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The car loan offered by Allahabad Bank is called as AllBank Vahan. One can use this loan to purchase a new car as well as a pre-owned car. The applicant needs to be earning a minimum of gross monthly income of Rs. 25,000.
Allahabad Bank offers car loans at attractive interest rates. The bank will hypothecate the purchased vehicle till the loan is fully paid up. For individuals, the loan repayment period is a maximum of 84 months. One can apply online for AllBank Vahan loan with the bank. This makes the process of getting the loan easier and quicker.
About Allahabad Bank Car Loan Eligibility
Before applying for a car loan, it is advisable to check the car loan eligibility criteria set by the bank to avoid documentation hassles and loan rejection. The car loan from Allahabad Bank is available for the purpose of:
Allahabad Bank car loan eligibility criteria has been outlined below.
Professional & Self-Employed/Businessmen
There are many factors that affect the eligibility of a car loan.
Credit score – Having a good credit score shows that your financial situation is in a healthy state. Banks refer to credit score to understand the repayment capacity and trend of the individual. If the credit score is low, the applicant must look at improving it before applying for a car loan.
Age – Most banks require the loan repayment to be done by the age of 65 years. It is easier for a younger worker to get a car loan due to the prolonged income capacity.
Income level – There is a minimum income requirement for taking a car loan. The banks insist on this factor to ensure there is no faulty payments for loan closure, leading to bad debts. The minimum income requirement depends on the occupation status of the applicant.
Debt – The debt to income ratio is an important point that is usually considered by all banks. If the applicant has any existing debts, it is suggested to pay off the debts before applying for a car loan to get a better deal on the loan terms and conditions.
Some ways to better your eligibility for a car loan have been mentioned below:
Close out existing debts – In case, the applicant is currently paying off debts or liabilities, it is recommended that car loan application be done after this. More number of debts at the applicant’s end raises eyebrows at the bank and the confidence to repay the car loan on a timely basis. It is therefore in the best interest of the applicant to ensure that existing debts are kept at a minimum.
Co-applicants – If the applicant is not meeting the basic eligibility criteria to get a car loan, the bank allows a co-applicant who is earning to apply for the loan. The co-applicant can be any blood relative like spouse, parents or siblings.
Improve credit score – Banks definitely look into your credit score before sanctioning the car loan. It is important to better your low credit score before applying for a car loan. This will avoid chances of your loan rejection. All debts must be paid off on priority to increase your credit score.
(1) Is it possible to purchase a pre-owned car with Allahabad Bank car loan?
Yes, it is possible to buy a pre-owned car with Allahabad Bank car loan. The car should not be older than 3 years.
(2) What is the minimum income requirement for an individual to take a car loan?
An individual applicant is required to have earnings of Rs. 25,000 as gross monthly income to be eligible for a car loan.
(3) What is the maximum repayment period of the car loan?
Allahabad Bank offers a maximum repayment period of 84 months for a car loan.
(4) What are the eligibility criteria for a firm or a company to take a car loan?
The company must have been in existence for more than 2 years and should have earned a profit in the last 2 years.
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