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 | |
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 |