Eligibility for Car Loan

What is the eligibility for a Car Loan

A car loan helps you to buy your dream car instantly. Rising competition among significant lenders has pushed them to offer you affordable EMIs and flexible repayment options. These lenders provide various schemes and attractive deals to lure the customer into taking a car loan from them.

When it comes to a used car loan, there is a huge demand for that as customers can purchase their dream vehicle at a lower cost. But there is a set criterion for the same and hence we have divided these as per the income and employment levels.

The following people are eligible to apply for a Used Car Loan:

Salary Based:

  • Resident Citizens of Indian
  • Minimum Age: 21 years
  • Maximum Age: 60 years at Loan Maturity
  • Income Requirement: Minimum Rs. 2,50,000 p.a.
  • Employment: Minimum 2 years, and 1 year with Current Employer
  • Healthy savings history and professional stability

Self Employed Based (Sole Proprietorship):

  • Resident Citizens of Indian
  • Minimum Age: 21 years
  • Maximum Age: 65 years at Loan Maturity
  • Income Requirement: Minimum Rs. 2,50,000 p.a.
  • Business: Minimum 2 years in Current Profession
  • Minimum 1-year Business Vintage

Self Employed Based (Partnership Firms):

This list will include self-employed partners involved in the business of trading, manufacturing or other services.

  • Income requirement: Minimum of Rs. 2,50,000 per annum.
  • Turnover: Minimum Turnover of Rs. 4,50,000 per annum.

Self Employed Based (Private Limited Companies):

This list will include those people who themselves own a private company that has been running the business of manufacturing, trading or services.

  • Income requirement: Minimum of Rs. 2,50,000 per annum.
  • These people must have their office landline.

Self Employed Based (Public Limited Companies):

In this list, you will find people who are directors in public limited companies. These companies are in the business of manufacturing, trading or services.

  • Income requirement: Minimum of Rs. 2,50,000 per annum.
  • These people have at least one office landline.

Self Employed Based (Hindu Undivided Family):

Here you can find those self-employed people whose business falls under the terms and conditions as stated under the Hindu Undivided Family.

In this Hindu Undivided Family Business, “The Karta” should be the co-applicant in his capacity.

  • Income requirement: Minimum of Rs. 2,50,000 per annum.
  • Those people must have a residence and office telephone line.
  • A post-paid mobile phone that is a minimum of three months old is acceptable only when the person has one available landline.

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