Car Loan Documents Required in India

Here is the checklist of the documents required to apply for a car loan:

• Proof of age
• Identification proof
• Application form
• Passport size photograph
• Proof of residence
• Income proof
• Bank statement
• Signature verification proof
• Pro-forma Invoice or Rate List

Reasonable interest rates, affordable EMIs, simplistic paperwork, and quick disbursement are a few reasons why car loans have become such a comfortable option for today’s common man. Now the dream of owning a car is no longer far-fetched- a few documents are all you need.

Predominantly, the lender banks look for proof that you are a good credit risk and are in a position to repay the car loan. This information, along with your credit report and score, will directly impact the interest rate that you are charged.

Since your credit rating will be assessed while applying, it is worth cleaning up any existing debts before you lodge your initial application. This is sure to improve your chances of approval. If you have a bad credit history, the lender bank will also want to see your credit card statements, mortgage details and verification of other loans that you hold.

Some banks may require certain documents of you that other banks don’t require, so it’s advisable to cross-check with the lender bank prior to your appointment with the loan officer.

Post-sanction or Pre-disbursement Documentation

• Loan Agreement duly signed along with the Regional Transport Office set
• Standing Instruction (SI) Request / ECS Form / Post-dated Cheques (PDCs), Security Cheques required for SI and ECS
• Margin money receipt

Documents Required by the State Bank of India

The following documents along with the completed application form are needed by the SBI:

Salaried	Non-Salaried/ Professional/Businessmen	Person engaged in agricultural and allied activities.
Statement of your bank account for the last 6 months	Statement of your bank account for the last 6 months.	Statement of your bank account for the last 6 months.
Passport size photographs: 2	Passport size photographs: 2	Passport size photographs: 2
Identity proof	Identity proof	Identity proof
Address Proof	Address Proof	Address Proof
Income Proof: Latest Salary Slip, Form 16	Income Proof: ITR for last 2 years	Direct agricultural activity (crop cultivation): Khasra/Chitta Adangal  (showing cropping pattern) Patta/Khatoni (showing land holding) with photograph. All land should be on free hold basis and ownership proof to be in the name of the borrower
I.T. Returns or Form 16 for the last 2 years	I.T. Returns or Form 16 for the last 2 years	Allied agricultural activity (like Dairy, Poultry, Plantation/ Horticulture) Documentary proof of running of the activities
	Audited Balance sheet, P&L statement for 2 years, Shop & Establishment Act certificate /Sales tax certificate /SSI registered certificate / copy of partnership

Proof of Identity could be a copy of any 1 of the following:

• Passport
• PAN Card
• Voters ID card
• Driving License

Address Proof could be a copy of any 1 of the following:

• Ration card
• Driving License
• Voters ID card
• Passport
• Telephone Bill
• Electricity bill
• Life Insurance policy