Each bank has its own set of requirements for auto loans. Before they may accept your loan, they may need a minimum yearly salary, number of years of work, or the turnover of the organization. Depending on your situation, you may need to have been working for at least two years if you are a salaried individual to qualify for a vehicle loan.
Self-employed individuals in proprietorship partnership businesses, public or private limited enterprises, or proprietorship partnership firms with a turnover of at least Rs. 300,000 per year are also eligible to apply for a Car loan.
What kind of documentation is needed for a vehicle loan?
Depending on your source of income, you may need various documentation to purchase aCar loan. The papers necessary are included in the following list, which serves as a general overview. However, you should double-check with your bank for particular criteria.
- Aadhar card, passport, Pan card or voters ID card, among other papers, serve as proof of identification.
- Identification papers, such as an Aadhar card, a passport, a telephone or power bill, and a Shop and Establishment Act certificate (if the person is self-employed), among others.
Processing and approval are completed in a short period of time.
- In less than 60 seconds, you may determine your eligibility for a new car loan online or in select locations.
- Take pleasure in a clear, rapid, and simple documentation procedure.
- Get approved for a new car loan in as little as 10 minutes. (At least 7 working days will pass once the bank receives all of the necessary paperwork and information to process and disburse your loan).
Documents proving one’s income include:
- A bank statement from the previous six months
- Form 16 (wages and benefits) and the salary slip (for salaried persons)
- Income tax returns are required (for self-employed persons)
In order to qualify for a New Car Loan, you must be one of the following:
Individuals who are paid a salary:
Workers of private limited enterprises, as well as employees of public sector organizations, such as national, state, and municipal governments, are included in this category.
- Participants must be at least 21 years old at the time of application and no more than 60 years old at the conclusion of the loan’s duration to be eligible for participation. A Car loan calculator will help you to calculate all the necessary factors for getting loan.
- Individuals having a minimum of 1 year of experience with the present company and who have worked for at least 2 years in their current position
- Who earn at least Rs 3,00,000 per year (including the income of the spouse or co-applicant) are eligible to apply
Individuals and professionals who work for themselves (sole proprietorship):
- This covers self-employed sole owners who are engaged in the manufacturing, trade, or provision of services industries.
- Individuals who are at least 21 years old at the time of application and who will not be more than 65 years old at the conclusion of the loan term are eligible to apply.
- Those who have been in business for at least two years are eligible.
- Should be able to earn a minimum of Rs. 3,00,000 per year.
Individuals and professionals who work for themselves (including partnership firms):
- This comprises self-employed partners in a manufacturing, commerce,their own private limited companies or service-related commercial enterprise.
- Those who have a minimum annual revenue of Rs. Rs. 3,00,000 are eligible.
- Individuals who operate a private corporation engaged in the business of manufacturing, trading, or providing services fall into this category.
Individuals who are self-employed (as opposed to public limited companies):
- Included in this category are directors of public limited firms that are engaged in manufacturing, trading, or providing services.
- Should be able to earn a minimum of Rs. 3,00,000 per year. And all other necessary details re recorded in Car loan calculator.