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.
You can also check your car loan eligibility through the car loan eligibility calculator that is available at the lender’s website.