Eligibilty Criteria for Car Loans in India


#1

Following are the general eligibility criteria to scout car loans in India.

  1. Minimum Age of Applicant: 18 years for salaried professionals and 21 years for self employed businessmen.
  2. Maximum Age Limit of Applicant at Loan Maturity: 60 years for salaried professionals and 70 years for self employed businessmen.
  3. Salaried employees should have worked a minimum of one year in their current company.
  4. Minimum loan amount generally given is Rs. 1 lakh.

#2

Hi MKumar,

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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Cheers,
BB Expert