KredX Blog KredX Blog
  • HOME
  • PRODUCTS
    logo

    FOR BUSINESS logo

    logo

    FOR INVESTORS logo

    Invoice Discounting

    Unlock money tied up in unpaid invoices

    KNOW MORE

    KredX Pay Later

    A closed loop financing for your dealers/distributors/Retailers

    KNOW MORE

    KredX Cash Management Solutions (CMS)

    Get real-time analytics. Manage disputes. Minimise risks. Get risk-free returns

    KNOW MORE

    KredX Global Trade

    Get Quick Finance To Fund Your Import-Export Requirements

    KNOW MORE

    Invoice Discounting

    Diversify your portfolio with alternative short-term investments

    KNOW MORE
  • PARTNER WITH US

    Business Partner Program

    Accelerate your client’s business growth and get attractive payouts on time

    KNOW MORE

    Financial Advisor Program

    Grow your credibility and clients’ investment portfolio

    KNOW MORE
  • KNOWLEDGE CENTER

    FAQs

    Blog

    Knowledge Base

    Webinars

    Reports

    WhitePapers

    Podcasts

  • COMPANY
  • LOGIN / SIGNUP
  1. Home
  2. Investor
  3. Document Checklist for Car Loans
 Document Checklist for Car Loans
Investor

Document Checklist for Car Loans

by KredX Editorial Team September 14, 2018 0 Comment

Owning a car is part of the Indian middle-class dream. A self-owned vehicle is capable of giving an individual a sense of entitlement. As the citizen of the modern world, a vehicle is an acknowledgement of your own capability to generate funds by the sweat of your brow. However, sometimes your dream vehicle might be just out of reach because of financial concerns. This is the point in time, car loans become an important consideration when the lack of a vehicle eventually becomes an impracticality for your life. Here are the documents you would need to keep in hand when you are planning on availing car loans.

For Salaried Individuals

Individuals who are already earning a salary are well placed to avail car loans as banks are generally not reluctant to give out loans to these individuals, given that they do not have a bad credit history. The formalities and the documents that are required tend to be standard. Here is a list of the necessary documents:

  • Bank statement for the last 6 months.
  • Income Proof
  • Signature Verification Proof
  • Pro-forma invoice of rate list
  • Income Tax for the last 2 years
  • Address Proof
  • Identity Proof
  • 2 passport size photographs

Non-Salaried Individuals

This class of people include businessmen and professional individuals who live on an irregular income. The document checklist for them tends to be much more comprehensive than the requirements posed to salaried individuals. Here is a list

  • Bank statement for the last 6 months
  • Identity proof
  • Address proof
  • Income proof
  • Income Tax returns for the last 2 years
  • Form 16 for the last 2 years
  • Audited balance sheets
  • P&L statement for two years
  • Shop and Establishment Act Certificate

Individuals Engaged In Farming and Diary

People who make a living out of agriculture and allied activities are required to furnish a different set of documents for availing car loans. These are as follows:

  • Bank statement for the last 6 months
  • 2 passport size photographs
  • Identity proof
  • Address proof
  • In case of crop cultivation land holding documents need to be furnished with photographs
  • In the case of allied agricultural activity, documentary proof of the daily runnings of the farm or plantation must be submitted

No matter what income class you hail from, a car is an intimate dream to have. The technicalities of availing car loans are inherent in the documents you have to submit to the bank. We hope this exhaustive list we had provided aids you in your journey to buying yourself a new car.

Share This:
Previous post
Next post

KredX Editorial Team (Website)

administrator

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Enquire now

  • Invalid value

  • Invalid value

  • Invalid value

The Best Of Alternative Investments, Now On Your Phone

Download App:

KredX Blog KredX Blog

Wing ‘A’, Ground Floor, Office-1 Block-‘A’, Salarpuria Softzone, Bellandur Village, Varthur Hobli, Bangalore South Taluk, Outer Ring Road, Bangalore – 560103

+1 212-602-9641

info@example.com

Get More Location

Follow us:

Download app:

Company

Home
About Us
Careers
Contact Us
Our Offices

Resources

Blog
Reports
Whitepapers
Knowledge Base
Podcasts
Webinars

Support

FAQs
Talk To Our Advisor
Chat With Us
Sign Up
Login

Legal

Nodal Officer Name: Amrutha A / Ph: 08061799200, IVR-9 / Email: Amrutha@Kredx.Com
Terms And Conditions
Privacy Policy

Investor Products

Invoice Discounting
Bonds
Digital Gold/Silver
KredX Assured

Business Products

Invoice Discounting
Buy Now Pay Later
KredX Cash Management Solutions
KredX Global Trade

Quick Links

Business Partner Program
Financial Advisor Program
Business Suite
©2022 Minions Ventures Pvt Ltd