Owning a car has become much easier with the varied financing options available from banks and private lenders. With a salary of Rs. 20,000 per month, you must be wondering how much you will be able to get as the maximum car loan amount. Banks, typically, consider your income, credit score, employment and employer as the major criteria to offer a car loan.
You can calculate the eligible amount by using the car loan eligibility calculator which is available on the bank’s website. Apart from the calculator, you can also check the eligibility criteria for car loan for each bank by visiting their website.
With the salary of Rs. 20,000 per month, you may become eligible for a maximum loan amount of Rs. 3 Lakhs. In case you do not qualify for a new car loan, you can also check your eligibility for a pre-owned car loan.
You can also contact the customer care department of the bank and check your car loan eligibility by giving out all the details. Another easy way to get a car loan is to make down payment and apply for finance for the rest of the amount.