Eligibility Criteria
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
Documents Required
KYC Documents
As proof of address, applicants can provide a copy of any of the following documents:
Resident Salaried
Resident Self Employed
Non Resident Salaried (either of option1 or option 2)
Option 1
Option 2
Non Resident Self Employed (either of option1 or option 2)
Option 1
Option 2
Other Documents
- Documents of title
- EC for 13 years
- Possession certificate
- Location sketch
- Land tax receipt
- Building tax receipt
Frequently Ask Questions
Here’s why our used car loan is perfect for you!
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)