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Get Loan for New Cars

If you are salaried, you should be 18 years old. If self employed, you must be 21. At loan maturity, your maximum age needs to be 60 years if salaried and 70 if self employed. Also, you need to have worked for at least one year in the current company to get the loan. If self employed, you need to have been in business for at least two years. Individuals satisfying the above criteria are eligible to get a minimum car loan of Rs 1 Lakh.

The following documents must mandatorily be submitted for your loan approval. The interest rate, however, varies from one bank to the other or financial institutions. Additional documents too may be required based on the source of loan. Address proof, photo identity proof and income proof are the three mandatory documents.

House lease agreement, driving license, ration card, voter ID card, telephone bill or wireless landline bill, electricity bill, post paid mobile bills or credit card statement is usually accepted as address proof. For photo identity proof, you may submit your passport, photo credit card, PAN card, voter’s ID card, employee ID card, driving license, local panchayat ID card, form 16 or notary certification with your photo. The latest salary slips with form 16 may be submitted as income proof. Self-employed individuals, however, may submit their latest income tax return documents as income tax proof.

Partnership firms and private limited companies too can avail loans for new cars. The same proofs will be collected in this case also. As address proof, the organization will have to submit any document that would reflect the current address of the concern or firm. For identity proof, partnership deed, shop and establishment act certificate, latest sales tax assessment order or sales tax registration certificate may be given. Memorandum and articles of association with registration certificate can be submitted by private limited companies to prove their identity. For income proof, partnerships firms and private limited companies may submit the audited balance sheet, profit and loss account of at least 2 years and the IT returns of the firm of the last two years.