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.