Car Loan

Car Loan

An auto loan works much the same way as other types of loans. You take out a car loan through an institution, like a bank or the auto dealer where you’re getting the car. That institution agrees to loan you money to buy the car, and you agree to pay back the amount you borrowed through monthly payments, plus interest

car loan

Self Employed Individuals

1) Any of the following documents as identity proof

  • Aadhar Card
  • Passport
  • PAN Card
  • Voters ID Card
  • Driving License (recent, legible, laminated)

2) Latest salary slips and Form 16 as income proof
3) Any of the following documents as address proof

  • Aadhar Card
  • Ration Card
  • Driving License (recent, legible, laminated)
  • Voters ID Card
  • Passport Copy
  • Telephone Bill
  • Electricity Bill
  • Life Insurance Policy​​​​​​​​​​​​​​

4) Bank statement of the previous 6 months

Self Employed Individuals

Sole Proprietorship

1)  Any of the following documents as identity proof

  • Aadhar Card
  • Passport
  • PAN Card
  • Voters ID Card
  • Driving License (recent, legible, laminated)

2) Latest Income Tax Returns (ITR) as income proof
3) Any of the following documents as address proof

  • Aadhar Card
  • Ration Card
  • Driving License (recent, legible, laminated)
  • Voters ID Card
  • Passport Copy
  • Telephone Bill
  • Electricity Bill
  • Life Insurance Policy​​​​​​​

4) Bank statement of the previous 6 months

Partnership Firms

1)  All the following documents as income proof:

  • Audited Balance Sheet
  • Profit & Loss Account of the previous 2 years
  • Company ITR for the previous 2 years​​​​​​​

2) Any of the following documents as address proof:

  • Telephone Bill
  • Electricity Bill
  • Shop & Establishment Act Certificate
  • SSI Registered Certificate
  • Sales Tax Certificate​​​​​​​

3) Bank statement of the previous 6 months​​​​​​​​​​​​​​​​​​​​​

Private Limited Companies

1)  All the following documents as income proof:

  • Audited Balance Sheet
  • Profit & Loss Account of the previous 2 years
  • Company ITR for the previous 2 years​​​​​​​​​​​​​​

2) Any of the following documents as address proof:​​​​​​​

  • Telephone Bill
  • Electricity Bill
  • Shop & Establishment Act Certificate
  • SSI Registered Certificate
  • GST Certificate​​​​​​​

3) Bank statement of the previous 6 months the previous 6 months

Public Limited Companies

1)  Any of the following documents as income proof:

  • Audited Balance Sheet
  • Profit & Loss Account of the previous 2 years​​​​​​​

2) Any of the following documents as address proof:

  • Telephone Bill
  • Electricity Bill
  • Shop & Establishment Act Certificate
  • SSI Registered Certificate
  • GST Certificate​​​​​​​

3) Bank statement of the previous 6 months

Eligibility

The following people are eligible to apply for a New Car Loan:

Salaried Individuals:​​​​​​​

  • This includes employees of private limited companies, employees from public sector undertakings, including central, state and local bodies
  • Individuals who are a minimum of 21 years of age at the time of applying for the loan, and no older than 60 at the end of the loan tenure
  • Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer
  • Those who earn a minimum of Rs. 3,00,000 per year, including the income of the spouse/co-applicant
  • Individuals who have a telephone/post-paid mobile

Self Employed Individuals and Professionals (Sole Proprietorship):

  • This includes self-employed sole proprietors in the business of manufacturing, trading or services
  • Individuals who are a minimum of 21 years of age at the time of applying for the loan, and no older than 65 at the end of the loan tenure
  • Those who have been in business for a minimum of 2 years
  • Should earn at least Rs. Rs. 3,00,000 per annum

Self Employed Individuals and Professionals (Partnership Firms):

  • This includes self-employed partners in the business of manufacturing, trading or services
  • Those who have a minimum turnover of Rs. Rs. 3,00,000 per annum

Self Employed Individuals and Professionals (Private Limited Companies):

  • This includes individuals who own a private company in the business of manufacturing, trading or services
  • Should earn at least Rs. Rs. 3,00,000 per annum

Self Employed Individuals (Public Limited Companies):

  • This includes directors in public limited companies that are in the business of manufacturing, trading or services
  • Should earn at least Rs. Rs. 3,00,000 per annum