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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.
If you are a salaried individual, you can easily finance your dream car by submitting the following used car loan documents
| Mandatory Documents |
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| Identity Proof |
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| Address Proof |
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| Age Proof |
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| Job Proof |
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| Signature Verification Proof |
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| Income Proof |
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If you are a self-employed professional such as a chartered accountant (CA) or doctor, or a non-professional business owner such as a trader, manufacturer, or retailer, the documents required for a used car loan will be as follows:
| Mandatory Documents |
|
| Identity Proof |
|
| Address Proof |
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| Business/Office Proof |
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| Age Proof |
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| Occupation Proof |
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| Signature Verification Proof |
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| Income Proof |
|
Note: In addition to the above, we may request further documents based on your credit history and vehicle condition.
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.
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