Car finance facts: Partnership firm

To procure a car loan for a person who is a partner in a firm, his/her company should provide the bank some statistics about the company’s financial status. The company must have a minimum income or profit of Rs 60,000 per annum, if one wants a standard mid-sized vehicle like a Maruti Suzuki SX 4, and Rs 1 lakh per annum for a premium car like a Mercedes-Benz or a BMW. The minimum turnover of the company should be more than Rs 4.5 lakh per annum.

The telephone numbers of the firm and the personal residence must be furnished.  The documents necessary include proof of identity such as a PAN card or a passport. Proof of income such as an audited balance sheet, profit and loss account for the last two years and two-year Income Tax returns are mandatory. For proof of residence, a telephone bill, electricity bill, a Shop and Establishment Act certificate or a Sales Tax certificate is required. These documents will enable you to procure a loan with ease.