What are the documents required for a car loan?

General Documents:

Documents Required Individual Cases
Salaried Self Employed
Income Proof Latest 2 Salary Slips & Latest Form 16 1. Latest ITR
Bank Statement Latest 3 months Bank Statement
Age Proof PAN / Driving Licence/ Passport/ Birth Certificate

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Just so, how is income verified for a car loan?

The lender will calculate your Debt to Income ratio (DTI) by taking your bills every month and divide that using your income before the tax gets divided. If your DTI ratio is too high for their liking, the lender is liable to verify your means of income by asking for your pay stubs or other similar documents.

Thereof, how much car loan can I get on 25000 salary? Most lenders determine the maximum loan amount up to 10 times of your monthly salary. If you earn Rs. 25,000 per month, you may become eligible for up to Rs. 2.5 Lakhs.

Similarly one may ask, is Cheque book required for car loan?

Yes all banks require security cheques.

Is DL necessary for car loan?

The car loan documents required are pretty

Document Requirement
Identity Proof Aadhaar card PAN card Driving Licence Passport Voter ID

What is proof of income for car loan?

Proof of income

When you’re applying for your loan, you’ll want to take copies of your pay stubs from the last month, showing the total of what you’ve been paid year to date. You may also be able to use bank statements to show proof of income — be prepared with up to six months of statements — or a W-2.

What is the minimum salary for car loan?

Salaried Applicants
Minimum Age 21 years at the time of loan application
Maximum Age 60 years when the loan tenure ends
Job Stability Should have worked continuously for 2 years and at least 1 year with the current employer
Minimum Annual Income Rs.3 lakh

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