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 since policies may differ from one bank to another.
Factors Affecting Car Loan Eligibility?
Income levels: Higher the income, better the chances of getting a higher loan amount
Income regularity: Regular income improves chances of 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 tenures will enhance repayment capacity
Here is the general eligibility criteria for getting a Car Loan.
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