Eligibility Criteria & Documentation |
Most Banks and Finance companies have similar eligibility
criteria for the approval of finance.
Finance can be availed for purchase of cars by:
Individuals - Salaried Employees and Self Employed Professionals.
Proprietory Firms, Partnership Firms, Private & Public Ltd.
company, etc.
The extent of loan sanctioned depends upon various parameters which
are taken into consideration while evaluating the finance proposal.
The process of Loan sanction can be very quick if your documentation
is in order.
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Salaried Individuals |
Proof of
Income:
Latest Form 16 (Salary Certificate) and latest Salary Slip.
Employers certificate:
Proof of Permanency of employment mentioning years of service.
Proof of Address:
Passport/Driving Licence/Telephone Bill/Ration Card/Voters Card/Rent
Receipt/Life Insurance Policy/Premium Receipt.
Proof of Age:
Passport/Driving Licence/Voters Card/Ration Card/School Leaving/Birth
Certificate/Life Insurance Policy/Premium Receipt.
The eligibility for availing finance is based on your annual salary
income less taxes and repayment of other loans availed
by you.
The total of the installment amount you repay in a year should
not exceed 75% of your net salary income.
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| Self
Employeed Individuals |
Proof of
Income:
Acknowledged Income Tax Returns, Profit & Loss A/c. and Balance
Sheet of the last two completed financial years.
Proof of Address:
Passport/Driving Licence/Telephone Bill/Ration Card/Voters Card/Rent
Receipt/Life Insurance Policy/Premium Receipt.
Proof of Age:
Passport/Driving Licence/Voters Card/Ration Card/School Leaving/Birth
Certificate/Life Insurance Policy/Premium Receipt.
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| Partnership
Firms |
Proof of
Income:
Acknowledged Income Tax Returns, Profit & Loss A/c. and Balance
Sheet of the last two completed financial years.
Proof of Address:(Office)
Electricity bill / Telephone bill
Certified copy of the Partnership deed and a Letter of authority
from partners.
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| Public
& Private Ltd Company |
Proof of
Income:
Acknowledged Income Tax Returns, Profit & Loss A/c. and Balance
Sheet of the last two completed financial years.
Proof of Address:(Office)
Electricity bill / Telephone bill
Certified copy of the Memorandum and Articles of Association,
and a Board Resolution.
Top
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| CAR
FINANCE |
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The Approval Process: |
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For those who meet the financiers norms, finance
is just a phone call away.
On understanding your requirement, the bank or finance company will
send you more details of the scheme and also explain the documentation
involved in getting your loan approved.
This is usually done by fax or by a marketing executive / representative
/ agent, who can visit you.
If the scheme suits you, you can submit your documents for approval.
The financiers credit approval procedure includes an inspection
of your office and/or your residence.
On approval of your loan you have to sign the finance agreement,
and issue post dated cheques towards repayment of the loan. You
also have to submit a proforma invoice provided by the dealer from
whom you intend to purchase the car.
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| Remember! |
"Keep a couple of Photos handy!"
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| Co-borrower
/ Guarantor |
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You
can club the income of your spouse to be eligible for a higher loan.
Businessmen/women taking a loan in their individual name can club
the firms income to get a higher finance amount.
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