About Auto Loan

Everything You Need To Know About Auto Loan

Overview


Want to drive your dream car but don't have the funds for it? A car loan can help you in achieving this dream today. Apply for a car loan with loanadda.com and with a few EMI's, become the owner of your own set of wheels.

Features


A Car loan is a great way to drive your dream car without having to make the complete payment up front. Some other features which make a car loan tempting are:
Flexible contract terms and comfortable tenure of loan i.e. up-to 7 years. Competitive and attractive rates of interests.
A tax deduction may be applicable if the vehicle is to be used for business purposes.
Almost everyone with a Permanent Income can apply for a car loan.
Some banks offer up to 100% of car finance on ex showroom price and generally up to 85% of car finance on ex-showroom price is available.
Very low processing fees and prepayment charges.

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Document Checklist

Most banks follow the same general rules in terms of document requirement. There may be a few changes in certain cases, in which case, our loan officers will guide you personally to complete the documentation process. Salaried individuals.

  • 1. Form 16 of last 2 years or Income Tax Returns.
  • 2. Salary slips of last 3 months.
  • 3. Last 6 months bank statement reflecting salary credits.
  • 4. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof – Passport/ Utility bills/ Bank Statements.
  • 5. Cheque of Processing Fee.

  • 1. Proof of Business - Shop and Establishment Certificate/ Vat Registration Certificate/ Service Tax Certificate.
  • 2. Last 3 years IT tax returns with profit and loss account and balance sheet duly audited by CA.
  • 3. Existing Loans’ Sanction letters accompanied with repayment track.
  • 4. Business profile on the letterhead of the company.
  • 5. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof – Passport/ Utility bills/ Bank Statements.
  • 6. Cheque of Processing Fee.

  • 1. Age proof of all the partners in the form of PAN Card, Passport or Aadar Card.
  • 2. PAN Card of the company.
  • 3. Residence proof of all the partners – Utility Bills/ Passport/Bank statement/ Registered rent agreement.
  • 4. Proof of Business - Shop and Establishment Certificate/Vat Registration Certificate/ Service Tax Certificate.
  • 5. Latest 3 years Income Tax returns with profit and loss and balance sheet duly audited by CA.
  • 6. Latest 12 months bank statement of the Company and of the Partners’ Savings Bank Account.
  • 7. Existing Loans' Sanction letters accompanied with repayment track.
  • 8. Business profile on the letterhead of the company.
  • 9. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof – Passport/ Utility bills/ Bank Statements.
  • 10. Cheque of Processing Fee.

  • 1. Application form duly filled with photographs of directors.
  • 2. Age Proof of Directors - PAN Card, Aadhar Card, passport.
  • 3. Residence Proof of Directors - Utility Bills/ Passport/Bank statement/ Registered rent agreement.
  • 4. PAN Card of Company.
  • 5. Education Qualification - A professional qualification certificate in case of Doctors/CA/Architects.
  • 6. Proof of Business - Shop and Establishment Certificate/Vat Registration Certificate/ Service Tax Certificate.
  • 7. MOA, AOA, List Of Directors, Share Holding Pattern of the Company.
  • 8. Last 3 years IT returns with Profit and Loss account and balance sheet duly audited by CA.
  • 9. Latest 12 months bank statement of Company of all current accounts and the same for Director’s Savings Bank Account.
  • 10. Existing Loans’ sanction letter with repayment track of company and Individual Directors.
  • 11. Business Profile on the Letter Head of the Company.
  • 12. ID/ Age Proof - PAN Card/ Passport/ Signature Proof/ Aadhar Card and Residence Proof – Passport/ Utility bills/ Bank Statements.
  • 13. Cheque of Processing Fee.

  • 1. Occupancy Certificate.
  • 2. Approved Plan of building.
  • 3. Share certificate copy.
  • 4. Past 13 years Chain of deeds.
  • 5. Nil Encumbrance Certificate - EC (if applicable).
  • 6. Current Sale agreement/ Draft Agreement to sell.

Eligibility Criteria

Eligibility Criteria

  • Your eligibility for Home Loan is determined by the following factors:-
  • Income/ Other Income
    Age
    Qualification
    Property value
    No of dependents
    Bank Balance
    Assets/Liabilities