Car Loan in Chennai

Salaried

• Income Proof: Latest 2 Salary Slips & Latest Form 16
• Bank Statement: Latest 6 months Bank Statement
• Age Proof: PAN / Driving Licence/ Passport/ Birth Certificate
• Sign Verification Proof: PAN / Passport/ Bankers Verification
• Employment / Business Continuity Proof: Copy of Appointment Letter/ Date of Joining on Salary Slip/ ITR of Form 16/ Work Experience Certificate/ Relieving letter

Self Employed

• Office / Business Proof: Telephone Bill/ Electricity Bill/ Shop & Establishment act Certificate/ SSI or MSME Registration Certificate/ Sales Tax or VAT Certificate/ Current A/c Statement/ Regd Lease with other Utility Bills
• Income Proof: Latest ITR
• Bank Statement: Latest 6 months Bank Statement
• Age Proof: PAN / Driving Licence/ Passport/ Birth Certificate
• Sign Verification Proof: PAN / Passport/ Bankers Verification
• Employment / Business Continuity Proof: Shop & Establishment act Certificate/ SSI or MSME Registration Certificate/ Sales Tax or VAT Certificate/ Current A/c Statement

Salaried individuals who are eligible for a Car Loan

Your age is between 21 to 60
• Minimum Net Annual Salary of Rs. 2,40,000 p.a.
• Loan eligibility is calculated based on your latest salary slip and Form 16
• Minimum of 1 year of continuous employment
• Self-employed individuals who are eligible for a Car Loan
• Your age is between 18 to 65
• Minimum Net Annual Business income of Rs. 2,00,000 p.a.
• Loan eligibility is calculated based on the latest Income Tax Returns

Self-employed non-individuals who are eligible for a car loan

• Minimum Net Annual Business income or Rs. 1,80,000 p.a. for selected models and Rs. 2,00,000 p.a. for others
• Income eligibility is based on the latest 2 years of Income Tax Returns and audited financials of 2 years along with the computation of income

Priority / Wealth / Privee customers eligible for a Car Loan

• Customers with a vintage of 6 months
• A minimum Average Quarterly Balance (AQB) as below:
• An AQB of Rs. 1 Lakh for the last 2 completed quarters. AQB requirement to be met for both the quarters
• Maximum loan amount restricted to 3 times the AQB in the last 2 quarters

• Two passport-size photos
• Identity Proof: Passport / Voters ID / Driving License/ PAN Card / Aadhaar Card
• Address Proof: Passport / Voters ID / Driving License / Aadhaar Card
• Age Proof: Passport / Birth Certificate / Driving License / SSLC or AISSE Certificate
• Additional documents for NRI Customers - Certified copy of Passport, Visa, Work Permit, ID card
• Resident Salaried
• Three months Salary Slip
• Copies of IT returns (2 years) or Form No.16 (2 years)
• Latest six month's Bank Account statement
• Resident Self Employed
• Proof of Business existence & Business Profile
• Last 12 months bank a/c statements
• IT returns for 2 years supported by Balance Sheet, P&L Account for the past two years.

• Expected income of the applicant
• Minimum take-home salary Rs.20000
• A spouse's income can be clubbed
• Agricultural Income/Rental can be clubbed with regular income(minimum monthly income to be at least Rs.40,000, including agriculture income/rental income)
• Period of the loan<
• New Vehicles (other than two-wheelers) - 60 months
• New Vehicles (for Salaried) - 84 months
• Used Vehicles - 60 months
• New two-wheelers - 48 months
• Conditions for used vehicles
• Depreciation using Straight Line Method @ 15% for the first year and @ 10% for subsequent years
• Part of the year shall be counted as one year
• Age of vehicle not more than three years
• In the case of used vehicles 75 % on lower of depreciated /market/purchase value only eligible.

Individuals, Sole Proprietorships, Partnership firms, Companies, Trusts, Educational Institutions, and any other legal institutions with good/regular income to repay the loan.

Salaried Individuals

1. Identity & Address Proof

• Valid Passport
• Permanent Driving license
• Voters ID Card
• Job card issued by NREGA
• Aadhar Card

2. Latest salary slip and Form 16 as income proof

3. Bank statement for the previous 6 months

Self Employed Individuals

1. Identity & Address Proof:

• Valid Passport
• Permanent Driving license
• Voters ID Card
• Job card issued by NREGA

2. Latest Income Tax Returns (ITR) as income proof

3. Bank statement for the previous 6 months

The following people are eligible to apply for a New Car Loan:

Salaried Individuals:

• Employees of private, public companies.
• Age: 21-60
• job Experience: 2 years and a minimum of 1 year with the current employer.
• Minimum Salary: Rs. 3,00,000 per year.

Self-Employed Individuals and Professionals (Sole Proprietorship):

• This includes self-employed sole proprietors in the business of manufacturing, trading, or services
• Age: 21-65
• Business Experiance: 2 years
• Minimum earn: Rs. Rs. 3,00,000 per annum

Self-Employed Individuals and Professionals (Private Limited Companies):

• This includes individuals who own a private company in the business of manufacturing, trading, or services
• Should earn at least Rs. Rs. 3,00,000 per annum

Salaried

KYC

• Photographs
• Identity Proof
• Address Proof
• Age Proof
• Bank Statements
• Signature Verification

Income Proof

• Latest Salary Slip / Form 16

Other Documentation

• Employment Stability Proof

Self Employed Professional

KYC

• Photographs
• Address, Identity, and Age Proof
• Bank Statements
• Signature Verification

Income Proof

• Income Tax Returns of 2 previous financial years.

Other Documentation

• Business Stability proof / Ownership proof.

Self Employed Non-Professional

KYC

• Identity Proof
• Address Proof
• Age Proof
• Bank Statements
• Signature Verification

Income Proof

• Income Tax returns of 2 previous financial years along with a complete financial/audit report

Other Documentation

• Business Stability proof / Ownership proof
• Partnership deed and Letter signed by all partners authorizing one partner
• Companies and Societies: Resolution by Board of Directors (or such managing body) and Memorandum and Articles of Association

Salaried individuals:

• Age: 21 to 60
• Minimum Net Annual Salary: Rs. 2,40,000 p.a.
• Loan eligibility is calculated based on your latest salary slip and Form 16
• Minimum of 1 year of continuous employment

Self-employed individuals

• Age: 18 to 65
• Minimum Net Annual Business income: Rs. 2,00,000 p.a.
• Loan eligibility is calculated based on the latest Income Tax Returns.
• Minimum 3 years of employment in the same line of business

Self-employed non-individuals

• Minimum Net Annual Business income or Rs. 1,80,000 p.a. for selected models and Rs. 2,00,000 p.a. for others
• Income eligibility is based on the latest 2 years of Income Tax Returns and audited financials of 2 years along with the computation of income.
• Minimum 3 years of employment in the same line of business

Priority / Wealth / Privee customers eligible for a car loan

• Customers with a vintage of 6 months
• A minimum Average Quarterly Balance (AQB) is as below:
• An AQB of Rs. 1 Lakh for the last 2 completed quarters. AQB requirement to be met for both quarters
• Maximum loan amount restricted to 3 times the AQB in the last 2 quarters

Salaried Concerns

• Latest Salary Slip
• Form 16 / IT Returns
• Proof of Residence
(copy of electricity / telephone bill / Passport / Voter's ID / Lease deed / Rent agreement copy / Property Registration Document in the name of the Customer)

Signature

Verification from your Banker / Voters ID / IT PAN card / IT Return / Driving License / Passport

Self Employed

• Proof of Residence: electricity bill / telephone bill / Passport / Voter's ID / Lease deed / Rent agreement copy
• Signature : Verification from your Banker / Voters ID / IT PAN card / IT Return / Driving License / Passport
• Income Proof: Last 2 years of income proof certified by the CA
• Copies of Income Tax Returns for the last two years
• P&L A / C and B / S for the last 2 years certified by CA

• All Indian Residents
• Minimum income of Rs. 15,000 per month
• Minimum residence stability of 1 year
• Minimum employment stability of 1 year
• Minimum 21 years of age

Proof of Income Self Employed:

• 2 yrs ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
• For Asha HL - 1 yr ITR, Computation of Income, P&L, Balance sheet with CA seal and sign
• Tax Audit Report (If Gross Turnover Exceeds Rs 1 Cr or Gross Receipts Exceeds 25 Lac)
• 6 months bank statements of personal and business accounts
• If ITR is filed without digital sign - CPC and tax paid challan
• Business continuity proof (3 yrs for HL / 5 yrs for LAP)

Loan Agreement

• Insurance Details of property
• Balance processing fee cheque
• Property Documents
• Sanction Letter

• Three months pay slips
• One year salar credit statement
• Form 16 for two years
• Company ID card
• Pan Aadhar Card
• Latest Photo
• Property Details

• Government or reputed company working professionals
• Your age is above 21 and below 60.
• If you are filing income tax returns, you are eligible to apply for a home loan.
• If you are Professionals (i.e., doctors, engineers, dentists, architects, chartered accountants, cost accountants, company secretaries, and management consultants only) meet the Axis Bank Home Loan eligibility criteria.