Your Query of Car Loan Eligibility is Resolved Here

While buying a car on loan, often the focus remains on the down payment, interest rate and EMI. Though you would be pointing your eyes towards the eligibility, but you don’t normally go much deep into that, right! A mistake, if happens, could set you back instantly. All your efforts to gain the nod for a car loan will go down as a waste if you fail to meet the eligibility criteria set by a lender.

Even if you meet the criteria, the eventual loan amount offered to you may be sharply lower than what you would have thought of. Hence, a careful consideration of eligibility would be needed to ride a car without having to ponder around.

car loan eligibility

Car Loan Eligibility Criteria-

Even though the car eligibility criteria for a car may vary from one lender to another, you can still find a degree of commonality among them. Some of the common requirements that you have to comply with are presented in the below points.

  • Minimum age at the time of loan application is 18-21 years
  • Maximum age at the time of loan maturity is 70-75 years
  • A minimum of Rs 10,000-15,000 per month salary or income is a pre-requisite
  • While salaried must have an overall work experience of 2 years, self-employed must have been in the same line of business for atleast 2-3 years.

Now get a little specific and find out the eligibility criteria of major lenders for a car loan in India.

Car Loan Eligibility HDFC Bank-

  • Both Salaried and self-employed must be atleast 21 years old at the time of making the loan application.
  • In the case of salaried, the age at the time of loan maturity must not exceed 60 years. While for self-employed, the age at the maturity is extended to 65 years.
  • Salaried must have an annual income of Rs. 1.8 lakhs, while self-employed with an annual business income of Rs. 1.5 lakhs is required.

SBI Car Loan Eligibility-

  • Both Salaried and self-employed must be atleast 21 years old at the time of making the loan application.
  • The age at the time of loan maturity should not be over 65 years in the case of both salaried and self-employed.
  • The annual salary of the salaried applicants should be a minimum of Rs. 3 lakhs.
  • The business income of self-employed must be atleast Rs. 4 lakhs per year.

Car Loan Eligibility ICICI Bank-

  • Salaried must be a minimum of 25 years while filing the loan application.
  • The maximum age for salaried and self-employed at the time of loan maturity is 58 years and 65 years, respectively.
  • Minimum annual salary should be Rs. 2.5 lakhs is required for salaried applicants, while self-employed must have a yearly business income of Rs. 2 lakhs.
  • Salaried must have worked for a minimum of 2 years with a year of experience in the current organization. Self-employed, on the other hand, should be in the same line of business for atleast 2-3 years.

Factors  Affecting Car Loan Eligibility-

Here’s the list of factors you need to keep in mind to enhance the loan amount eligibility.

  • Income
  • Stability of Income
  • Type of Car
  • Car Model
  • Credit History
  • Employment Status for Salaried
  • Business Status for Self-employed
  • Relationship with Lender

 

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