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Car loan :
A car loan is a type of loan specifically used to purchase a vehicle, such as a car, truck, or motorcycle. The borrower receives a lump sum from the lender, which is then repaid over time with interest. The vehicle being purchased serves as collateral for the loan, and if the borrower fails to repay the loan, the lender has the right to repossess the vehicle. Car loans typically have fixed monthly payments and a fixed term, ranging from a few years to several years, depending on the loan amount and terms.
Features and Benefits of our Car Loan :
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Flexible Loan Tenures
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Fixed Interest Rates
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Customized Loan Amounts
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Convenient Monthly Repayments
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Potential Tax Benefits
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Option for New and Used Cars
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Ownership from Day One
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No Need for Full Upfront Payment
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Improve Credit Score through Timely Payments
Car Loan Eligibility Criteria :
Car loan eligibility is about whether you can get a loan to buy a car.
It depends on things like how much you earn, your credit score, and if you have other debts. Lenders use these details to decide if you can repay the loan. If you meet their criteria, you're eligible for the loan; if not, you might need to wait or improve your financial situation before getting a car loan.
For Top Banks :
Car loan eligibility criteria vary from one bank to another, but generally include factors such as your age (usually 21 to 65 years), minimum income (often around INR 20,000 per month), and stable employment. A good credit score, usually 650 or above, is important. Some banks might require you to be a salaried employee or self-employed, while others could need you to have a certain work experience or business vintage. Banks also consider your existing debts and liabilities to ensure you can manage the loan. Checking with each bank directly or using their online eligibility calculators can provide precise criteria tailored to their policies.
For Salaried Individuals :
- Individuals who are at least 21 years old at the time of loan application and no older than 60 at the end of the loan tenure
- Individuals who have worked for at least two years, with at least one year with the current employer
- Individuals with a minimum earning of Rs. 3,00,000 per year, including the income of the spouse/co-applicant.
For Self Employed Individuals :
- Individuals who are at least 21 years old at the time of application and no older than 65 at the end of the loan tenure.
- Those who have been in business for at least two years.
- Should earn at least Rs. 3,000,000 per year
Get in touch with us for better services and help.
Documents Required to Apply for Car Loan
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KYC documents (Valid Photo ID Proofs)
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PAN Card
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Last 2 years' ITR as proof of income
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Salary Slip (latest 3 months)
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Salary account statement(latest 6 months)
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Signature Verification Proof
Require Assistance
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