What is Car Loan
Car loan helps you overcome your budget constraints and purchase the car you desire. The financial institutions offer car loan for both new and used cars.
Car Loan – Eligibility Criteria
The common requirements , irrespective of the financial institution , for a car loan approval are:
- Should be salaried, self employed or professional with Indian nationality
- Should be 21 to 65 years old
- Should meet the minimum repayment capacity or minimum salary requirements
- Must be in the current job for one year (salaried) or two years in the same business (self employed or professional)
Car Loan – Documents Required
- Duly signed and filled application form
- Passport Size Photograph
- Identity and signature proof – Passport, Pan card, Driving License, Voter ID card, Adhar card, employee identity card in case of government employees.
- Address Proof – Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/ electricity/ water/ credit card bill or Property tax.
- Age Proof – Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Adhar Card, pension payment order or receipt of LIC policy.
- Income proofSalaried Individual
- Latest 3 months salary slips
- Form 16 with proper computation of income
- Salary account bank statement for six months
- Latest acknowledged IT return
- Business stability and ownership proof
- Last two years’ computation of income, Profit and Loss statement, and balance sheet certified by a C.A.
- Latest six months’ bank statement
- Last two years’ sales and copies of acknowledged IT returns as proof of turnover