Car Loan

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.

Car Loan Eligibility Criteria 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.

Car Loan Eligibility for Salaried Individuals/Self-Employed Individuals

For Salaried Individuals

1. 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
2. Individuals who have worked for at least two years, with at least one year with the current employer
3. Individuals with a minimum earning of Rs. 3,00,000 per year, including the income of the spouse/co-applicant.

For Self Employed Individuals

1. 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.
2. Those who have been in business for at least two years.
3. Should earn at least Rs. 3,000,000 per year