List of Documents Requirement for Car Loan In India

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 required: –

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.

Self-Employed individuals:
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.

Know more About other loans Documents

  1. Home Loan Documents
  2. Personal Loan Documents
  3. Business Loan Documents
  4. Loan Against Property Documents

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