What you need to know
Car loans need standard KYC and income proof plus the dealer’s quotation. Existing customers with pre-approved offers may need little more than PAN and the quotation.
Documents by applicant type
| Applicant | Documents |
|---|---|
| All applicants | PAN, Aadhaar / passport / voter ID / driving licence, photographs, filled application |
| Salaried | Last 3 salary slips, Form 16 or latest ITR, 6 months’ bank statements, employment proof |
| Self-employed / professionals | 2 years’ ITR with computation, audited P&L and balance sheet, business proof (GST / Udyam / licence), 6 – 12 months’ bank statements |
| Agriculturists (PSU banks) | Land records and proof of agricultural income |
| NRI | Passport with visa, overseas employment contract / salary slips, NRE/NRO statements; often a resident co-applicant |
Car documents
- Proforma invoice / on-road quotation from the dealer
- Final invoice after purchase
- RC copy showing hypothecation to the bank
- Insurance policy with the bank named as hypothecatee
- For used cars: existing RC, insurance, valuation report, seller’s NOC if the car was financed
Frequently asked questions
Is a guarantor required?
Not usually; a co-applicant (often a spouse or parent) may be asked for if your income is low or you are an NRI.
For information and comparison only. Loan terms, rates and rules change — confirm with the lender and read the Key Facts Statement before borrowing.