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May 10 2013
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Criteria And Documents To Purchase A Car On Finance

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.


 

Documents Required-


 

  • 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.

 

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