Most of the banks let you calculate your eligibility for a car loan on their website with the help of a car loan eligibility calculator. Most banks offer up to 100% of financing for new cars while you can get 80% for pre-owned vehicles. However, this hugely depends on the borrower’s credit profile.
To use the car loan eligibility calculator, you need to visit the official website of the bank. The calculator will be different for each bank. For example, ICICI bank has three types of methods to calculate your car loan eligibility.
Method 1: Existing Customer
If you are an existing customer, you can use the net banking, credit card or loan account or debit card details to get your loan eligibility. Based on your transactions and relationship with the bank, you will become eligible for the maximum car loan amount.
Method 2: New Customers
New customers can login through their social media profiles such as facebook, LinkedIn and twitter to check their maximum car loan eligibility.
Method 3: Continue as Guest
If you are unwilling to check through the above two methods, you can continue as a guest and provide the necessary information for the bank to calculate your eligibility. Details such as income, car model, new or old car, residence, employer, etc. will need to be provided.
Based on the information you provided, your car loan eligibility will be calculated. You can take it forward from here by applying for the loan with the bank.