Documents required while applying for a car loan

It is the time of the year when discounts are showered by dealers and manufacturers across the country. Being the auspicious season people generally tend to schedule their big purchases towards the end of the year. This is the reason car sales also go up during this part of the year.  So, if you are also planning to buy a car but wondering about the paperwork involved, here is a list of documents shared by SBI while applying for a car loan:

Salaried Class

· Bank account statement for last 6 months

· 2 passport size photographs

· Proof of Identity: Passport/ PAN Card/ Voters ID card/ Driving License

· Address Proof: Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy

· Income Proof: Latest salary slip

· I.T. Returns or Form 16 for the last 2 years

*Form 16/ITR is waived for SBI’s Salary Package customers who are maintaining their salary account with the Bank for minimum 12 months

*Bank account statement is waived for SBI’s Salary Package customers who are maintaining Salary account with the Bank

Non-Salaried/ Professional/Businessmen

· Bank account statement for last 6 months

· 2 passport size photographs

· Proof of Identity: Passport/ PAN Card/ Voters ID card/ Driving License

· Address Proof: Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy

· Income Proof: ITR for last 2 years

· I.T. Returns or Form 16 for the last 2 years.

· Audited Balance sheet, P&L statement for 2 years, Shop & establishment act certificate/sales tax certificate / SSI registered certificate/copy of partnership.

Person engaged in agricultural and allied activities

· Bank account statement for last 6 months.

· 2 passport size photographs

· Proof of Identity: Passport/ PAN Card/ Voters ID card/ Driving License

· Address Proof: Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy

· Direct agricultural activity (crop cultivation)

· Khasra/Chitta Adangal (showing cropping pattern)

· Patta/Khatoni (showing landholding) with photograph

· All land should be on freehold basis and ownership proof to be in the name of the borrower

· Documentary proof of running of the activities to be provided for allied agricultural activity like dairy, poultry, plantation/horticulture