Pre-Sanction Formalities

An interaction follows with the dealing bank official after handing over of the bank application form to the prospective car buyer. Details of existing bank account, type of profession, qualification, existing bank-account statements, income, filing of income-tax returns, etc., are sought to assess the prospect’s eligibility for the loan. If the car buyer does not have a bank account, ‘know your customer’ norms are also to be complied with on opening of a bank account. The application form is duly filled in by the prospective loan client and is