New Car Loan Documents Checklist
Published 7 July 2026 · 4 min read · Clean EMI Editorial
A new car loan has a lighter document set than a home loan, since the vehicle itself is relatively standardised collateral, but a few car-specific documents are needed alongside the usual KYC and income proof.
Part of the Vehicle Loan guide series.
The baseline set
PAN, Aadhaar, address proof, income proof (salary slips for the last 3 months, or ITR for self-employed applicants) and 6 months of bank statements — the same core documents required for any loan on this portal.
Vehicle-specific paperwork
- Proforma invoice / quotation from the dealer, showing the exact on-road price
- Vehicle specification sheet (model, variant, colour)
Since disbursement usually goes directly to the dealer rather than to you, the bank needs the exact invoice amount before sanctioning, not an approximate figure.
Insurance and registration
Comprehensive insurance is typically required before the vehicle is delivered, and PSU banks generally require their lien to be noted on the vehicle’s registration certificate (RC) — meaning the RC shows the bank as the financier until the loan is fully repaid. Your dealer usually handles the RC hypothecation entry as part of the delivery process.
Where it fits in the process
Once your CIBIL check clears (700+ required) and documents are verified, your file is forwarded to a PSU bank branch — such as Bank of Maharashtra — for the sanction decision. Full eligibility details are on the Vehicle Loan page.
Frequently Asked Questions
Does the loan amount include the car’s insurance and registration cost?
This depends on the bank’s policy — some PSU banks finance the on-road price including insurance and registration, others finance only the ex-showroom price. Check this at the time of sanction.
Is a co-applicant needed for a new car loan?
Not necessarily, but adding one can increase the loan amount you’re eligible for if your individual income is on the lower side relative to the vehicle’s cost.
Can I choose any dealer for the car purchase?
Yes, PSU banks generally don’t restrict you to specific dealers — the quotation and invoice from your chosen dealer is simply verified as part of the loan file.
What is the minimum loan amount for a new car loan?
The minimum on this portal is ₹10 lakh, which is aimed at higher-value new vehicle purchases rather than entry-level cars.
Useful free tools
- Free Credit Analyzer — Upload your CIBIL report and see which loans you may be eligible for, with an indicative EMI.
- Check my Loan Eligibility — Answer a few questions and see how your application would be routed to a PSU bank.
- Home Loan Balance Transfer Calculator — Compare your current EMI with a lower-rate loan over the same remaining tenure.
- Credit Score Enhancer — Practical steps to improve your CIBIL score before you apply for a loan.
Ready to check your eligibility?
No fee to apply. CIBIL score of 700 or above required.