A loan against a car is a simple and convenient way to get funds by using the value of your vehicle. This type of loan lets you use your car as security, which gives lenders confidence and may help you get a higher loan amount or a lower interest rate.
You can apply for a loan against your car in just a few clicks. However, you will need to provide a set of documents for the loan to be approved. These documents usually include salary slips, bank statements, and any other papers the lender thinks are necessary. In fact, the required documents may differ from one borrower to another. Whether or not you can provide these documents will help the lender decide if you are eligible and able to repay the loan.
One of the most important documents for a car loan is proof of income, as it helps the lender assess your ability to repay. This plays a key role in deciding your overall eligibility when you apply for a loan against your car. However, if you are unable to submit income proof or other required documents, you may still be able to explore options for a loan against car without income proof through specific lenders or alternative arrangements.
Here are a few ways of getting a loan against car without income proof and Income Tax Returns (ITR)
- Shop around and compare lenders
If you’re looking for a loan against your car without income proof, it’s important to look at different lenders. Search for banks or finance companies that offer loans with relaxed document requirements. Compare their loan terms and conditions, interest rates for a loan against car, eligibility rules, and repayment plans to find a lender that suits your needs and situation. - Maintain a good credit history
A strong credit history can help you get a loan, even if you can’t show income proof. Keep a healthy credit score by paying your bills and EMIs on time, using your credit card wisely, and avoiding missed payments. A good credit record shows that you’re reliable with money, which can increase your chances of getting a loan against car. - Find a co-signer
Getting a co-signer with a regular income and a good credit score can make a big difference. A co-signer agrees to repay the loan if you don’t, giving the lender extra confidence. Make sure the person understands the risks and responsibilities involved. Their steady income and credit standing can help cover your lack of income proof and improve your chances of approval.
Additional Read: Understanding the Complete Application Procedure for Loan Against Car - Find a guarantor
A guarantor, like a co-signer, offers added security to the lender. This person, usually someone with strong financial standing, promises to repay the loan if you are unable to. The guarantor must be ready to give income documents to back up the application. Their financial strength helps support your loan request, even if you can’t show income proof.
You can also use the Bajaj Finserv Loan Against Car EMI Calculator to calculate your monthly instalments.
While the above factors can help improve your loan against car eligibility, final loan approval also depends on your lender’s policy and the documents you provide, as outlined in their loan against car eligibility and documents criteria.
Bajaj Finance Limited offers loan against cars of up to Rs. 77 lakh based on specific eligibility criteria and documentation. To apply, you must submit key documents such as KYC documents, PAN card, employee ID card, bank statements, salary slips, and the vehicle registration certificate. Since Bajaj Finance does not offer a loan against car without income proof, it is essential to provide complete income-related documentation to qualify. These documents help ensure a smooth loan application, approval, and disbursement process.
To better understand your loan options and streamline the process, check your loan against car eligibility today and find out how much you can borrow.
