SBI car loan: A look at documents you will need

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With the approach of the festive season, many people make their big-ticket purchases towards the end of the year. It is during this times car sales also increases with dealers and manufacturers offering good cash discounts on cars. Similarly, banks also claim to offer the lowest interest rates along with cash discounts and free accessories to make the deal more attractive.

For example, State Bank of India (SBI) has exclusive automobile offers for customers on applying for a car loan through YONO. It offers cash discounts for people applying through the app.

Here is a list of documents you need to submit for the quick approval of your loan application:

Salaried Class

> Bank account statement for last 6 months

> 2 passport size photographs

> Proof of Identity: Passport/ PAN Card/ Voters ID card/ Driving License

> Address Proof: Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy

> Income Proof: Latest salary slip

> I-T returns or Form 16 for the last 2 years

*Form 16/ITR is waived for SBI’s Salary Package customers who are maintaining their salary account with the Bank for minimum 12 months

*Bank account statement is waived for SBI’s Salary Package customers who are maintaining Salary account with the Bank

Non-Salaried/ Professional/Businessmen

> Bank account statement for last 6 months

>  2 passport size photographs

> Proof of Identity: Passport/ PAN Card/ Voters ID card/ Driving License

> Address Proof: Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy

> Income Proof: ITR for last 2 years

> I.T. Returns or Form 16 for the last 2 years.

> Audited Balance sheet, P&L statement for 2 years, Shop & establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership.

Person engaged in agricultural and allied activities

> Bank account statement for last 6 months.

> 2 passport size photographs

> Proof of Identity: Passport/ PAN Card/ Voters ID card/ Driving License

> Address Proof: Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy

> Direct agricultural activity (crop cultivation)

> Khasra/Chitta Adangal (showing cropping pattern)

> Patta/Khatoni (showing land holding) with photograph

> All land should be on free hold basis and ownership proof to be in the name of borrower

> Documentary proof of running of the activities to be provided for allied agricultural activity like dairy, poultry, plantation/horticulture