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  1. Manish
  2. Finance, Insurance
  3. Tuesday, May 06 2014
Hello, Recently i approached HDFC bank for car loan, but loan rejected as I don't have permanent address proof. I am living in rented flat since 4-5 years and own house sold out few years back. All my other documents are perfect (ITR, bank statements, KYC etc). But only due to not having permanent address proof, I am unable to take car loan. Please guide.

Gagan Modi Accepted Answer
Hello Manish,

Banks generally ask for Permanent Address Proof as a secured document so as to establish contactability reason - in event of person shifting to other place. Still, most of them override basis

> Job Stability - Are you in Job ? If yes - is it an MNC - you can pursue with Bank to reconsider case basis job stability and MNC Employee.
If in business - is your business registered, since how long you are in biz . Basis business continuity proof for over 5 yrs at same premise - you can again ask for reconsideration.

> Do you have a salary A/c / Business Trade A/c with HDFC or other bank - its relatively easier to approach first the bank where you have relationship

> Even - if above 2 considerations are not in your favor :- You can furnish local Guarantor, having own house or if have a blood relative in Delhi, having own house as co-applicant

Last - if none of above works - you may also ask for funding at lower loan amount as option. Banks (to the best of my info) override the deviation of permanent address proof - if person contribution 1/3rd (35%) of loan amount as downpayment - and rest all parameters - Income, Stability, Profile & Verification reports are okay.... Try it out & let know.

  1. more than a month ago
  2. Finance, Insurance
  3. # 1
Manish Accepted Answer
Hi Gagan,

Thanks for the detailed reply. I am self employed (Partnership registered firm in PUNE) and business stability of over 4 years at same place/location, similarly staying in rented flat since 5 years. Yes, I have current account with HDFC(with good transactions and no defaults) and savings acct with SBI and both has my rented flat address on statement/passbook. I have good cibil (750), 12 month personal loan clear track record, But still HDFC rejected loan and reason given by them is permanent address missing and even not suggested me to provide guarantor or other options.

Anyways, I will try some other bank/private non banking finance companies.

Thank you!


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