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Finance
Tips
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defines a customer as one who has not only the want but also the buying
power |
Eligibility
Before you decide the type or make of the vehicle you would like to purchase
via finance scheme first checkout whether you are eligible for the scheme.
Different organisations have specific eligibility criteria's but the generic
rules remain the same.
You are eligible for Car Loans if you belong to any of the following categories:
 Salaried
individual
Self
employed individual
Partnership
firm
Private
or public limited company
Click on your category to find out the eligibility criteria and the documents
you will require to avail of an Car Loan.
Salaried individual
Your gross annual salary should be above Rs.1 lakh.
To process your Application, the following documents will be needed:
 Application Form
Photograph
Bank signature
verification
Last six months'
bank statements
Income Proof
(Any one of the following - ITR/ Form 16/ Salary Slip)
Identity Proof
(Any one of the following - Driving License/ Voters' Identity Card/ Passport/
PAN Card/ Photo Credit Card/ Photo Ration Card)
Proof of Residence (Any one of the following - Driving License/ Voters'
Identity Card/ Photo Ration Card/ Passport/ Utility Bills for the last
3 months)
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Self
employed individual
If you are a proprietor, a partner, a professional, or a director,
with a gross annual income above Rs.60,000, you are eligible to apply
for a Car Loan.
To process your Application, the following documents will be needed:
Application Form
Photograph
Income Proof
(ITR for the last two years or Audited Account for
the last two years)
Last three months'
bank statements
Identity Proof
(Driving License or Voters' Identity Card or Passport
or PAN Card or Photo Credit Card or Photo Ration Card)
Proof of Residence
(Driving License or Voters' Identity Card or Photo
Ration Card or Passport or Utility Bills for the last 3 months)
Proof of Office
Address
(Utility Bill or Lease Deed or Excise or Sales Tax
Receipt or Shops and Est. Act Registration)
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Partnership
firm
The firm should have a minimum PAT (Profit
After Tax) of Rs. 60,000 for a standard car or
minimum PAT of Rs 1,00,000 for a premium car.
To process your Application, the following documents will be needed:
 Application Form
Photograph of signing
partner
Last two years'
income proof
(Audited Account or Certified Account and ITR)
Last three
months bank statements
Partnership Deed
Partnership Authority
Letter
Proof of Residence
for signing partner
(Driving Licence or Voters' Identity Card or Photo
Ration Card or Passport or Utility Bills for the last 3 months)
Proof of Office
Address
(Utility Bill or Lease Deed or Excise or Sales Tax
Receipt or Shops and Est. Act Registration)
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Private
or Public Limited Company
Private Limited Companies should have been in existence for at
least 2 years and have a minimum PAT of Rs. 60,000 for a standard car
or
a minimum PAT of Rs. 1,00,000 for a premium car.
Public Limited Companies should have been in existence for at least 2
years and have a minimum PAT of Rs. 1,00,000 for a standard or
a premium car.
To process your
Application, the following documents will be needed:
Application Form
Photograph of guarantor
for Private Limited Company only
Last two years
audited Financials
Certified true
copy of the MOA & AOA
Board Resolution
Proof of Residence
for signing partners of Private Limited Company only
(Driving License or Voters' Identity Card or Photo Ration Card or Passport
or Utility Bills for the last 3 months)
Proof of Office
Address
(Utility Bill or Lease Deed or Excise or Sales Tax
Receipt or Shops and Est. Act Registration)
Bank signature
verification
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