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  Wednesday, 20 June 2012
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I Stay on Rent for 6 Months in Delhi. Am i Eligible for Car Loan. I work in MNC with salary of 36,000. Also What Car Loan Documentation do i need to submit to Bank or get arranged for Maruti Swift Car
11 years ago
Hello Amit,

The information if only to be derived basis deviation factor of Rent - then Relax ! You are very much eligible for Car Loan.
Do Note that a Banker will assess 3 things from your profile

- Intent to Repay - Judged through CIBIL or previous loan/credit repayments
- Ability to Pay - Judged basis your current income, company, job stability
- Contact Easeness - Its perfectly fine if you on Rent - Many top notch MNC Sr Executives are also on Rent - However - do you have a permanent address proof and telephone at your home town. If yes - it suffice the purpose

w.r.t documentation for Car Loan - you need to furnish clear copy of below documents along with 2 passport size photographs :-
- Copy of PAN
- Current Address Proof - Rent Aggrement with Landlord Utility Bill serves purpose
- Permanent Address Proof - Referred above
- Latest 6 month Salary Account Statement
- Latest 3 Month Salary Slip and Form 16 of Last 2 years for Job continuity
- Any Loan Repayment details / track record (if any)

Thats all - once your loan gets through - you can then sign in the loan kit with ECS and security cheques favoring Bank - along with Balance down-payment and Insurance cover note for disbursement of loan

Rest - will suggest you to do check below links - will be useful

Car Loan Eligibility Calculator
Car Loan Interest Rates
Car Finance Application
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