New Car Loan Eligibility Criteria

The following people are eligible to apply for a New Car Loan:

• Salaried Individuals:

  • This includes employees of private limited companies, employees from public sector undertakings, including central, state and local bodies
  • Individuals who are a minimum of 21 years of age at the time of applying for the loan, and no older than 60 at the end of the loan tenure
  • Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer
  • Those who earn a minimum of Rs. 3,00,000 per year, including the income of the spouse/co-applicant
  • Individuals who have a telephone/post-paid mobile

• Self Employed Individuals and Professionals (Sole Proprietorship):

  • This includes self-employed sole proprietors in the business of manufacturing, trading or services
  • Individuals who are a minimum of 21 years of age at the time of applying for the loan, and no older than 65 at the end of the loan tenure
  • Those who have been in business for a minimum of 2 years
  • Should earn at least Rs. Rs. 3,00,000 per annum

• Self Employed Individuals and Professionals (Partnership Firms):

  • This includes self-employed partners in the business of manufacturing, trading or services
  • Those who have a minimum turnover of Rs. Rs. 3,00,000 per annum

• Self Employed Individuals and Professionals (Private Limited Companies)

  • This includes individuals who own a private company in the business of manufacturing, trading or services
  • Should earn at least Rs. Rs. 3,00,000 per annum

• Self Employed Individuals (Public Limited Companies):

  • This includes directors in public limited companies that are in the business of manufacturing, trading or services
  • Should earn at least Rs. Rs. 3,00,000 per annum

Documentation :-

• Salaried Individuals:

  • Any of the following identity proof documents:
    • Aadhar Card
    • Passport
    • PAN Card
    • Voters ID Card
    • Driving License (recent, legible, laminated)
  • Latest salary slip and Form 16 as income proof
  • Any of the following documents as address proof:
    • Aadhar Card
    • Ration Card
    • Driving License (recent, legible, laminated)
    • Voters ID Card
    • Passport Copy
    • Telephone Bill
    • Electricity Bill
    • Life Insurance Policy
  • Bank statement of the previous 6 months

• Self Employed Individuals (Sole Proprietorship):

  • Any of the following identity proof documents:
    • Aadhar Card
    • Passport
    • PAN Card
    • Voters ID Card
    • Driving License (recent, legible, laminated)
  • Latest Income Tax Returns (ITR) as income proof
  • Any of the following documents as address proof:
    • Aadhar Card
    • Ration Card
    • Driving License (recent, legible, laminated)
    • Voters ID Card
    • Passport Copy
    • Telephone Bill
    • Electricity Bill
    • Life Insurance Policy
  • Bank statement of the previous 6 months

• Self Employed Individuals (Partnership Firms):

  • All the following documents as income proof:
    • Audited Balance Sheet
    • Profit & Loss Account of the previous 2 years
    • Company ITR for the previous 2 years
  • Any of the following documents as address proof:
    • Telephone Bill
    • Electricity Bill
    • Shop & Establishment Act Certificate
    • SSI Registered Certificate
    • Sales Tax Certificate
  • Bank statement of the previous 6 months

• Self Employed Individuals (Private Limited Companies)

  • All the following documents as income proof:
    • Audited Balance Sheet
    • Profit & Loss Account of the previous 2 years
    • Company ITR for the previous 2 years
  • Any of the following documents as address proof:
    • Telephone Bill
    • Electricity Bill
    • Shop & Establishment Act Certificate
    • SSI Registered Certificate
    • Sales Tax Certificate
  • Bank statement of the previous 6 months

• Self Employed Individuals (Public Limited Companies):

  • All the following documents as income proof:
    • Audited Balance Sheet
    • Profit & Loss Account of the previous 2 years
  • Any of the following documents as address proof:
    • Telephone Bill
    • Electricity Bill
    • Shop & Establishment Act Certificate
    • SSI Registered Certificate
    • Sales Tax Certificate
  • Bank statement of the previous 6 months