Auto Loan :
Automobile Loan or Car Loan is a loan for purchase of a new car or used car. Maximum loan can be up to 100% of ex-showroom price and maximum tenure is generally 3 to 7 years for the borrower. Financial institutions also offer used car loans or refinance loans on your pre-owned car.
Documents Required:
For any loan application, a minimum set of documents are generally required by any financial institution in order to process the application. The list of documents required are as follow:
- Identity Proof: Identity proof can include PAN card, Aadhar card, Voter ID card, Passport, etc.
- Address Proof: Address proof can include Aadhar card, Passport, Utility Bills, etc.
- Income Proof: Income proof can include ITR documents, Form 16, Salary slips, Form 26AS and Bank statements.
- Business Existence Proof: This is usually required in the case of a self-employed borrower and can include a GST registration certificate, trade license, partnership deed, etc.
- Loan Details: This includes sanction letter or repayment schedule of any existing running loans along with its repayment bank account statement.