InvestorQ : Can one take a commercial vehicle loan without income proof or business proof?
Karim Sahu made post

Can one take a commercial vehicle loan without income proof or business proof?

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Anusha Savla answered.
3 years ago
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No. For taking a commercial vehicle loan an experience proof is required which can be validated from deployment letter/driving license/commercial vehicle ownership.

Other documents required for taking a commercial vehicle loan are:

- Duly filled application form with attached photograph

- 2 passport-size photographs

- Cheque for processing fee

Other than these, you will also have to furnish the following documents:

KYC documents

- Age proof- Aadhaar Card/PAN Card/Voter's ID card/Driving License/Passport (Any one)

- Identity proof- Aadhaar Card/Voter's ID card/Driving License/Passport (Any one)

- Residence proof- Rental agreement/Voter’s ID Card/Passport/Ration card/Tel bill or Elec. Bill/Trade License/ Sales Tax Certificate (Any one)

- Signature verification proof-Driving License/PAN Card/Registered Sale Deed/Govt. ID Card(For Govt. employees) (Any one)

Income proof

- Last 3 months Salary Slips

- Latest 6 months bank statement

- Form No.16

- Updated income tax returns (ITR) for last two years

- Photocopy of official ID

Experience proof

- Valid documents to prove relevant experience (In case of first-time buyers)

Other documents (As applicable)

- Existing vehicle ownership proof

- Vehicle details & valuation report

- Insurance and RC copy of vehicle

- Fleet list details (In case of small, medium, and large fleet operators/owners)

- Trade references (In case of first-time buyers, fleet operators/owners & experienced borrowers)

- Property ownership proof (In case of farmers)

- Proprietorship decl., partnership deed, (MOA/AOA), board resolution & two years audited financials (In case of Private/Limited companies, partnership firms, trusts & societies)

- Loan repayment track (if any)

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