Mandatory Documents
Duly filled application form, Car's registration certificate
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?
Hero FinCorp Used Car Loan Documents
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.
Salaried
If you are a salaried individual, you can easily finance your dream car by submitting the following used car loan documents
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 Card
Utility 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
Self Employed
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
Duly filled loan application form, Car's registration certificate
Identity Proof
Aadhaar Card, Driver's License, Voter ID Card, Passport
Address Proof
Driver's License, Voter ID Card, Rent or Lease Agreement, Utility Bill, Aadhar Card, A letter having Name & Address Details Issued by the National Population Register
Business/Office Proof
VAT Registration, Sales Tax Registration, Excise Registration, Service Tax Registration Certificate, SSI or MSME Registration Certificate, Shop & Establishment Registration Certificate
Age Proof
Birth Certificate, PAN Card, Driver's License, Passport
Occupation Proof
VAT, Sales Tax Registration, SSI or MSME Registration Certificate, Shop & Establishment Registration Certificate
Signature Verification Proof
PAN Card, Banker's Verification, Passport
Income Proof
Profit & Loss Statement, Recent ITRs, Audited Balance Sheet, Current Account Statement
Note: In addition to the above, we may request further documents based on your credit history and vehicle condition.
Frequently Asked Questions (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.
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