While many of us are applying for a car loan, we have made a list of all the paperwork, documents required and the criteria fulfillment to file for a car loan.
Simply go through the checklist to make sure you aren’t missing any of these before you drive all the way to your bank to fulfill the loan criteria.
- Starting with the age criteria, an employed individual of age between 25 - 58 years and a self-employed individual between 28 - 65 years is eligible for to apply for a car loan.
- Any bank whether in public or private sector has criteria that state the requirement that the loan candidate has a preferable credit-rating and also depends on their income.
- Private Limited companies applying for a car loan should have a minimum profit of Rs.200, 000 (Rupees Two-Lakh) after taxes and everything.
- Both private as well as nationalized banks in India maintain criteria requiring their loan applicants to have an annual income of at least Rs.250, 000 (Rupees Two-Lakh and Fifty Thousand).
- For a company applying for car loans, they are required to be in existence for a minimum of three years.
- Passport sized photos,
- Photo ID Proof,
- Date Of Birth Proof,
- Residential address proof,
- Form 16 copy (salaried employee), Income Tax Report for last 2 years with computation of income and complete financial of company (self-employed or Pvt. Ltd. companies).
- Proof of job continuity for the past 2-3 years (salaried employees), 3 years of business continuity proof (Self-Employed or Pvt. Ltd. companies).
- Latest 2 months salary slips (salaried employee), residence or office ownership proof, residential proof of authorized partner or director (self-employed or pvt. ltd. companies).
- Latest 6 month salary a/c bank statement copy (salaried employee), 6 month bank statement or 6 month current a/c bank statement copy (self employed or pvt. ltd. companies),
- Pan card copy, address proof and partnership deed of the company (partnership firm) and 1. List of director, 2. Share holding pattern on letter head of company (Pvt. Ltd. companies).
- Pan Card copy, address proof and MOA of company with board resolution on letter head of company.