Car loan Documents Required for Eligibility – or needed for car/auto loans in India. Several documents establishing your identity, proof of income and residence are required for a loan. But, the documents pertaining to the car, new or old are very important. So even if you are eligible for a loan, without proper car documents you can not get a loan.
List of Documents: -
|Particulars Salaried Individual||Self-Employed Individual||Partnership Firm||Private / Public Ltd Co|
|Age Criteria||The applicant should be above 25 years old at time of application, and up to 58 years of age at time of maturity of the loan||Any proprietor, partner, professional or director above 28 years but below 65 years at the time of the loan maturity.|
|Limited companies should have been in existence for at least 3 years|
|Income Criteria||Gross annual income of at least Rs.4lakhs||Gross annual income of at least 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 years and current employment stability of minimum 1 year||Business stability should be more than 3 years|
Other Papers and Documents – Income proof:
Salaried individuals :
Latest Salary Slip and 2 years Form 16/ Income tax returns.
Income Tax Returns of 2 previous financial years.
Partnership Firms, Societies & Companies :
Income Tax returns of 2 previous financial years along with complete financial/audit report.
Documents supporting customer information :
Identity Proof, Signature Proof and Address Proofs as per Bank norms.
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