Benefits

• No upper limit in Vehicle loan quantum.
• Upto 90% financing for new vehicle.
• Minimal processing charges.
• Lower Rate of Interest.
• Reducing Balance Interest Rate.
• No pre-payment penalty.
• Quick Vehicle loan approval & disbursement.
• Avail Loan to buy Pre-Owned Vehicle.
• Financing of 2nd & subsequent vehicle purchases.

Eligibility

Eligible Customers:

• Salaried class
• Professionals
• Businessmen
• Self-employed Professionals / Non – Professionals
• NRIs
• Pensioners
• Employees of other banks with NOC from employer concerned

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

• 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

Security

• Hypothecation of Vehicle purchased out of the loan amount
• For loans above Rs.25 lakhs, for portion beyond Rs.25 lakhs, 100% collateral security in the form of immovable properties/NSC/Fixed Deposits/Surrender Value of LIC Policies
• However, irrespective of loan limit, Tangible security/Guarantee may be insisted based on the risk perception of the individual proposal

Documents Needed

1. Completed Application Form with passport size photograph
2. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License
3. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt /     Passport / Voter’s ID.
4. Proof of business address in respect of businessmen / industrialists.
5. Proof of Employment.
6. Salary Certificate
7. Proof of other income like rent, interest on investment, if any
8. Balance Sheet for the past three financial years in the case of Professionals, Businessmen & Self employed
9. Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
10. Statement of Bank Account or copy of Bank Passbook for 6 months
11. Copy of Driving License
12. Quotation for Vehicle to be purchased from the authorized dealer

Fees and Charges

EMI Calculator