MyLoanCare is a FREE of cost service for borrowers Apply Online

MyLoanCare - Baat Aapke Interest Ki

MyLoanCare Customer Ratings - 4.5/5.0 Apply Online

Required Documents for Car Loan

Car Loan Documents List

Last Updated 27th Jan 2022

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.
Yes Bank
Returns bhi, Rewards bhi
5.5%* interest p.a + up to 1500** YES Rewardz Points on account opening
Earn up to 50k** YES Rewardz Points in 1st year
Exclusive offers on Demat & Lockers
OPEN YOUR ACCOUNT DIGITALLY NOW
Disclaimer: For balance above INR 10 lcs to INR 1Cr. For YES FIRST customers. Terms and conditions apply. For more details please visit: www.yesrewardz.com
GET FREE CREDIT REPORT

Documents Required for Car Loan

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 easy loan approval, right documentation is very important in a car loan. Once the documents needed for a car loan are submitted, banks conduct a background check for the verification of your identity and financial credibility.

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
  • Signature verification proof

Car Loan Documents Required for Salaried and Self-Employed Individuals

Documents required for car loan for salaried and self employed people are as follows :

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

For Salaried:

  • Salary slips
  • Income Tax Return Document
  • Form 16

For Self Employed:

  • Balance sheet
  • Income Tax Return Document
  • Profit and loss statement
Business ownership proof(In case of self employed)
  • Certificate issued by a corporation
  • Office address proof
  • Utility bill
  • Stock ownership documents
  • Business registration license
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

Documents Required for Used Car Loan

These are the following documents required for used car loan:-

Particulars Requirement
Identity proof
  • Aadhaar Card
  • PAN card
  • Driving license
  • Passport
  • Voter ID card
Address proof
  • Valid Passport
  • Permanent Driving license
  • Voters ID Card
  • Job card issued by NREGA
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
  • Past 3 months bank statements
Proforma InvoiceIt is a document which has the price of the car as it helps in deciding the loan amount
Signature verification proof There 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 are 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 HDFC and SBI Car Loan

Documents required for car loan in HDFC and SBI are as follows:

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

FAQs

What are the requirements for a car loan?

Once you have decided to buy a car, you can 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: a copy of your 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 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. Thereby, the documentation is minimal in this case related to the car.

Which bank is best for a car loan?

and are the best banks for a car loan as it offers the lowest interest rate of 8.65% and %, respectively. charges a processing fee of on car loans and charges as processing fee.

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 should have the documents which are asked by the lender. The basic KYC documents are similar for all, however, income and business proofs may differ across salaried and self employed.

Is ITR required for a car loan?

Yes, ITR is required for a car loan. ITR is submitted by salaried as well as self employed individuals to avail new car loan as well as used car loan.

What is the minimum cibil score for a car loan?

You are required a cibil score of above 700 to get a car loan at a competitive price. To get a lower interest rate you must have a score above 850. If you have a score below 700 then there your loan may also get rejected.

How is income verified for a car loan?

Lenders verify income for a car loan by looking at the last 3-6 month bank statement, salary slips and ITR of the last two years. Business professional has to submit a balance sheet and profit and loss statement.


Notification ×
  • Home Loan

    Home Loan at all-time low rates starting at 6.50%. Cashback of up to ₹ 1,000

    Apply Now
  • Personal Loan

    Instant Personal Loan starting at 10.25% with Cashback of up to ₹ 1,000.

    Check Offers
  • Gold Loan

    Instant Gold Loan starting at 9.00% with Cashback of up to ₹ 500

    Apply Now
  • Loan Against Property

    Best Loan Against Property Offers starting @ 6.90%. Cashback of up to ₹ 1,000*.

    Apply Now
  • Business Loan

    Collateral Free Business Loan Rates starting at 14.00% with Overdraft facility.

    Apply Now
  • Fixed Deposit

    AAA rated FDs with returns as high as 7.05%.

    Invest Now
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
Loader
Please wait while your information is being processed...