Sundaram
Car Loan

Applicant Type

-Salaried individuals with steady income, employed in reputed firms.
-Self-employed individuals typically need to explore business loan options.

Employment

At least 6 months — applies to first-time borrowers

Age Limit

21 –65 years (at loan maturity)

Minimum Income

Minimum ₹20,000 per month (varies by city & profile)

Loan Amount

- Up to 85% of the car value

Credit Score

A good CIBIL score (700+) is preferred for quick approval

USP

No collateral or guarantor required

Eligibility criteria to avail Sundaram Finance Used Car Loans

  • Salaried employees and self-employed individuals can apply for the loan.
  • Used Car Finance is also available for Partnership firms, private companies, and public companies.
  • Salaried employees must be between the ages of 21 years and 55 years when they apply for the loan.
  • Self-employed individuals must be between the ages of 21 years and 65 years when they apply for the loan.
  • Salaried employees must have at least 3 years of work experience.

Documents Required

  • The general documents required for a used car loan are: 

    • Registration Certificate Copy
    • Insurance copy
    • Car Valuation document

    Other documents for Salaried Individuals: 

    • Latest passport size photo
    • KYC: As per RBI norms  
    • Bank Statement: Last 6 months  
    • Income Proof:  Last 3 months Salary Slip/Form 16    
    • Repayment Mode –NACH / Direct Debit / Full PDCs
    • Asset Proof (Any One): House tax Challan / Patta copy / Copy of sale deed / Housing Co-op Society bill

    Other documents for Self-Employed Individuals: 

    • Latest passport size photo
    • KYC: As per RBI norms  
    • Bank Statement: Last 6 months  
    • Income Proof:  Previous 2 years’ complete financial statement/audit report along with income tax returns
    • Repayment Mode –NACH / Direct Debit / Full PDCs
    • Asset Proof (Any One): House tax Challan / Patta copy / Copy of sale deed / Housing Co-op Society bill

    Other documents for Corporates: 

    • Latest passport size photo
    • KYC: As per RBI norms  
    • Bank Statement: Last 6 months  
    • Income Proof:  Previous 2 years’ complete financial statement/audit report along with income tax returns
    • Repayment Mode –NACH / Direct Debit / Full PDCs
    • Personal Guarantee from all Partners, Partner Authorization Letter and Partnership Deed
    • Personal Guarantee from all Directors, Board Resolution and Memorandum & Articles of Assn.
    • Personal Guarantee from all Trustee / Society Members, Trust Deed / Bylaws and Resolution