Tuesday, 10 September 2013

Car loan is a difficult task now:

No more easy it is now to go for a car loan as the bank like State Bank of India have since come out with stiff stipulations in respect of eligibility for taking loan to purchase an auto vehicle. Besides State Bank, other banks are also preparing themselves to fall in line. To acquire necessary eligibility to by a car financed by the bank, one may have to fulfil the following conditions:

  • Bank account statement for the last twelve months.
  • Two passport sized photographs.
  • Signature identification from the bankers of the borrowers.
  • Passport, Voter ID Card, Pan Card.
  • Proof for the residential address of the borrower.
  • Latest salary slip in the case of salaried employees or some other proof in support of the borrower’s income.
  • Income tax return for the last two years in the case of salaried employees and three years in the case of self employed business men.

Except two passport sized photographs, all other stipulations are an arduous task to manage. More over, different banks are also fixing up a minimum annual salary amount ranging from 1.45 lakhs to 6 lakhs. Bankers and other financers are trying their best still to secure a largest possible number of borrowers for different vehicles but with the conditions obtaining as above they may only suffer a set back on this segment.

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