Documents Required for Car Loans
While initiating a car loan, the bank or lender will request to submit documents such as your proof of identity, proof of income, and residence. Although the required documentation might vary from lender to lender, the following is an outline of the common documents required while applying for your car loan:
Income Proof for Self-employed persons:
- Duly signed and filled loan application form that is available on the bank's portal or can physically get it at any of the bank's outlets
- Passport Size Photographs, 4 to 6 photos
- Identity Proofs that can be either one from these mentioned documents- Passport, Pan Card, Aadhaar Card, Driving License, Voters ID card, or employee identity card if you're a government employees
- Address Proofs such as Rent Agreement, Voters ID card, Ration card, Bank statement, Passport, Driving License, Utility Bills, Credit card bill, or Property tax document
- Age Proofs that can be either one from the list: Birth certificate, Passport, Aadhaar card, Voter ID card, Secondary school leaving certificate (class 10), Pension payment order, or Receipt of LIC policy.
Income Proof for Salaried individuals:
- Form 16
- Latest 3 months salary slips
- Bank statements for six months of salary account
- Latest accepted IT return
- Ownership proof and business stability
- Last two years computation of income
- Profit and Loss statement
- A balance sheet that's certified by a C.A.
- Latest six months bank statement
- Last two years of sales proof
- Copies of approved IT returns
- PAN Card
- Documents providing the vehicle's information that can be the sales receipts from the seller. Submission of the copies of the Vehicle's Motor Insurance and the Driving License is also required
