is made.
  • Non Resident Self Employed (either of option1 or option 2)

    Option 1

  • Proof of Business existence & Business Profile
  • Last 12 months bank a/c statements
  • Balance Sheet, P&L Account for the past two years. Where ever available, Tax paid challans may also be collected
  • Option 2

  • Two years NRE a/c statement of the customer and/or resident accounts of spouse/parents (with us/ other Bank) in which remittance is made.
  • Other Documents

  • Invoice
  • Latest land tax receipt or own house proof (latest land/building tax receipt, Electricity Bill, Water bill Etc.)
  • Sale Letter & Valuation letter from authorized used car dealer / dealer in case of Used Car
  • Property Documents (In case of loans over 25 Lakhs)
    1. Documents of title
    2. EC for 13 years
    3. Possession certificate
    4. Location sketch
    5. Land tax receipt
    6. Building tax receipt
    “Hassle Free Finance for Used Car Loans!!!” Apply Now

    Frequently Ask Questions

    Here’s why our used car loan is perfect for you!

  • Quick loan payment
  • Easy documentation
  • Attractive interest rates
  • The maximum tenure for used car loans is 5 years

    YOu can avail of a pre-owned car loan funding upto 95%of the valuation amount (Sale-purchase) and upto 85% of the valuation amount (Refinance)

    Want to know more?

    EMI Calculator

    x

    EMI Calculator

    Loan EMI

    ₹ 2,49,595

    Total Interest Payable

    ₹ 3,49,02,802

    Total of Payments
    (Principal + Interest)

    ₹ 5,99,02,808