What Papers Do You Need to Secure An Auto
Loan
To avoid any last minute confusion regarding the documents, just
cross check your documents with the list given below.
- 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.
|
