Car loan is taken to purchase a car (new or used) without having to pay the complete payment upfront. Car is hypothecated in the name of the lender/bank.
Features: Some really amazing features of car loan
Your eligibility for Car Loan depends on the following factors
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Entity |
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Salaried |
Sole Proprietorship |
Partnership |
Private Limited Company |
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Individual |
Proprietor |
Partner |
Director |
Individual documents |
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Age & ID proof (any of the below): of Proprietor/Partner/Director
|
Yes |
Yes |
Yes |
Yes |
Residence Address Proof (any of the below): of Proprietor/Partner/Director
|
Yes |
Yes |
Yes |
Yes |
Photograph of Proprietor/Partner/Director |
Yes |
Yes |
Yes |
Yes |
Sanction letter and schedules/Statement of loans in the name of individuals/partners/directors |
Yes |
Yes |
Yes |
Yes |
Residence/Office Ownership (any of the below):
|
N.A. |
Yes |
Yes |
Yes |
IT Return/Form16 of last 3 Years |
Yes |
Yes |
Yes |
Yes |
Photograph with Signature |
Yes |
Yes |
Yes |
Yes |
Last 6 months bank statement of all operative accounts |
Yes |
Yes |
Yes |
Yes |
In the case of transfer of a loan: Last 12 months of loans statement along with the Sanction Letter of your previous bank |
Yes |
Yes |
Yes |
Yes |
Company/Firm related documents |
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Business continuity proof – 3 years income tax return &income statement |
N.A. |
Yes |
Yes |
Yes |
Last3year audit report and audited financials |
N.A. |
Yes |
Yes |
Yes |
Business incorporation date proof – PAN Card |
N.A. |
N.A. |
Yes |
Yes |
Office Address proof (any one of the flowing):
|
N.A. |
Yes |
Yes |
Yes |
Partnership Deed |
N.A. |
N.A. |
Yes |
N.A. |
Certificate of Registration |
N.A. |
N.A. |
Yes |
|
List of current partners with shareholding on firm letterhead |
N.A. |
N.A. |
Yes |
Yes |
MOA(Memorandum of Association ) and AOA (Articles of Association) |
N.A. |
N.A. |
N.A. |
Yes |
Latest share holding pattern on company letterhead |
N.A. |
N.A. |
N.A. |
Yes |
List of current Directors on company letterhead |
N.A. |
N.A. |
N.A. |
Yes |
Certificate of Incorporation |
N.A. |
N.A. |
N.A. |
Yes |