New Car Loan Eligibility

New Car Loan Eligibility Criteria for Top Banks :

• • Age: Generally 21-65 years..
• • Income: Minimum monthly or yearly earnings.
• • Employment: Stable job with experience (1-2 years).
• • Credit Score: Good score, often 700 or higher.
• • Down Payment: A certain percentage of the car’s cost
• • Documentation: ID, address, income proofs, car papers.
• • Loan Amount: Based on income and repayment ability.
• • Debt-to-Income Ratio: Consideration of existing debts.

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. 2,50,000 per year, including the income of the spouse/co-applicant.

For Self Employed Individuals

• • Individuals who are at least 25 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 three years.
• • Should earn at least Rs. 2,50,000 per year

Factors Affecting New Car Loan Eligibility :

• • Credit Score
• • Income Level
• • Employment Stability
• • Debt-to-Income Ratio
• • Loan Amount Requested
• • Down Payment Amount
• • Loan Tenure
• • Credit History
• • Existing Financial Obligations