Documents Required For Used Car Loan.
Why carry a bunch of papers when Hero FinCorp can approve a used car loan with just a few basic documents?
What You'll Need
to Apply.
At Hero FinCorp, we don't like keeping you waiting too long to get behind the wheel of your dream car. Hence, we have kept the documentation process for a used car loan as simple as possible. You only need to submit your KYC and income documents, along with a few other papers. If everything checks out during verification, the funds will be transferred to the used car seller’s account within a short time. However, before you proceed, remember that the documents required for a used car loan differ for salaried and self-employed individuals.
- • Mandatory Documents: Duly filled application form, Car's registration certificate
- •Identity Proof: Aadhar Card, Voter ID Card, Driver's License, Passport, Photo ID Card issued by GOI, Job Card issued by NREGA
- •Address Proof: Driver's License, Voter ID Card, Aadhar CardUtility Bill/ Rent or Lease Agreement, A letter having Name & Address Details Issued by the National Population Register
- •Age Proof: Birth Certificate, PAN Card, Driver’s Licence, Passport
- •Job Proof: Form 16, ITR, Appointment Letter, Salary Slip with Joining Date on it, Relieving Certificate, Experience certificate
- •Signature Verification Proof: Banker's Verification, PAN Card, Passport
- •Income Proof: Latest Salary Slips, Form 16, Bank Account Statement, ITR
FAQs.
The registration certificate informs your lender whether the vehicle you are purchasing is legitimately owned by the seller or if it was stolen. If the car in question lacks this document, your used car loan will not be approved.
In addition to the registration certificate, your lender may require the car’s insurance papers, road tax receipt, Pollution Under Control (PUC) certificate, and service record book. These documents aid in determining the vehicle's condition. Also, if the road tax receipt is missing or unpaid, it is strongly advised that you do not purchase the vehicle. This is because you will be subject to a significant penalty for unpaid road tax.
The loan disbursement time is dependent on the documents you have provided. If you filled out your loan application incorrectly or submitted incomplete documents, the processing will take longer than usual.
