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Old 7th May 2007, 08:22   #1
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Default Can one get auto finance without PAN no.? Info reqd.

Just wondering whether possible to get auto finance if one is not an income tax assessee.A friend of mine is a fitness instructor manages 40-50k pm (Tax Free ! lol) and wants to buy a car in her name but does'nt have a PAN no for obvious reasons.Any clues how to go bout getting finance? One person advised to apply for PAN and use the application as the docu for getting fin. Bank req. PAN No. these days and my frnd is scared that she might ve to pay penalty for not giving IT. She's a divorcee has a joint savings a/c with hubby...was just wondering how to go about advising in this interesting scenario....Other proofs like bank statement/address etc can be easily provided. which banks to approach for this and any idea how to go about?
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Old 7th May 2007, 12:19   #2
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The last I'd heard, without a PAN card, 2 previous years' Form 16 and 1 yr bank statement, no salaried person is eligible for any loan - not just auto loan. If the manager is known personally the conditions would reduce utmost to prv Form 16 and 6-month bank statement. But PAN card was compulsorily obligatory.
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Old 7th May 2007, 12:24   #3
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A similar query. Is there a way to apply for the PAN card online? If so, please give the link.
thanks
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Old 7th May 2007, 12:25   #4
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I guess there is no alternative without the PAN card. When i was applying for auto finance, it was mentioned that the PAN number is mandatory, along with Form 16 for the past 2 years.
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Old 7th May 2007, 12:28   #5
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Pujaari, why doesnt she apply for a PAN? even if she is earning 40-50k p.m, she can file returns as a business person (if she isnt subject to TDS, it will be coz she is not 'employed') and claim most of the amount as legitimate expenses; and pay a nominal amount as tax each year. The government has purposely made owning high cost items more difficult by persons who are not income tax assessees, so all banks will require a PAN no. and most will insist that monthly payments are made by cheque.

I will make another assumption here - if she still has a joint account with ex-hubby (did i read that right?), i will assume that she is a recent divorcee. Women who get divorced sometimes are people who start earning for the first time since they might have got married early and were not income tax payers/assessees before marriage - it is easy to justify why she doesnt have a PAN yet (actually the finance ministry does not ask many questions before they issue a PAN).

The sooner she registers herself as an income tax assessee, the easier she will find buying these desirable items in the future. and again - her earnings are only going to increase as time passes by, all she will be doing now is getting registered maybe 1 year earlier than she would have thought of. The longer she avoids the PAN, the more painful it will become in future. The process of applying for a PAN is quite simple now; so my suggestion will be to apply for a PAN.

PM me if you have any queries.
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Old 7th May 2007, 12:30   #6
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Quote:
Originally Posted by DCEite View Post
A similar query. Is there a way to apply for the PAN card online? If so, please give the link.
thanks
Here you go:

Downloadables PAN

Welcome, in advance, to the PAN community - Perpetually Assessed Nincompoop, which I'm also part of.
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Old 7th May 2007, 12:33   #7
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Click on the link below for PAN related queries

Income Tax India

Online PAN application @ UTI Technology Services Ltd.
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Old 13th May 2007, 23:06   #8
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Hello pujaari,

Just get a no dox (no documents) loan from ICICI, Standard Chartered, and a few others.

Contribute 20%. No Need for Income Proof: Can you contribute 20% or more of the ex-showroom price of the car? No need for any income proof then! Walk away with the car keys.

Also,
100% Loan for Fixed Deposit Holders: If you have a fixed deposit with ICICI Bank, you can get a loan up to 100% of the ex-showroom price of the car. No need for income proofs.

http://icicibank.com/Pfsuser/loans/c...alhomepage.htm

I hope this helps. Good luck, and let us know how it went by posting back on this thread.
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Old 14th May 2007, 20:13   #9
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Quote:
Originally Posted by caliper View Post
Hello pujaari,

Just get a no dox (no documents) loan from ICICI, Standard Chartered, and a few others.

Contribute 20%. No Need for Income Proof: Can you contribute 20% or more of the ex-showroom price of the car? No need for any income proof then! Walk away with the car keys.

Also,
100% Loan for Fixed Deposit Holders: If you have a fixed deposit with ICICI Bank, you can get a loan up to 100% of the ex-showroom price of the car. No need for income proofs.

Car Loans, Car Loan, Car Loan India, Vehicle Loan, Car Loan in India, Car Loans Section

I hope this helps. Good luck, and let us know how it went by posting back on this thread.
Thanks caliper n fellow bhpians for the inputs....i have advised my friend to apply for PAN as that would be the right approach and also applying for it is also not that difficult. Just wonder whether ICICI bank gives loans without asking for PAN?...thought it was mandatory even if one pays 100% cash down
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Old 15th May 2007, 13:19   #10
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Hi Pujaari,
It is possible to get an auto loan without PAN provided you are the customer of the finance company the dealer deals with. They don't even ask for Form16. Just 6 passport size photos,residence proof, 6 months bank statement(any), 2 months salary slip. Thats it. Your can have your car keys! Hope this helps you.

regards,
Ramki.
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Old 15th May 2007, 13:30   #11
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ICICI frauds can get you the loan without the pan.
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