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doucuments requirerd for goverment employer .

Published On : 2016-10-04 07:37:11.0 pavan
Category : Financing
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Gone are the days when individuals use to queue in banks to get a loan sanctioned. Today banks are seeking for customers to increase their customer base and for this they prefer to lend to government employees since they are considered to be a safe bet.

The economic slowdown in the country has forced many private companies to lay off their employees and even stagnating salaries of the remaining ones. Following a situation like this banks are looking forward to bet on government employees to swell their auto loan portfolio. The default risk associated with these employees is low as compared to the customers working with private companies. In fact over the last few months, car makers have starting giving high discounts to government employee in order to attract a customer base with low risk. Even the banks are offering low interest rate to such employees.

Before finalizing your lender, you should calculate the total amount payable and not only compare the rate of interest or EMI. 

Category:

1.Regular employee of State / Central Government, Public Sector Undertaking, Private Company or a reputed establishment.

Income Criteria: Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 3,00,000/-

2.Professionals, self-employed, businessmen, proprietary/partnership firms who are income tax assesses.

Income Criteria: Net Profit or Gross Taxable income of Rs. 4,00,000/- p.a.
(income of co-applicant can be clubbed together)

3.Person engaged in agricultural and allied activities.

Income Criteria:Net Annual income of applicant and/or co applicant together should be a minimum of Rs. 4,00,000/-

Documents Required:
You would need to submit the following documents along with the completed application form:

1.Salaried:

Statement of bank account for last 6 months.
2 passport size photographs
Proof of Identity
Address Proof
Income Proof: Latest Salary Slip, Form 16
I.T. Returns or Form 16 for the last 2 years.

2. Non-Salaried/ Professional/Businessmen

Statement of bank account for last 6 months.
2 passport size photographs
Proof of Identity
Address Proof
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.

3.Person engaged in agricultural and allied activities.

Statement of bank account for last 6 months.
2 passport size photographs
Proof of Identity
Address Proof
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.
Allied agricultural activity (like Dairy, Poultry, Plantation/ Horticulture)
Documentary proof of running of the activities to be provided.

Proof of Identity :  (Copy of any one) Passport/ PAN Card/ Voters ID card/ Driving License etc. Address Proof :- (Copy of any one) Ration card/Driving License/Voters ID card/Passport /Telephone Bill/ Electricity bill/Life Insurance policy

Moreover, you may also read our article "Buying A New Car: All You Need To Know About Paperwork" for better clarification.

Apart from this, you may also get in touch with financial institutions/banks or new car dealerships. They might also help you.  


 

CarDekho Team on 2016-10-04 10:36:13.0
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