An Easy Guide to Car Finance: Documentation Requirements

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PROOFS, PROOFS & MORE PROOFS - DOCUMENTATION REQUIREMENTS:

The financier, before approving your scheme will seek documentation towards
- Proof of Identity & Signature
- Proof of Residence
- Income Proof
- Proof of Office and Years in Business / Service

DOCUMENTS ACCEPTED AS PROOF OF IDENTITY & SIGNATURE
For individuals
- Passport
- Driving Licence
- Voter's Identity Card
- PAN Card

For firms and companies
Partnership firms - The Partnership Deed is required along with a photograph of the partner who is executing the document.

Private Limited and Public Limited companies - A copy of the Memorandum of Association, the Articles of Association, and Form 32 duly completed.

For proof of signature your banker will issue a letter verifying your signature. For most financiers, this is mandatory. Proof of identity such as your passport or voter's identity card, which carries your signature, may also be accepted.

DOCUMENTS ACCEPTED AS PROOF OF RESIDENCE
For individuals, one or more of the following are required:
- Telephone Bill
- Electricity Bill
- Ration Card

In case of Partnership Firms and Private Limited companies, the residence proof of a partner or a director is required.

DOCUMENTS ACCEPTED AS INCOME PROOF
For Salaried Individuals
Previous year's Income Tax Returns and / or Form 16, along with the salary slip.

For self employed and partnership firms and private limited companies
Last two years' Income Tax Returns and / or Audited Accounts

For Public Limited Companies
Last two years' Audited Accounts.

PROOF OF OFFICE AND YEARS IN BUSINESS/SERVICE
If you are a salaried individual, a letter from the employer confirming that you have been in employment for the given number of years may be required. Your salary slip / a salary certificate may suffice for most financiers as proof of service.

If you are other than a salaried individual, you may furnish one or more of the following documents:
Registration papers of the office, if owned
Lease deed / Rental agreement if leased / rented
Telephone Bill / Electricity Bill / Shops and Establishments certificate / Sales Tax Certificate.

Source

January 2002

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