Documents for Car Loan

List of Documents needed / required for Car Loan in India

Car loan Documents needed / required for Eligibility for car / auto loans in India. Various documents establishing your I.D proof, Residence proof & Income proof are required / needed for a loan. But, the documents pertaining to the car, new or old are very important. So even if you are eligible for a car loan, with-out proper car documents you can’t get a loan.

List of Documents needed / required: –

Particulars Salaried Individual Self-Employed Individual Partnership Firm Private / Public Ltd Co
Age Criteria The applicant should be above 25 yrs. old at time of application, and up-to 58 yrs. of age at time of maturity of the loan Any proprietor, partner, professional or director above 28 yrs. but below 65 yrs. at the time of the loan maturity.
Limited companies / firms should have been in existence for at least 3 yrs.
Income Criteria Gross annual income of at least amount of Rs.4lakhs Gross annual income of at least amount of Rs.2.5lakhs Firm should have a minimum PAT (profit after tax) of Rs.2.5lakhs Minimum PAT (profit after tax) of Rs. 2.50 lakhs
Stability The total employment stability should be more than 2 yrs. and current employment stability of minimum 1 yr. Business stability should be more than 3 yrs.

 

Other Papers and Documents – Income proof:

Salaried people / individuals:
Latest Salary Slip & 2 yrs. Form 16 / Income tax returns.

Self-Employed people / individuals:
Income Tax Returns of 2 previous financial yrs.

Partnership Firms, Societies & Companies:
Income Tax returns of 2 previous financial yrs. along with complete financial / audit report.

Documents supporting customer information:
I.D or Signature Proof & Address Proofs as per Bank norms.

Your Full Name (required)

Your Email (required)

Product Category (required)

Loan Amount (required)

Mobile No. (required)

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