Particulars Salaried Individual Self-Employed Individual Partnership Firm Private / Public Ltd Co
Age Criteria -The applicant should be at least 21 years old at the time of application,
and below 58 years of age at time of maturity of the loan
Any Proprietor, partner, professional or director above 21 years of age
but below 65 at the time of the loan's maturity -
Limited companies should have been in existence for at least 2 years
Income Criteria Gross annual salary above Rs 1 lakh p.a Gross annual income
above Rs 60,000 Firm should have a minimum PAT (profit after tax) income of Rs 60,000
Minimum PAT (profit after tax) of Rs 60,000
New Car Loan
The bank finances upto 90% of the ex-showroom cost of the car.
The loan amount also depends on the car model. Minimum loan amount for new car loan is Rs.1 lakh.
Used Car Loan
For a used car the bank finances up to a maximum of 85% of the valuation of the car.
Minimum loan amount for a used car loan is Rs. 75000.
The tenure of the loan ranges from one to seven years for new cars and from one to five years for used cars.
Documentation Required
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Salaried Individual
Application form
Photograph
Proof of bank account continuity
One proof of income (ITR for the last two years) Last two years' income proof (audited account or ITRs + CA certified financials)
One proof of identity (driving license / voters' identity card / passport / PAN card / photo credit card / photo ration card)
One proof of residence (driving license / voters' identity card / ration card / passport / utility bills for the last 3 months) |
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Self-Employed Individual
Application form
Photograph
Last two years' income proof (audited account or ITRs + CA certified financials)
One proof of identity (driving license / voters' identity card / passport / PAN card / photo credit card / photo ration card)
One proof of residence (driving license / voters' identity card /
ration card / passport / utility bills for the last 3 months) |
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Partnership Firm
Application form
Photograph of signing partner
One proof of income (ITR for the last two years) Last two years' income proof (audited account or ITRs + CA certified financials)
Last two years audited financials
One proof of identity (driving license / voters' identity card / passport / PAN card / photo credit card / photo ration card)
One proof of residence (driving license / voters' identity card / ration card / passport / utility bills for the last 3 months)
Partners authority letter Board resolution (format available on request)
One proof of residence (laminated driving license / voters' identity card / photo ration card / passport /utility bills for the last 3 months / company ID - limited company or government / PAN card)
One proof of office address (utility bill / lease deed / excise or sales tax receipt / Shops and Establishment Act Registration) |
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Private / Public Ltd Co
Application form
Guarantor's photograph (for private limited company only)
One income proof for the last two years (ITR, Form 16, salary slip)
One proof of residence (driving license / voters' identity card / ration card / passport / utility bills for the last 3 months) |
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