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Required Documents for Car Loan

Car Loan Documents List

Last Updated 25th Jul 2021

Particulars Requirement
FormSigned application form with photograph
Identity proof Aadhaar card/ PAN card/ Driving license/ Passport/ Voter ID card
Address proofValid Passport/ Permanent Driving license/ Voters ID Card/ Job card issued by NREGA
Age proof Birth certificate/ School leaving certificate/ Driving License/ Class 10th marksheet
Income proof Salary slips/ Income Tax Return Document/ Form 16/ bank statement of 3-6 months
  • Car loan documents are necessary for the verification of borrowers credibility.
  • After the documents are submitted, banks conduct a background check for the verification of the documents.
Apply for Car Loan @ 8.65%*

Why Car Loan Documents Required?

For the verification and approval of the car loan banks require certain documents. Documents like identity proof, address proof, bank statements and age proof. There is a separate list of documents for salaried and self-employed professionals. For the easy approval of loan right documentation is very important in a car loan. Once the documents are submitted banks conduct a background check for the verification of borrowers credibility.

General Documents Required for Car Loan

Here is a list of documents required for a car loan:-

  • Identification proof
  • Proof of age
  • Address proof
  • Application form
  • Passport size photograph
  • Income proof
  • Bank statement
  • Proforma Invoice
  • Signature verification proof

Car Loan Documents Required for Salaried Professional

Required documents for a car loan by a salaried professional:-

Particulars Requirement
Identity proof (Any of the following document)
Address proof (Any of the following document)
  • Valid Passport
  • Permanent Driving license [recent, legible, laminate]
  • Voters ID Card
  • Job card issued by NREGA
  • Letter issued by the National Population Register containing details of name & address
Age proof (Any of the following document)
  • Birth certificate
  • School leaving certificate
  • Aadhaar card
  • Voter ID card
  • Driving License
  • Class 10th marksheet
Income proof
  • Salary slips
  • Income Tax Return Document
  • Form 16
Bank Statement
  • Bank statement for 3-6 months as required by the bank
Proforma InvoiceIt is a document which has the price of the car as it helps in deciding the loan amount
Signature verification proofThere is a separate form which has to be filled by a borrower with their signature on it, this form is available at banks

Car Loan Documents Required for Self-Employed Individuals

Here is the car loan document list for self-employed individuals:-

Particulars Requirement
Identity proof (Any of the following document)
  • Aadhaar Card
  • PAN card
  • Driving license
  • Passport
  • Voter ID card
Address proof (Any of the following document)
  • Valid Passport
  • Permanent Driving license [recent, legible, laminate]
  • Voters ID Card
  • Job card issued by NREGA
  • Letter issued by the National Population Register containing details of name & address
Age proof (Any of the following document)
  • Valid Passport
  • Permanent Driving license [recent, legible, laminate]
  • Voters ID Card
  • Job card issued by NREGA
  • Letter issued by the National Population Register containing details of name & address
Business ownership proof
  • Certificate issued by a corporation
  • Office address proof
  • Utility bill
  • Stock ownership documents
  • Business registration license
Age proof (Any of the following document)
  • Birth certificate
  • School leaving certificate
  • Aadhaar card
  • Voter ID card
  • Driving License
  • Class 10th marksheet
Income proof
  • Balance sheet
  • Income Tax Return Document
  • Profit and loss statement
Bank Statement
  • Bank statement for 3-6 months as required by the bank
Proforma InvoiceIt is a document which has the price of the car as it helps in deciding the loan amount
Signature verification proofThere is a separate form which has to be filled by a borrower with their signature on it, this form is available at banks

Post-sanction or Pre-disbursement Documentation for Car Loan

Post sanction documents is a set of documents which are required after the lender has conducted the post-sanction inspection.

  • Margin money receipt
  • Loan Agreement duly signed along with Regional Transport Office set
  • ECS Form or Standing Instruction (SI) request
  • Insurance Cover Note- It is a temporary document provided by an insurance company that provides proof of insurance coverage until the final policy comes.

Documents Required for State Bank of India (SBI) Car Loan

Documents needed for a car loan by State Bank of India are-

  • Application form with photograph
  • Identity proof
  • Address proof
  • Bank statement for last 6 months
  • Last 3 months salary slips for salaried
  • Balance sheet, Income Tax Return Document, Profit and loss statement for self employed
  • Quotation of car
  • R.C. of vehicle and insurance of car

Documents Required for HDFC Bank Car Loan

List of documents required by HDFC Bank for car loan are:-

  • Application form with photograph
  • Identity proof
  • Address proof
  • Bank statement for last 6 months
  • Last 3 months salary slips for salaried
  • Balance sheet, Income Tax Return Document, Profit and loss statement for self employed

FAQs

What are the requirements for a car loan?

Once you have decided to buy a car and apply for a car loan. You must check the eligibility criteria of a bank and documentation list. Eligibility criteria and documents required vary from lender to lender.

How can I get a car loan without proof of income?

You can get a car loan without income proof if you submit the following documents, copy of their Business Ownership certificate and IT returns, residential proof where you have stayed for a year or two, latest bank statements and income proof of co-applicant if any.

Which of the following is the pre-approval documents required for a car loan?

For a pre-approval of a car loan, no documents are required. Banks generally offer a pre-approved car loan to its existing customers who have a good credit history.

Which bank is best for a car loan?

Axis Bank is the best bank for a car loan as it offers the lowest interest rate of 8.65%.

What are the criteria for getting a car loan?

The eligibility criteria for getting a car loan vary across lenders. However, a borrower should be in an age group of 18 years and 75 years, should be earning a minimum salary of ₹ 10,000 and have the documents which are asked by the lender.


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