Used car loan eligibility criteria at Hero FinCorp determine whether a borrower qualifies for financing a pre-owned vehicle. Hero FinCorp approves used car loans based on five key parameters: age, nationality, occupation status, loan tenure, and vehicle condition. There is no predefined minimum monthly income requirement. Both salaried and self-employed applicants are eligible, provided they meet the age and work-experience conditions. The loan amount ranges from ₹50,000 to ₹50,00,000 with a maximum LTV of 90% of the car's market value. For old cars, the vehicle must be in sound mechanical condition with a verifiable resale value to qualify.
To qualify for a used car loan at Hero FinCorp, applicants must meet basic eligibility criteria related to age, nationality, occupation, and the condition of the car being financed. Eligibility applies to both salaried employees and self-employed individuals. The following table lists the key parameters - loan tenure, loan amount, income, age, and occupation status - for a quick eligibility check before you apply:
Since used car loans are secured loans, you do not need to meet any stringent qualification criteria. Some of the important factors we consider when determining your eligibility for used car loans are as follows:
Hero FinCorp finances old cars (pre-owned vehicles) subject to specific vehicle age and condition criteria that determine loan eligibility:
Both salaried and self-employed individuals can apply for an old car loan from Hero FinCorp, subject to the standard used car loan eligibility criteria.
You can boost your chances for second-hand car loan eligibility by following the tips outlined below.
You must review your credit report at least once a year. It will provide you with information about your current credit profile. If there is any negative feedback, work on removing it. Look for any errors in your report and try to correct them by communicating with the lender.
If you are falling short of our minimum used car loan eligibility criteria, adding a co-applicant with a strong credit profile can work in your favour. However, remember that the co-applicant will be equally liable for your debt repayment.
Sometimes, your primary source of income may not meet our eligibility criteria. In that case, if you have any additional source of income, providing proof of the same can help your used car loan eligibility.
Increasing your down payment means you are applying for a smaller loan, which means lower EMIs. In this case, you may be able to get a loan even if your income is average and your debt-to-income ratio is less than 50%.
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