Most of them dream of buying a car the day they turn 18 years old, i.e., the eligible driving age in India. The adrenaline rush of driving a car is immense. Convenience is the other aspect of buying a vehicle. By owning a car, you can enjoy travelling anywhere, anytime. You can also go on solo road trips or travel with loved ones. Fulfil your long-term desire by applying for a Car Loan.
It is a viable financing option as it lets you borrow a significant Loan amount at a competitive interest rate for a chosen tenure. You can repay the Loan as equated monthly instalments. Car Loans are a common facility offered by all banks. Apply for a Loan with a bank offering the lowest interest rates and flexible repayment terms. Use the Car Loan EMI calculator to estimate the payable EMI to gauge your affordability and plan repayments.
Upon application, the bank extends a suitable Loan amount depending on your eligibility. The bank reviews your Loan application and submits documents to determine eligibility. Hence, make no mistake while filing the Loan application form and submit valid documents.
Car Loan documents for salaried individuals
If you are a salaried Loan applicant, have the following Car Loan document required handy:
- Identify and address proofs: PAN Card or Aadhaar
- Driving license to confirm driving eligibility
- Duly filled and signed Car Loan application form
- Last three month’s salary slips
- Last three month’s Bank Account statements showing timely salary credit
- Latest Income Tax Return Filing or Form 16
Car Loan documents for self-employed professional
Self-employed professionals run independent businesses and offer services to different clients. Doctors, lawyers, architects, designers, and writers are common examples of self-employed professionals. If you identify yourself as a self-employed professional, the following is the Car document required:
- Identity and address proofs
- Driving license
- Car Loan application form
- Savings and Current Account statements of the last three months
- Photocopies of business registration like GST or MSEM certificate
- Income Tax Return filing of the last two years
- Audited balance sheet
- Profit and loss statements
- Utility and maintenance bills to show business presence
Car Loan documents for independent professionals
Such professionals engage in the manufacturing, wholesale, trading, or retailing industry within the MSME category. If you are an independent professional, you can apply for a Car Loan by submitting the following documents:
- PAN Card and authority letter by all partners of the firm
- Current Account statements of the last three months
- Income Tax Return Filing for the last two years
- Audited balance sheets
- Profit and Loss statements
- Shop & Establishment Act certificates
- MSME registration certificate
- Sales or VAT certificate
Note that this is a generic list of documents required for the Car Loan application. Reach out to your bank representative for other details.
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