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What Papers Do You Need to Secure An Auto Loan

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Bank statement for 6 preceding months
PAN card
Passport size photographs
Proof of residence
Proof of Identity
Salary/ Earnings Proof
- Last three salary statements from employer
- 3 year IT Returns for self employed

Salaried or Self- Employed - Find out the Documents Required By Different Banks

Banks	Self-Employed	Salaried
State Bank of India (SBI)	Application Form, Photograph, Identity Proof, Residence Proof, Income Tax Return of Last 2 Years, Bank Statement of Past 6 Months .	Application Form, Photograph, Identity Proof, Residence Proof, Latest Salary Slip, Form 16, Bank Statements not necessary
ICICI	Application Form, Photograph, Identity Proof, Residence Proof, Income Tax Return of Last 2 Years, Bank Statement of Past 6 Months.	Application Form, Photograph, Identity Proof, Residence Proof, Latest Salary Slip, Form 16, Bank Statements not necessary
HDFC	Application Form, Photograph, Identity Proof, Residence Proof, Last Income Tax Returns, Bank Statement Waived for Small Cars, for mid-sized & premium cars if income is mpre than 15 lacs.	Application Form, Photograph, Identity Proof, Residence Proof, Latest Salary Slip, Form 16, Bank Statements not necessary
CITI BANK	Application Form, Photograph, Identity Proof, Residence Proof, Income Tax Return of Last 2 Years, Bank Statement of Past 6 Months	Application Form, Photograph, Identity Proof, Residence Proof, Latest Salary Slip, Form 16, Bank Statements not necessary
Oriental Bank Of Commerce	Application Form, Photograph, Identity Proof, Residence Proof, Income Tax Return of Last 2 Years, Bank Statement of Past 6 Months	Application Form, Photograph, Identity Proof, Residence Proof, Latest Salary Slip, Form 16, Bank Statement of Past 6 Months
Bank Of Baroda	Application Form, Photograph, Identity Proof, Residence Proof, Income Tax Return of Last 2 Years, Bank Statement of Past 6 Months	Application Form, Photograph, Identity Proof, Residence Proof, Latest Salary Slip, Form 16, Bank Statement of Past 6 Months

Things You Ought to Know About Auto Finance

90% of the cost of your new vehicle can be financed by banks.
If you plan to buy a used vehicle, 85% of value of car can be financed by the banks.
Often, the interest is calculated on a monthly reducing balance.
Your repayment tenure of auto loan may vary between 12-60 months.
Repayment period may be for 7 years but is offered by very few institutions.
Non-banking finance companies generally charge more interest rate than public sector banks.
If you are a salaried person, you are eligible for an auto loan that is thrice your annual salary.
Incase you are self employed, you can get an auto loan that is 6 times of your annual income.