Document checklist for a new Car

Document checklist for a new car

Car loans require very few documents when compared to other types of loans. They can be classified into three categories: documents supporting your identity, your residence, and your income.

Identity Proof:

A copy of any document that can prove your identity – your passport, driver’s license, voter ID, or PAN card. Any one of the above documents with your photograph is proof that you indeed are the person you profess to be.

Proof of Residence:

A copy of your passport, driver’s license, ration card, or voter ID if you reside at the same place as entered in the above-mentioned documents will do. If you stay as a tenant, different from the one mentioned on your ration card, passport, or voter ID, you can produce utility bills (electricity or telephone) of the place as proof of residence.

Income Proof:

Salaried people need to submit their latest salary slip, Form 16 for the last financial year, and their bank statement for the last 6 months. Self-employed people need to provide their IT returns for the last 2 years as proof of income.