Can I buy a car on my name (Currently I have no source of income). My sister_in_law is a state govt employee salary 40,000/- and is willing to be my co-applicant. Vehicle cost Rs 4.50 Lakh. Can I get joint car loan?
Eligibility differs based on the criteria set by the lender taking into account the borrower’s profile. You can check with your respective bank if they have any additional requirements as policies may differ from one bank to another.
Factors Affecting Car Loan Eligibility?
Income levels: Higher the income better the chances for a higher loan amount
Income regularity: Regular income improves chances for loan approval
Kind of Car: New cars are more easily financed than used cars; a high-end model will be expensive which means the borrower has to be able to pay the required down payment.
Longer tenors will enhance repayment capacity
Here are the general eligibility criteria for getting a Car Loan.
Want to check out Car Loan offers? Click here.