Car

[mayank]

What is the Car Loan Critaria for any individual? I am Software Engineer and around 5 months back I had earned my first pay cheque. Now I want buy a second hand Maruti car for Rs.1,000,00/-. Please advice.

[Expert]

Normal Eligibility Criteria:
Minimum age of applicant: 18 years (Salaried) and 21 years (Self Employed).
Maximum age of applicant at Loan Maturity: 60 years (Salaried) and 70 years (Self Employed).

For Salaried Employees: Should have worked for one year in the current company.
For Self Employed: Should have been at least 2 years in the business.
Minimum Loan Amount generally given is Rupees One Lakh.

Documentation Required for Car Loans:
All Banks and Financial Institutions offer varying interest rates for car loans. You need to submit the following minimum documents for approval of your car loan (documents may vary with the bank/financial institution to whom you apply):

For Salaried Individual:
Address Proof (any of the following documents):
House Lease/ Leave & License agreement, Ration card, Driving license, House Tax chalan, Housing Society bill, Voter card, Passport, Telephone bill, Electricity bill, Water Tax chalan, Wireless Landline bill, Credit Card Statement, Post Paid Mobile bills (2 bills required one bill of the last completed month and one which is 6 months before the last completed month).

Identity Proof (any of the following documents):
Passport, Photo Credit Card, PAN Card, Voter Identity card, Driving license, Employee ID issued by Government of India/ PSU/ Limited companies, Local Panchayat Identity card, Notary certification with Photograph. Form 16 with latest Salary slips.

Income Proof:
Latest salary slips with the Form 16 document.

For Self Employed:
Address Proof:
The documents collected towards identity proof to reflect the current address of the concern/firm

Identity Proof (any of the following documents):
Passport, PAN Card, Voters Identity card, Driving license, Latest Sales Tax assessment order, Sale Tax registration certificate

Income Proof:
Latest Income Tax Return

[MTG]

Worked for one year in the current company.
Form 16 document.

Mayank, You would not have above document so chances of loan is very less. As now a days banks are very choosy.

[leojack]

In Each and Every banks asking for little bit of down payment, and asking these documents need to submit,
Aadhar Card,
PAN Card,
1 Check,
Present Pay slips,
Bank Statements,
Credit Score,
Employement certificate.
If you have all these documents with you, their is no problem to apply the loan. Present many of the car show rooms giving you the insurance also at free of cost. You need to pay the amount of atleast 10% of the car amount, remaining amount will pay by EMI. This is the process.