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Car Loan Eligibility & Documents
India's car market has been growing at brisk pace in last few years. And the best part is, that with more and more people entering the middle class with higher disposable incomes, the demand for cars is only going to increase in years to come.
Banks and financial institutions acknowledge this demand for new cars and are willing to help customers with a wide variety of new car loans. So if you were waiting till now to purchase your dream car, then you should not wait any longer. Go and make an application for a car loan at the earliest. But to ensure that your application is processed quickly and without any hassles, make sure that you have a thorough understanding of car loan eligibility criteria and documentation requirements.
Tata Capital is willing to lend upto 90% of the ex-showroom price of the car. But for individuals who are either salaried or self-employed, it's possible to obtain a car loan for almost 100% of the price of the car. The salaried individual needs to have a minimum annual income of Rs 2.5 lac. For the self-employed professionals, the minimum annual income requirements are slightly lower at Rs 2 lac.
Apart from meeting above mentioned eligibility criteria, individual borrowers also need to submit the following documents in support of their car loan applications:
- Identity Proof: PAN Card, passport, driving license or any other government issued identity document
- Age Proof: Since borrower needs to be more than 21 years old, a document supporting age needs to be submitted. Ex - School leaving certificate, Passport, Ration Card, Driving License, etc.
- Address Proof: Any government issued document having current address
- Income Proof: For salaried individuals, ITR/Salary Slips/Form-16. For self-employed individuals, ITRs or balance sheets/P&L accounts can be submitted.
- Signature Verification Proof
- Bank Statement of last 3 months
- 1 or 2 recent photographs
In case of non-individual borrowers, there are some additional requirements that include Certificate of Incorporation for Private and Public Ltd. Companies, Address Proof & Pan Card of the Firm, ITR, Audited Balance Sheet and Profit and Loss Account Bank, etc.
So make sure that you understand all car loan eligibility criteria and submit your application with all required documents, to get a quick disbursal of your loan.
Visit tatacapital.com/cars to know more.
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