Car Loan

We assist in providing car loan from different public sector banks/housing finance companies/private sector banks/MNC banks depending upon the requirement and profile of the customer. In our dictionary there is no negative area/negative profile for this type of funding.

Documents Required For Car Loan

Sl.No. Documents
1. 2 Photos of each of both the borrowers.
2. Pan Card Xerox of each of the borrowers.
3. Copy of Company I- Card Xerox, if any, of each of the borrowers ( Applicable only for salaried borrowers).
4. Copy of Residence proof of each of the borrowers.
5. Copy of bank statement for last 1 year of each of the borrowers.
6. Copy of salary slip’s for last 6 months of each of the borrowers (Applicable only for salaried borrowers).
7. Copy of Form no.16(Applicable only for salaried borrowers) for last 3 years with Income tax Returns (Full Set) of each of the borrowers.
8. Copy of appointment letter and increment letter, if any, from present employer of each of the borrowers (Applicable only for salaried borrowers).
9. Copy of sanction letters for any loan availed with track record of each of the borrowers.
10. Vehicle Loan Application Form and Statement of Assets and Liabilities to be duly filled and signed by both the borrowers.( This will be provided by the Bank.)
11. Self Employed/ Professional/ Business :Income Tax Returns (with computation of income): Last Three Years, Balance Sheet & Profit & loss account- Certified Copy for previous 3 years, Business proof- ST Registration/ Gomastha License.
12. If NRI- Pass Port, Visa Copy, Work Permit, Work Contract, Appointment letter, Residence proof, Statement of Overseas Bank account and Indian NRE A/C, Salary slip& Tax returns, Power of Attorney in Bank Format
13. Quotation/Invoice for the vehicle to be purchased from a authorized dealer.
All the relevant documents are to be self attested

Procedural Aspects For Car Loan

CHECKING OF LOAN AMOUNT ELIGIBILITY INCOME, AGE, EMI, TENURE,OTHER OBLIGATIONS
CIBIL SCORE BORROWER, CO-BORROWER SHOULD BE NORMALLY ABOVE 550
DUE DILIGENCE 1. KYC:PAN CARD, AADHAR CARD,ADDRESS PROOF
2. BANK STATEMENT=== 06 MNTHS TO 1 YEAR, VERIFICATION OF INCOME TAX RETURNS
3. VISIT TO EXISTING:OFFICE/FACTORY/GODOWN, RESIDENCE, VERIFYING WITH THE AUTHORISED DEALER REGARDING THE CORRECTNESS OF THE QUOTATION OF THE VEHICLE.
ONCE THE LOAN ID SANCTIONED, BEFORE DISBURSEMENT
ONCE THE FRANKING IS DONE THEN ALL THE DOCUMENTS ARE TO BE SIGNED BY THE BORROWERS.
PAYMENT OF STAMP DUTY FOR DISBURSMENT OF LOAN: CERTAIN BANK DOCUMENTS ARE TO BE STAMPED BEFORE THE LOAN IS DISBURSED AND THE SAID STAMPING IS DONE BY-- FRANKING, E-PAYMENT.

Time Frame Required For The Entire Procedure

Normally All Banks Take Around 1 Week To 2 Weeks For Sanction Of The Loan If All The Papers Are In Place.
MAA Capital Solution will act as intermediary between the concerned Bank and you. Considering the fact that all the relevant papers are in place and the legal scrutiny of the property is hassle free then MAA Capital Solution will assure to give a timely loan sanction from the Bank within a time frame of 10 to 12 working days.