Finance Your Car

Before applying for a car loan with the manufacturers, it is important you check the eligibility criteria in order to avoid a rejection. When you meet all the criteria, you may approach the lender for application. Here is a complied list of eligibility criteria to avail a car loan.

• You should be a salaried or self-employed individual having a good repaying ability
• Most car finance companies also provide loans to corporate companies, trusts and partnership firms for which they have to fulfill criteria set by the lender
• The applicant should fall under the age limit set by the lender, the general range is usually between 18 years to 65 years
• The income level varies for salaried, self-employed and companies based on the loan amount and the car model
• All the documents required for the loan should be furnished with clear proof
• Should have a decent credit score

For Self-Employed Persons

• Duly signed and filled application
• Passport Size Photographs, generally 4-6 photos
• An identity proof which can be one of these documents- Passport, PAN Card, Driving License, Voters ID card, Aadhar Card or employee identity card in case of government employees
• Address Proof like Bank statement, Rent Agreement, Voters ID card, Ration card, Passport, Driving License, Telephone bill, Electricity or water Bills, Credit card bill or Property tax document
• Age Proof which may be a Voter ID card, Secondary school leaving certificate (class 10), Birth certificate, Passport, Aadhaar card, Pension payment order or Receipt of LIC policy.

Salaried Individuals

• Latest 3 months’ salary slips
• Form 16 with proper computation of income
• Salary account bank statement for six months
• Latest acknowledged IT return
• Business stability and ownership proof
• Last two years’ computation of income
• Profit and Loss statement
• Balance sheet certified by a C.A.
• Latest six months’ bank statement
• Last two years’ sales
• Copies of acknowledged IT returns
• PAN Card for the lender to check and verify if you are trustworthy enough to make regular repayments by your credit records history.
• Documents providing Vehicle information which may include the sales receipts from the seller.
• In order to establish that, all applicable laws and protocols are followed with regards to the purchased vehicle, the applicant must also submit copies of the Vehicle’s Motor Insurance and your Driving License.