When it comes to purchasing a car, many individuals worry about acquiring financing and getting the best interest rates. Some may ask if they need a driver's licence to get a car loan. Let us look at the legalities of car loans and what criteria are required. While a valid driver's licence is not required while applying for a car loan, it is necessary to drive the financed vehicle legally.
Driving licence and car loans
Most car loans do not require a driver's licence. To drive the car legally you are financing, you must have a valid driver's licence in your state. In addition, you will need car insurance, which usually requires a valid driver's licence.
Can you finance a car without a licence?
While you may be able to get a car loan without a driver's licence, this is not guaranteed. Most lenders will request some type of verification, such as a government-issued ID, to verify your identity. A driving licence can be one of the identity proofs. In case you do not have a driving licence, you can provide another valid document as proof of identity.
To apply for new car finance with Bajaj Finance, applicants must be Indian citizens meeting the age criteria. Salaried and self-employed individuals need to meet certain parameters. You will need KYC documents, a PAN card, employee ID card, salary slips for the last three months, and bank account statements from the previous three months. Additional documents may also be necessary during the application process. You should also have a good CIBIL score.
To qualify for a used car loan, applicants must be Indian citizens with age as per the eligibility criteria. They must have a CIBIL Score of 700 or higher, and meet employment criteria, such as a minimum monthly salary or ITR proof. Required documents include KYC documents and a PAN card. Other necessary documents include employee ID card, salary slips, and bank account statements. You will also need vehicle registration and insurance copies.
How to get a car loan without a licence
A valid driving licence is a KYC document that you can choose to provide while applying for a car loan from Bajaj Finance. If you do not have a driving licence, you can provide other KYC documents. These documents include Aadhaar, passport, voter ID, or a letter from NPR/ NREGA job card.
Bajaj Finance offers new car loans with financing of up to Rs. 10 crore for purchasing a new car. You can obtain asset-based financing at competitive interest rates. And you get to choose flexible tenures ranging from 12 months to 96 months.
You can get used car loans of up to 115% of the car's value from Bajaj Finance. Enjoy competitive interest rates and flexible tenures up to 84 months. Get funds of up to Rs. 1.02 crore and have the loan amount credited to their account within 48 hours* of approval.
To conclude, a driver's licence is not always a requirement when applying for a car loan. It is however necessary for you to have a licence if you intend to operate the vehicle legally you are financing.
