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Finance Tips

Finance Tips

Economics 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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