SBI Document Check list for NRI Car Loan

The SBI Auto Loan Document Check-List (from “source 4”) details the specific paperwork required to process a vehicle loan application, categorized by the applicant’s profile.

General Documents (Required for All)

• Application Form: A fully completed form for the borrower and co-borrower, including two photographs each.

   

• Identity Proof: Photocopies of a PAN card, Passport, Driver’s License, or Voter ID.

• Residence Proof: Recent utility bills (telephone or electricity), property tax receipts, Passport, or Voter ID.

• Bank Statements: Records of bank accounts held for the last six months.

   

• Asset Statement: A personal asset and liability statement provided in the bank’s standard format.

   

Category-Specific Requirements

The checklist mandates additional documentation based on the applicant’s source of income:

• Salaried Employees: Must provide the latest salary slip, employer-issued ID card, and Form 16 or IT Returns for the last two years.

• Self-Employed/Businessmen: Required to submit IT Returns for the last two years, certified Balance Sheets and P&L accounts for the last three years, and business proofs like a Trade License or Sales Tax Registration.

• Agriculturists: Must provide documents proving land ownership and cropping patterns.

• NRI/PIO Borrowers: Requires signature identification from their bankers and a copy of their Passport/Voter ID/PAN card.

• NRI Guarantors: Must provide a Passport copy with visa stamping, a valid work permit/contract, overseas bank statements (6 months), and three months of salary slips.

Vehicle and Special Loan Documents

• Vehicle Purchase: Applicants must provide the original proforma invoice (quotation) and the booking receipt.

• Power of Attorney (POA): If applicable, the POA must be in the bank’s standard format, duly stamped and notarized or attested by an Indian Embassy/Consulate.

   

• Take-Over Loans: If moving a loan from another bank, the applicant must provide the original sanction letter, account statement from the current financer, RC book, insurance copy, and a foreclosure letter.