Pre-Owned Car Loan

The following people are eligible to apply for a Pre-Owned Car Loan:

• Salaried Individuals:
  • This includes doctors, CAs, 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. 2,50,000 per year, including the income of the spouse
• Self Employed Individuals (Sole Proprietorship):
  • This includes self-employed sole proprietors in the business of manufacturing, trading or services
  • Individuals who are a minimum of 25 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 3 years
  • Should earn at least Rs. 2,50,000 per annum
• Self Employed Individuals (Partnership Firms):
  • This includes self-employed partners in the business of manufacturing, trading or services
  • Individuals who earn at least Rs. 2,50,000 per annum
  • Those who have a minimum turnover of Rs. 4,50,000 per annum
  • Individuals who have a residence or office telephone line. A post-paid mobile phone that is a minimum of three months old is acceptable if only one landline is available
• Self Employed Individuals (Private Limited Companies)
  • This includes individuals who own a private company in the business of manufacturing, trading or services
  • Should earn at least Rs. 2,50,000 per annum
  • Individuals who have an office landline
• 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. 2,50,000 per annum
  • Individuals who have an office landline
• Self Employed Individuals (Hindu Undivided Family – HUF):
  • This includes self-employed individuals in a business that falls under HUF
  • Should earn at least Rs. 2,50,000 per annum
  • Individuals who have a residence and office telephone line. A post-paid mobile phone that is a minimum of three months old is acceptable if only one landline is available
  • The Karta should be the co-applicant in his individual capacity

   

  The following documents are required along with your New Car Loan application:

  • Salaried Individuals:

    • Any of the following age proof documents:
      • Aadhar Card
      • Passport
      • PAN Card
      • Voters ID Card
      • Photo Driving License with DOB (recent, legible, laminated)
      • Photo Ration Card with DOB
      • Employer Certificate/ID
      • School/College Leaving Certificate
    • Any of the following documents as proof of identity:
      • Aadhar Card
      • Passport Copy
      • PAN Card
      • Voters ID Card
      • Photo Driving License with DOB (recent, legible, laminated)
      • Photo Ration Card with DOB
    • All the following documents as proof of income:
      • Latest Salary Slip
      • Latest Form 16/Latest ITR
      • Salary account statement for salary credits above Rs. 80,000 for the previous 3 months
    • Any of the following documents as address proof:
      • Photo Ration Card with DOB
      • Photo Driving License with DOB (recent, legible, laminated)
      • Passport Copy
      • Telephone Bill
      • Electricity Bill
      • Credit Card Statement with Credit Card Copy
      • Employer Certificate/ID
    • Any of the following as sign verification proof:
      • Passport Copy
      • Photo Driving License with DOB (recent, legible, laminated)
      • Credit Card Statement with Credit Card Copy
      • Banker’s Verification
      • Copy of Margin Money Paid to the Bank

  • Self Employed Individuals (Sole Proprietorship):

    • Any of the following age proof documents:
      • Aadhar Card
      • Passport
      • PAN Card
      • Voters ID Card
      • Photo Driving License with DOB (recent, legible, laminated)
      • Photo Ration Card with DOB
      • Employer Certificate/ID
      • School/College Leaving Certificate
    • Any of the following documents as proof of identity:
      • Aadhar Card
      • Passport Copy
      • PAN Card
      • Voters ID Card
      • Photo Driving License with DOB (recent, legible, laminated)
      • Photo Ration Card with DOB
    • Latest ITR / Previous ITR with Adv. Tax paid Challan / latest IT assessment order as proof of income
    • Any of the following documents as address proof:
      • Photo Ration Card with DOB
      • Photo Driving License with DOB (recent, legible, laminated)
      • Passport Copy
      • Telephone Bill
      • Electricity Bill
      • Credit Card Statement with Credit Card Copy
      • Employer Certificate/ID
    • Any of the following as sign verification proof:
      • Passport Copy
      • Photo Driving License with DOB (recent, legible, laminated)
      • Credit Card Statement with Credit Card Copy
      • Banker’s Verification
      • Copy of Margin Money Paid to the Bank

  • Self Employed Individuals (Partnership Firms):

    • Partnership deed as age proof
    • Partnership deed as identity proof
    • Latest ITR/Previous ITR with Adv. Tax paid Challan / latest IT assessment order as proof of income. In case the business turnover exceeds Rs. 40 Lakhs, or the professional turnover exceeds Rs. 10 Lakhs, the balance sheet needs to have been audited, and in which case the latest Income Tax Return need not be taken
    • Any of the following documents as address proof:
      • Partnership Deed
      • Telephone Bill
      • Electricity Bill
    • Any of the following as sign verification proof:
      • Passport Copy
      • Photo Driving License with DOB (recent, legible, laminated)
      • Credit Card Statement with Credit Card Copy
      • Banker’s Verification
      • Copy of Margin Money Paid to the Bank

  • Self Employed Individuals (Private Limited Companies)

    • Memorandum and Articles of Association/Certificate of Incorporation as age proof
    • Memorandum and Articles of Association/Certificate of Incorporation as identity proof
    • Latest ITR and audited balance sheet along with profit & loss account as proof of income
    • Any of the following documents as address proof:
      • Memorandum and Articles of Association
      • Certification of Incorporation
      • Telephone Bill
      • Electricity Bill
    • Any of the following as sign verification proof:
      • Passport Copy
      • Photo Driving License with DOB (recent, legible, laminated)
      • Credit Card Statement with Credit Card Copy
      • Banker’s Verification
      • Copy of Margin Money Paid to the Bank

  • Self Employed Individuals (Public Limited Companies):

    • Memorandum and Articles of Association/Certificate of Incorporation as age proof
    • Memorandum and Articles of Association/Certificate of Incorporation as identity proof
    • Latest ITR and audited balance sheet along with profit & loss account as proof of income
    • Any of the following documents as address proof:
      • Memorandum and Articles of Association
      • Certification of Incorporation
      • Telephone Bill
      • Electricity Bill
    • Any of the following as sign verification proof:
      • Passport Copy
      • Photo Driving License with DOB (recent, legible, laminated)
      • Credit Card Statement with Credit Card Copy
      • Banker’s Verification
      • Copy of Margin Money Paid to the Bank