What documentation do I need to apply for a used car loan as a student?

Typically, the documentation required for students to apply for used car loans may include:

• Firstly, you may have to submit proof of identity, such as your Aadhaar card, driving licence, passport, etc. A college ID card is generally required for a student applicant. This establishes your student status for availing of education-specific loan offerings.
• Second, like all loan products, you usually have to provide proof of income. For students, this can include your educational scholarship letters, stipend payment slips, or an income document of your co-applicant/parent/guardian who will be the primary owner.
• Submitting your latest bank statements and existing loan or credit card statements may also be required. This will give insights into your financial discipline and repayment behaviour, which impacts your creditworthiness.
• Many lending institutions may also request copies of academic performance reports to gauge academic continuity. Providing contacts of college faculty for verification builds extra trust.