Overview

A Used Car Loan allows individuals or businesses to finance the purchase of a pre-owned car. The loan can be availed by salaried individuals, self-employed professionals, businesses (proprietary, partnership, LLP, PVT Ltd), and entities who wish to purchase a second-hand car. The loan amount is typically based on the value of the vehicle and the applicant's financial standing. Finance Mandi partners with leading banks and NBFCs to help you procure the best deals on used car loans, ensuring competitive interest rates and fast processing.

Eligibility Criteria

• A company should be minimum 1 yr old.
• There should be a business activity set-up and stock.
• There should be an active company current account with Min 15k ABB (Average bank balance).
• Credit bureau score: Existing credit history is preferred, though not mandatory.

Mandatory Requirements

Individual Document

• Pan Card, Passport size photo & Adhar card of Applicant and Co-Applicant
• Latest current residence address proof in name of Applicant or family members with relation proof



Company Document

• Certificate of Incorporation for PVT Ltd companies, partnership deed for partnerships, or LLP agreement for LLPs.
• MOA & AOA for PVT Ltd & LTD company only
• Register partnership deed for Partnership firm and LLP firm only
• Business legal proof (Gst Registration Certificate, Udhayam aadhar Certificate and Shop & Establishment)
• Business vintage proof
• Last two years Complete set of financial Existing Secured and unsecured any loan sanction letters
• Last one-year Business primary Current or saving account



Vehicle Documents

• RC Book (Registration Certificate) of the used car.
• Copy of Insurance Papers (Comprehensive or Third-Party Insurance).
• Vehicle valuation report (provided by lender or independent assessor).
• KYC documents for both the current owner and the buyer