MyCarHelpline Forum for Premium Support !!

Get Professional Support from Experts. Ask your Question Now !!

  1. Amit
  2. Finance, Insurance
  3. Wednesday, June 20 2012
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
Gagan Modi Accepted Answer
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

  1. more than a month ago
  2. Finance, Insurance
  3. # 1
  • Page :
  • 1

There are no replies made for this post yet.
Be one of the first to reply to this post!
Submit Your Response
Upload files or images for this discussion by clicking on the upload button below. Supports gif,jpg,png
• Remove Upload Files (Maximum File Size: 1 MB)
You may insert polls into your post. The poll would then appear in the post.
Vote Options