You deserve your dream car that makes you a star
Nowadays, owning a car has become a basic necessity for middle-class families in India. However, most of the people can’t afford a car with their regular monthly income. In such a situation, a car loan plays an important role to bridge the gap between the cost of the car and the down payment they can afford to pay. The loan amount needs to be repaid monthly in the form of EMIs. Most of the lenders offer car loans for both new as well as pre-owned cars.
Features & Benefits
A car loan comes with a host of features and benefits.
Eligibility & Documents Required
Any salaried person or self-employed individual can qualify for a car loan in India. There are certain eligibility conditions which car loan borrowers must fulfill.
- Salaried Individuals
- Self-employed Individuals
Documents for Salaried Individuals are as follows:-
Age: Anyone between 21 to 60 years old is eligible for a personal loan.
Credit Score: Applicant should have a good credit score.
Employment History: Minimum of 1-year employment with the current employer.
EMI: Bank expects you to pay 40% to 60 % of your salary towards EMI.
List of documents when self-employed customer / businessman is applying for a car loan are as follows:-
Age: Your age should be ranging from 21 to 65 years.
Income: Annual business earning should be a minimum of 2, 50,000.
Employment History: A minimum of 2 years of employment in the current business.
To apply for a car loan, you will need to submit the following documents along with filled application form
- Income certificate
- KYC documents
2 recent passport size photographs.
Last 6 months’ salary slips or ITR and Form 16 for salaried individuals. ITRs or balance sheets/P&L accounts for Self-employed individuals.
PAN, Voter ID, Electricity bill, Passport, Ration card, Driving license, Adhaar card, etc.
Pro-forma invoice of the vehicle.
Proof of your net worth like fixed deposits or any other movable or immovable property in your name.
Signature Verification Proof.