Every lender has a set of eligibility criteria to become eligible for a car loan. If you are looking for a car loan, you can easily get it by checking your eligibility criteria with the lender. Below are the criteria to get a car loan successfully.
Age: Age is an important factor to qualify for a loan. The eligible age ranges between 18 years to 70 years. It can vary depending on the policies of the lender.
Income: You must have consistent monthly income to become eligible for the car loan. The minimum income requirement may start from Rs. 10,000 per month. However, to become eligible for a higher loan amount, you must have a minimum income of Rs. 3 Lakhs to 5 Lakhs per annum.
Employment: You can either be a salaried employee or self-employed individuals. You must be able to show a proof of income.
Area of Residence: You must stay in the current residence at least for 1 year.
Credit Score: You must have a good credit score to qualify for the loan. If you have negative credit records, you may not become eligible for the loan.
You can also check your car loan eligibility through the car loan eligibility calculator that is available at the lender’s website.