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A new car loan assessed on your ITR and business banking, with the car available in your firm's name.
Business owners and professionals buy a large share of new cars in India, and every lender has a programme for them. The assessment simply looks different from a salaried one.
Your last two years of filed ITR, with depreciation added back, plus twelve months of bank statements. Some lenders also run a turnover-based programme where the car is funded against your GST turnover rather than declared profit, which helps when your books show a modest figure.
You can register the car in the name of your proprietorship, partnership, LLP or company. The advantages are real: the vehicle becomes a business asset eligible for depreciation, and the interest can generally be claimed as a business expense where the car is used for business. Confirm the exact treatment with your CA, since personal use has to be accounted for.
Mismatched documents. The name on the PAN, the GST certificate and the bank account must agree exactly. A proprietorship trading under a different name needs the firm-to-proprietor link documented clearly, or the file stalls in verification.
We sort the paperwork before submission and place the file with a lender whose programme actually matches your income profile, so it moves fast rather than sitting in queries.
The car can be owned by your proprietorship, partnership, LLP or company, which makes it a depreciable business asset.
Where the vehicle is used for business, depreciation and loan interest are generally claimable. Confirm the split with your CA.
Several lenders assess on GST turnover instead of declared profit, which helps when your ITR shows a modest figure.
Buying several vehicles at once is usually structured as a single facility rather than separate loans.
| Age | 21 to 65 years |
|---|---|
| Business vintage | At least 2 to 3 years in the same activity |
| Income proof | Last 2 years ITR with computation, or GST returns under a turnover programme |
| Banking | 12 months of current account statements |
| Credit score | 700 and above for the proprietor, partners or directors |
These are typical criteria. Individual lenders vary, and we will tell you which ones are flexible on your particular case.
You do not need any of these to enquire. We only ask for documents once we know which lender we are approaching.
Pre-filled with this product's own rate band and limits.
Pre-filled with the indicative rate band for New Car Loan for Self-Employed. Move the sliders to match your own case.
Twenty one lakh
4 yr 11 mo
Your monthly EMI
₹42,618
for 4 yr 11 mo
These numbers are indicative. Your actual offer depends on the lender. Most loans in India are floating rate, so the EMI can change when the RBI moves rates.
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