Pre Owned Car Loan - Eligibility & Documentation

Eligibility

For Self-Employed Individuals:

  • Resident Indians only
  • Aged between 23-70 years
  • Minimum 4 years of business continuity
  • Must earn minimum ₹1.5 lakh per annum
  • Tenure duration 12 months - 300 months

 

For Salaried Individuals:

  • Resident & Non-Resident Indians
  • Aged between 21-60 years
  • Minimum 3 years of experience
  • Must earn minimum ₹1 lakh per annum
  • Tenure duration 12 months – 360 months

 

Documentation

  • Business proof (self-attested copy of any one document*)
  • Shop establishment certificate (first priority).
  • Trade/professional license (sales tax number, importer's /exporter's code)
  • Sales tax return/VAT return
  • Paid telephone bill (landline/postpaid mobile phone). Not older than 90 days from loan application
  • Paid electricity bill. Not older than 90 days from loan application.
  • Registered or notarized rent deed
  • Property allotment letter from government/registered societies.
  • Property papers-unregistered sale deed plus GPA
  • Property registered deed
  • Latest updated bank passbook/bank statements in borrower's name (subject to bank acct being 6 months and CPV confirms the same address)
  • Property proof (self-attested copy of any one document*)
  • Photocopy of original sale deed
  • Allotment/Possession letter
  • No objection certificate from the society and other documents as per legal report
  • * While the home loan document list given here is comprehensive, we may require additional home loan documents to process your application
  • Income proof (self-attested copy of any one document*)

 

Salaried individual:

  • Last two months’ salary slip/salary certificate
  • Latest year’s ITR with income computation/Form 16. Note: If bonus is considered in eligibility, we will have to take last two years ITR/Form 16
  • Last six month’s bank statement reflecting salary credits. Note: Cash salary cases not allowed
  • Repayment track/bank statements proof of track with loan sanction letter/amortization schedule

 

Self-employed individual:

  • Income tax return with income computation (as applicable)
  • Balance sheets and P&L accounts with schedules (as applicable)
  • Sales tax return/VAT return for the number of months not covered in the latest financial year
  • Credit card statement for 6 months (required in case of banking surrogate)
  • Copy of Contract Order and Form 16 A (applicable only if income is from contracts)
  • Bank statements for the last 6 months - from business account of the firm/ company and savings
  • account of the individual borrower and co-borrowers, if income being considered
  • Repayment track/bank statements proof of track with loan sanction letter/amortization schedule.
  • Photo identity proof (self-attested copy of any one document*)
  • Passport
  • Voters ID
  • Driving license
  • Pan card
  • UID Certificate (Aadhaar card )
  • Address Proof (self-attested copy of any one document* )
  • Ration card
  • Passport
  • Driving License
  • Bank account statement
  • Electricity bill
  • Telephone bill
  • Aadhaar Card
  • Sale deed/ Property purchase agreement (For owned properties)

Pre Sanction Document:

  • KYC Proofs
  • 3 months banking for Repurchase
  • 6 months banking for loan against your car (Refinance)
  • Car’s RC

Post Sanction Document:

  • Agreement
  • Car Insurance
  • Security Post-dated cheque(s)
  • Repayment track (for Refinance/Car & cash)
  • Any other scheme specific document that may apply