You can avail for a car loan once you prove your eligibility to the Bank. The criteria set by the bank are for both; salaried and self employed individuals. Once you can fulfill these criteria, you can apply for a car loan. Post getting through with your eligibility, you need to fill up the car loan application form. This form will have basic details, employment details, income details and will also have the terms and conditions of the car loan. Your task is to be thorough with the application and only after being sure of all the terms and conditions, sign it.
Later, you also have to submit a list of documents to the bank. After proper analyzing of these documents, your application will be accepted for a car loan. Below we have listed following documents that are required along with your New Car Loan application:
For Salary Based People:
Any one each of the following for age, address, identity, and sign verification proof documents:
PAN Card/ Aadhar Card / Passport/ Voters ID Card / Ration Card / Driving License / School / College Leaving Certificate
Any one of the following documents as proof of income:
Latest Salary Slip / Latest Form 16/Latest ITR
For Self Employed Based (Sole Proprietorship):
Any one each of the following for age, address, identity, and sign verification proof documents:
PAN Card/ Aadhar Card / Passport/ Voters ID Card / Ration Card / Driving License / School / College Leaving Certificate
Any one of the following documents as proof of income:
Latest ITR / Previous ITR / latest IT assessment order as proof of income
For Self Employed Based (Partnership Firms):
The Partnership deed is required in order to show the age proof.
Next, they need the Partnership deed in order to show the identity proof.
Those people will also need to submit their Latest Income Tax Return/Previous Income Tax Return / latest IT assessment order in order to show proof of income.
In the event that the business turnover has exceeded Rs. 40 Lakhs, or their professional turnover exceeds the amount of Rs. 10 Lakhs, then their balance sheet must need to be audited.
Any one each of the following documents will be accepted as address and sign verification proof:
Partnership Deed / Telephone Bill / Electricity Bill / Passport Copy / Photo Driving License / Credit Card Statement.
For Self Employed Based (Private and Public Limited Companies):
Firstly, these self employed people will need the Memorandum and Articles of Association along with the Certificate of Incorporation which will act as age and identity proof.
Their latest Income Tax Returns with profit & loss account audited which will act as proof of their income.
Any one each of the following documents as address proof and sign verification:
Memorandum and Articles of Association / Certification of Incorporation / Telephone Bill / Electricity Bill / Passport Copy
