What-is-the-eligibility-for-car-loan
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What is the eligibility for car loan?

A car loan helps people in purchasing their dream car instantly. With so many lenders in the market, there are many options available. These lenders provide various schemes and attractive deals in order to lure the customer into taking a car loan from them.

When it comes to 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 criteria 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:

People who are at least the bare minimum of 21 years in terms of age when they choose to apply for the loan. As for the maximum age, they must not cross 60 years of age until the end of the tenure.

Those employees who earn at least a bare minimum of Rs. 2,50,000 per year, including the income of the spouse can be eligible for a used car loan.

Employees who have worked for at least 2 whole years, with a minimum of 1 year with the current employer can apply for this loan.

In this list you can find various types of people like employees of private limited companies, CA’s, doctors, employees from public sector undertakings, including central, state and local bodies.

Self Employed Based (Sole Proprietorship):

Those people who are a bare minimum of 25 years of age while applying for the used car loan, and are not older than 65 years of age after the end of the loan tenure.

Those people must have an income of at least Rs. 2,50,000 per annum.

Those people who have been running their own business for a minimum of 3 years at least from today’s date.

Here, the list will include self-employed sole proprietors who are conducting the businesses like trading, manufacturing or services.

Self Employed Based (Partnership Firms):

This list will include self-employed partners who conduct business of trading, manufacturing or in services.

Those people must be earning a minimum of Rs. 2,50,000 per annum.

Those people must also have a minimum turnover of Rs. 4,50,000 per annum.

Those people who either have a residence or office telephone line.

 

Self Employed Based (Private Limited Companies):

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

These people must be earning a minimum of Rs. 2,50,000 per annum.

These people must also be having their own 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.

These people must be earning a bare minimum of Rs. 2,50,000 per annum.

These people who 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 individual capacity.

Those people should be earning at least Rs. 2,50,000 per annum.

Those people must have a residence and office telephone line at least. Also a post-paid mobile phone that is a minimum of three months old is acceptable only when the person has one landline which is available.

 

 

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