Apart from meeting these eligibility criteria, borrowers also need to submit some documents to support their loan application of Used Car Loan / Used Car Finance. The document requirements are listed below:
Identity Proof: Can be in form of PAN Card, driving license, passport or any other government issued identity document
Age Proof: Since borrower needs to be more than 21 years old, a document supporting age needs to be submitted. Example: School leaving certificate, Passport, Ration Card, Driving License, etc.
Address Proof: Any of the above mentioned documents having current address can be submitted as address proof
Income Proof: For salaried individuals, ITR/Salary Slips/Form-16 can be submitted. For self-employed individuals, ITRs or balance sheets/P&L accounts can be submitted.
Signature Verification Proof
1 or 2 recent photographs.
Important documents for Used Car Loan / Used Car Finance.
- RC Book – Copy of RC book to check valuation of Car. Bank will take original RC book while you transfer the ownership of car to registration process.
- Insurance Certificate – Copy of current insurance needed to check valuation of Car.