Eligibility

Most banks consider your age, annual income, work experience in the current organization and your total work experience, educational qualification and your profession to decide on the amount of car loan. Loan eligibility will change for salaried and self employed individual and will also differ from one city to another.

Bank Minimum Age (in yrs.) Minimum Income (in Rs.) Minimum Work Experience (yrs.) Residence Status (yrs.)
Salaried Self Salaried Self Salaried Self Salaried Self
State Bank of India
State Bank of India
21-65 Years 21-65 Years Net Annual Income Rs. 400,000/- and above Net Annual Income Rs. 600,000/- and above 2 Years 3 Years Valid Residence proof Valid Residence proof
Axis bank
Axis bank
21-60 Years 18-75 Years Minimum income of Rs. 2.4 Lac p.a. or all approved car models Minimum net business income of Rs. 1.8 Lac p.a. for selected models and Rs. 2 Lac p.a. for others Minimum 1 year continuous employment Minimum 3 years same in line of business Valid Residence proof Valid Residence proof
Bank of Baroda
Bank of Baroda
Minimum 21 years; Maximum – present age + repayment period should not exceed retirement age in cas 21-65 Years Income Criteria Not Available Income Criteria Not Available Information not available Information not available Valid Residence proof Valid Residence proof
Punjab National Bank
Punjab National Bank
Information not available Information not available Net monthly income - Rs. 20,000 p.m. Net monthly income - Rs. 20,000 p.m. Information not available Information not available Information not available Information not available
HDFC Bank
HDFC Bank
21-65 Years 21-65 Years Minimum Rs. 100000 p.a including the income of spouse Net profit Rs. 60000 p.a for standard cars and Rs.100000 p.a. for mid-sized and premium cars 1 year in current employment and minimum 2 years of employment Atleast 3 years in business Telephone: Must at residence Telephone: Must at residence ; Private & Public Limited Company:Telephone-One phone at least at business
Union Bank of India
Union Bank of India
18 years and above 18 years and above Income Criteria Not Available Income Criteria Not Available Information Not Available Information Not Available valid residence proof valid residence proof
ICICI Bank
ICICI Bank
25 years to 58 years at the time of maturity of the loan 28 years to 65 years at the time of maturity of the loan/At least 3 years of company existance Gross annual salary of at least Rs. 2.5 lac per annum Gross annual income of at least Rs. 2 lac per annum; Firm should have a minimum PAT (profit after tax) of Rs. 1.25 lakhs The total employment stability should be more than 2 years and current employment stability of minimum 1 year Business stability should be more than 3 years Information Not Available Information Not Available
IDBI Bank
IDBI Bank
22 years to 65 years 22 years to 65 years Minimum 1.5 Lac per annum Minimum 1.5 Lac per annum Minimum 2 years Minimum 2 years in profession Information not available Information not available
Allahabad Bank
Allahabad Bank
The loan should be repaid at least three months before the date of retirement from service Repaid before attaining the age of 70 years Minimum gross monthly income Rs.25000/- An IT assesee With full collateral security, IT assessment order/IT return may be waived Information not available Information not available Information not available Information not available

Documents Required

List of documents will not only differ for salaried or self employed individuals but also with the type of car. Few documents are waived for small cars and are mandatory for mid-sized and premium cars.

 

Salaried Individuals


* ID Proof: Bank Signature Verification, Photo Pan Card, Passport, Driving License or Voter's ID card.

* Address Proof: Passport, Driving license, Ration Card, Voter's ID Card, Bank statement, Rent Agreement .In case your present address is different from that given in these documents you can produce telephone bill, electricity or water bill as proof of residence. Some Banks need present address proof for minimum one year. Telephone at residence is a must for some banks.

* Minimum 3 months Salary Slips starting with the Latest Salary Slip duly authenticated by the Employer.

* Form No.16 with clear computation of income.

* Latest 6 months Salary A/c Bank statement.

* Copies of degree certificates as proof of highest qualification for professionals and government employees.

 

 

Self Employed Individuals/ Professionals


*Address Proof for Self Employed Individual or Professional: Passport, Driving license, Ration Card, Voter's ID Card, Bank statement, Rent Agreement .In case your present address is different from that given in these documents you can produce telephone bill, electricity or water bill as proof of residence. Some Banks need present address proof for minimum one year

* Address Proof for Partnership Firms and Private Limited Company: Telephone Bill,Electricity Bill, Shop & Establishment Act certificate, SSI registered certificate, Sales Tax certificate.

* Computation of income for the last 2 years certified by a C.A

* Audited Profit & Loss account and balance sheet for the last 2 years.

* Latest 6 months Bank Statement.

* Latest Landline Telephone bill ,lease deed, municipal tax receipt, title deed as proof of office is needed.

* Latest sales, Copies of acknowledged IT returns for the last 2 years as proof of turnover.

 

 

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