Lenders require you to submit certain documents when you apply for a car loan to prove your identity and financial stability. Here are the documents you need to submit.
Identity Proof: Any official document bearing your photo like Aadhar card, driving license, PAN card, passport, or voter ID.
Address Proof: Any official document bearing your residential address like utility bills, ration card, voter ID, passport, Aadhar card, driving license, and others.
Age Proof: Any official document proving your age like the Aadhar card, birth certificate, mark sheet, transfer certificate, and others.
Income Proof: For the salaried, this can be the latest salary slip or Form 16. For the self-employed, this can be audited financial statements like balance sheet and profit and loss account. Additionally, both need to submit the ITR of the past 2 years.
Business Ownership proof: This can be a business license, certificate of registration, partnership deed, Articles of Association or Memorandum of Association.
Photograph: These must be passport-size and recent.
Signature Proof: This can be a bank statement.
Proforma Invoice: Any official document containing the price of your chosen car as quoted by a dealer.
Lenders may also ask you to furnish additional documents such as details of existing loan or your credit card statements. So, ask your lender’s representative for a list beforehand to keep these handy. This way you can submit them with your car loan application in one go, and secure a loan faster.