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              Buying a second car has now become easier and more reliable with the entry of organized players into the pre-owned car sector like OLX, CARWALE etc. When you look into the car market, you will notice that used cars have more sale than new cars in India each year. You can buy a certified and well maintained used car at reasonable price if buying a new car is beyond your reach or you having a limited income. Nowadays many NBFCs and banks are providing finance if you are planning to buy a used car from assured dealer. We are here to guide you that "How to Apply For a Used Car Loan" at ShubhBank to fulfill your basic transportation need.

Eligibility Criteria: The eligibility criterion for pre-owned car loan varies from lender to lender. So the general criteria to apply for loan are mentioned below:
        Applicant must be of at least 21 years old.
         Applicant must possess a PAN card.
        Applicant must have a regular source of income for sufficient repayment capability.
         Applicant must be employed or self-employed for at least two years.

Apply Online/Offline:  The process of applying a loan has become extremely easy. You can either apply online or offline in following mentioned steps:

        For online loan, you can log on to the official website of and for offline loan; you can walk into the branch.
     For online loan, click on the "Apply For Used Car Loan" and fill the application form and for offline loan, you can get the application form from branch to fill.
         For online loan, upload the required documents and submit the application form and for offline loan, attach the photocopies of required documents with application form and submit it into the branch.

Documents required for Used Car Loan: The required documents to apply for a pre-owned car loan are:
        Application form.
         Passport sized photographs.
         PAN card.
         ID proof.
         Aadhaar card.
         Residence proof.
         Last three month pay-slips.
         Latest income returns statement.
         Business ownership proof if you are self-employed.

It is a very special moment in everyone’s life to buy a car and not everyone can afford a car without availing a loan. This is the time when used car loan comes in handy where you can buy a car with minimum down payment and can payback the rest of loan amount in easy EMIs reducing your loan burden. There are some benefits associated with used car loan:
•         Buying a car becomes easy on pocket.
•         LTV ratio is lower on pre-owned car loan.
•         Flexible tenure.
•         No other collateral is required as purchased car is itself pledged as security.
•         Flexible mode of payment.

A car is necessity nowadays as it offers convenience to you and your family in time of emergency or any hush-hush situation. Owning a car is your dream and ShubhBank helps you to fulfill your dream with an "Affordable Used Car Loan Scheme" if you are lacking due to some financial constraints. Our loan offering come with an incomparable features and with affordable rate of interest. Getting the right car with right financing takes effort and considerable research from borrower’s end and ShubhBank helps you to own a car of your choice with easy loan options of longer tenure, better interest rates and lower loan charges.


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