What documents do I need to apply for an auto loan?

When applying for an auto loan in India, you typically need to provide several documents to the lender to support your application. These documents may vary slightly depending on the specific lender and their requirements, but here is a general list of common documents you will likely need:

1. Identity Proof:
Aadhar Card
Passport
Voter ID Card
PAN Card
Driving License

2. Address Proof:
Aadhar Card
Passport
Voter ID Card
Utility bills (electricity, water, gas) in your name
Rent agreement (if you are a tenant)

3. Income Proof:
Salary slips (typically for the last 36 months)
Income Tax Returns (ITR) for the past 23 years
Form 16 (if applicable)
Bank statements for the last 612 months

4. Employment Proof:
Employment letter from your employer or a Certificate of Employment

5. Bank Statements:
Bank statements for the last 612 months to verify your financial transactions and stability

6. Photographs:
Passportsized photographs (usually 24)

7. Vehicle Documents:
Proforma invoice or quotation from the vehicle dealership
Vehicle's registration certificate (RC) in the dealer's name (for new cars) or the previous owner's name (for used cars)
Insurance documents for the vehicle

8. Residence Ownership Proof (if applicable):
Property documents, such as a property deed or ownership certificate, if you own your residence

9. CoApplicant's Documents (if applicable):
If you have a coapplicant or coborrower, they will need to provide their identity, address, income, and employment documents as well.

10. Additional Documents (if required by the lender):
Some lenders may have specific requirements, so be prepared to provide any additional documents they request.

It's essential to check with your chosen lender for their specific document requirements and eligibility criteria, as these may vary from one financial institution to another. Additionally, keeping all your documents organized and uptodate can streamline the loan application process and help you secure your auto loan more efficiently.