G S Solution

Frequently Asked Question

Auto Loan: A drive closer to your dreams. GS is the largest player in the Pre-owned Car Loan. We provide up to 100% finance for used cars, with hassle-free processing, minimal documentation and instant disbursal.

No, your EMI will remain the same throughout the 2nd hand car loan. However, you can enjoy flexible solutions with Tata Capital that fit your 2nd hand car finance requirement.

You can repay your loan through ECS, Direct debit, and post-dated cheques drawn on "GS Solution Pvt.Ltd.".

With GS, you can avail of a Loan starting from ₹ 1,00,000/- up to ₹ 50,00,000/- depending on your eligibility.

When you avail of a loan for buying a used car, you receive the loan amount in a lump sum after the submission and verification of relevant documents. You have to repay this principal amount along with the applicable interest over a pre-determined tenure. You can apply for a used car loan online for faster loan processing.

Availing a used car loan has the following benefits:
Easy car purchase – Bring home your favourite car in only a few simple steps.
No collateral needed – Your four-wheeler will serve as the used vehicle loan security. You don't have to pledge any other asset while availing of finance for used cars.
High loan amount – You can get a loan as high as Rs. 50 lakhs to buy the car of your choice.
Minimum paperwork – You can apply for used car loans online to avoid any hassle related to lengthy paperwork.
Repayment flexibility – You can choose between fixed and flexi EMI plans to repay your 2nd hand car finance comfortably.

Every lender has a minimum and maximum amount you can borrow as a loan. GS offers used car finance that covers a wide bracket - from Rs. 1 lakh to Rs. 50 lakhs.

Used four-wheeler loan interest rate is the rate at which you have to pay interest on the principal loan amount for a pre-determined tenure. GS used four-wheeler loan rates start at just 15% - one of the most competitive interest rates in the market.

Loan tenure is the period within which you need to repay your loan, including the interest. GS maximum tenure is 72 months or 6 years.

For salaried individuals, the loan eligibility criteria are:
The age of the applicant must be between 21 and 65 years.
The minimum monthly salary must be Rs. 20,000.
At least one year of work experience is mandatory.
Salaried individuals need to furnish:
Photo identity proof documents
Income proof documents
Salary slips for the past three months
Address proof documents
Vehicle Registration Certificate
Telephone or mobile bill

The following are the second-hand car loan eligibility criteria for self-employed individuals:
Age must be between 21 and 65 years.
A minimum annual income of Rs. 2 lakhs.
The business must have been in existence for at least three years.
Self-employed individuals need to furnish:
Identity proof
Copy of their signature
Address proof
Income proof for the past three months
Telephone or mobile bill

An online approval takes only about 30 minutes. However, the entire process, from documentation to loan sanctioning can take anywhere from 24 to 36 hours.

A co-applicant is a person who applies for a loan along with the main borrower. They will be equally responsible for the loan repayment in case of any default by the primary borrower. If you want to improve your loan eligibility, you can have a co-applicant apply along with you.
The following are the acceptable co-applicants for a second-hand car loan:
Family member
Blood relatives

No, you don't need any additional collateral or security for the loan. The car for which you take the loan is itself the collateral that is needed, hypothecated to Tata Capital documentation.

You can apply for a used car loan financing with GS in the following ways:
Apply for a car loan online through our website.
Send an email to our customer support team.br> Call us on our toll-free number – 000 000 0000.
Take the help of our virtual assistant GS.
Visit a nearby branch and talk to our lending experts.

To avail of a loan from GS as a salaried individual, you must pass the following used car loan eligibility check–
Age – Between 21 to 65 years
Monthly salary – at least Rs. 20,000
Work experience – minimum of one year
For self-employed individuals, you must pass the following used car loan eligibility check–
Age – 21 to 65 years
Business stability – minimum three years
Annual income – minimum Rs. 2 lakhs

To determine your used car loan eligibility, check your current and potential income. You will need to repay your loan in Equal Monthly Instalments or EMIs. Income plays a key role in determining how much money you can spend each month to pay your loan EMI. The higher your income, the higher will be your eligibility and vice-versa. A high income also makes you eligible to borrow a higher loan amount.

The following factors affect an applicant’s used car loan eligibility –
Credit or CIBIL score – A high CIBIL or Credit score, preferably 750 or above, increases your eligibility.
Income – The higher the income, the more eligible you will be to opt for a higher principal loan amount.
Work stability – Your work stability will also impact your eligibility for a pre-owned car loan. It is important to have a stable employment status (in the case of salaried individuals) and business status (in the case of self-employed individuals).
Car type – Since the car will be the collateral for the used four-wheeler loan, lenders will also consider its age and make. A car with a high resale value and young age will increase loan eligibility.