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New Delhi. Paperwork is necessary to take any kind of loan. Until the bank or institution giving the loan confirms whether you will be able to repay the loan or not, it does not decide whether to give the loan or not. The same rule applies for car loan also. But many times banks or financial institutions start asking for various types of documents in the name of giving loan. In such a situation, if you want to take a car on loan, then know which documents you will need.
It is also worth knowing here that all banks have divided customers into two different categories. These categories include salaried individuals and self-employed. In self-employed also, different divisions have been made on the basis of firm or company. So let us know about the documents required for everyone-
Salaried or self-employed, will have to provide 3 documents
According to the information available on the website of HDFC Bank, if salary earners want to take a loan, they will have to provide 3 documents. A document will be required as identity and address proof. For this, you can present valid passport, permanent driving license, voter ID card, job card issued by NREGA, letter issued by National Population Registrar in which both name and address are written, or Aadhaar card. The second document will be required for income proof. In this you can give latest salary slip and Form 16. Bank statement of last 6 months will have to be given as the third document.
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Self-employed (sole proprietorship company) people will also have to provide only 3 documents. 1- A document as ID and address proof. Like salary class people, you can put everything in it, except Aadhar card. The remaining two documents will have to be given only by salary class people.
You will have to give bank statement
Self-employed (partnership company) people will also have to provide 3 documents. 1. As income proof, audited balance sheet, profit and loss account of the last 2 years and ITR of the company for the last 2 years will have to be given. Keep in mind, all three will be needed, not just one. 2. Telephone bill, electricity bill, Shop and Establishment Act certificate, SSI registered certificate, sales tax certificate can be given as address proof. 3. Bank statement of last 6 months. For self-employed (private limited company) also, documents similar to those for self-employed and partner company will be required.
For those self-employed whose company is Public Private Limited, two things will be required in the income proof, audited balance sheet and profit and loss account of the last 2 years. As address proof, you can provide any one thing like Telephone Bill, Electricity Bill, Shop and Establishment Act Certificate, SSI Registered Certificate, Sales Tax Certificate. Also, bank statements of last 6 months will also be required.
Why ITR with bank statement?
Adil Shetty, CEO of Bankbazaar.com has answered this question. He told that there is a valid reason for asking for 6 months’ bank statement and ITR together. 6 months bank statement tells about any person’s financial position (in the near term). By seeing this, the bank can know about the person’s cash flow and verify his income. This statement tells how much money the person is receiving from month to month. If money comes continuously then he will be able to pay off his debt. If it is found in the statement that he uses overdraft, there are many check returns, unusual shopping is seen, then it can be understood that the money management of such a person is not good.
Similarly, ITR also tells all these things, but it gives a long term view. For the last 2 years, so that it can be confirmed that the person is earning continuously. The income he has declared to the government matches his salary or earnings. This also tells everything clearly about the financial condition of the person.
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Tag: auto news, Bank loan, business News, car, car loan, money Matters
first published : February 9, 2024, 10:07 IST
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