Car Loan Documents Required

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.

Here is a general list of the documents required by loan providers:

  • 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

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

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