I am a salaried individual with income less than Rs. 30,000 per month. I need a loan to buy a second hand car. Would I be eligible?
You will be eligible to apply for a Used Car Loan, if you fulfil the following criteria:
You are aged between 21 to 65 years
You are a salaried individual with a minimum net annual income of Rs. 3,00,000. (You can include the income of a co-applicant as well.)
You are a self-employed individual, with a net annual income not less than Rs. 4,00,000. (This includes the income of a co-applicant.)
You are an agriculturist, with a minimum annual income not less than Rs. 4,00,000 (including that of the applicant and co-applicant.)
Partnership firms, public sector undertaking, private company or people employed in the agriculture sector can also apply for a Used Car Loan.
Different banks may have different numbers for the minimum annual income of an applicant. So check with your preferred bank about their threshold for minimum income before applying.
Want to check out Car Loan offers? Click here.