Applying for auto loan? Keep these documents handy

Zee Media Bureau

New Delhi: Owing your dream car has become comparatively easier these days.

With various private and government banks ready to offer auto loan, you can be assured that if you meet the eligibility criteria, you can easily become the owner of a car.



Here are some important documents that you must keep ready if you are applying for car loan. The documents pertain to salaried class individuals.

Age proof: Age proof varies from bank to bank. But keeping in mind private and public sector banks, if you eligible for car loan if you are aged between 21-60 years.



Identity proof: Banks also accept the identity card issued by the organisation of the salaried individuals. However some banks might ask for particular NoC (No objection certificate) from the organisation about the verification of employees working in the particular office.

Address Proof: Banks mainly accept photo copies of recent Telephone Bills, Electricity
Bill, Property tax receipt, Passport and Voters ID card as proof of residence.

Photographs: Recent photographs of the applicant are a must in all the banks.



Bank Statements: Statement of bank account is another document which are sought by the banks while considering loan. Some banks ask for the statement for last 6 months while some ask for more than 6 months.

Income Proof: Latest Salary Slip and Form 16 are accepted as income proof

Vehicle Documents: Different banks have different sets of requirement for vehicle documents, however these two documents are a must:

1.Original copy of proforma invoice (quotation).

2. Booking receipt of the vehicle

(Disclaimer: These are overall suggestions. For exact details, you must cross-check with the particular bank before applying for auto loan.)