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A new car purchase is not a difficult task at all these days. Leading financial institutions and banks offer many options and different financial assistance to suit the needs of the varied category of people. With easy documentation and faster processing time, it doesn’t take much time to book your new four-wheeler and drive away with it. One needs to be sure of the car loan eligibility before applying for a loan.
South Indian Bank is one of the oldest banks in the country. The bank offers financial assistance to purchase any type of four-wheeler. The applicant needs to check the South Indian Bank car loan eligibility before applying for a loan to avoid any rejection.
The bank offers car loan at competitive terms and rate of interest. One can use this loan to purchase a new car, a pre-owned car or to takeover an existing car loan. The bank offers 80% to 90% of the value of the car. There is no need for security or guarantee for this car loan. South Indian Bank offers tenure period for the loan anywhere from 12 months to 84 months. As an existing customer or a new customer of the bank, it is possible to apply online on the bank website for a car loan. The bank has laid out different terms and conditions while applying for a car loan. This mostly revolves around the age, income level, work experience and documentation.
About South Indian Bank Car Loan Eligibility
Before applying for a car loan, it is important to check if you meet the car loan eligibility criteria put up by the bank. This helps in avoiding any loan rejection. These criteria are updated by the bank on a regular basis and hence it is important to check what is currently applicable.
South Indian Bank Car Loan Eligibility Criteria
Type of Customers:
The minimum age of the applicant should be 18 years and maximum 65 years.
The bank offers loan amount of minimum Rs. 1lac and a maximum of Rs. 100lacs. Depending on the total income being shown by the applicant, the loan amount can be offered by the bank on the on-road price which includes registration charges, extended warranty etc.
Loan tenure can vary from 12 months up to 84 months.
The bank only considers credit score of minimum 600 for the applicant and the co-applicant.
The invoice of the vehicle is also required by the bank.
There are a couple of factors that affect your South Indian Bank car loan eligibility. These have been outlined below:
Credit score – Credit score determines your creditworthiness. This parameter is highly considered by the bank while sanctioning a car loan. If your credit score is high, the chances of securing a loan is also high. If your credit score is on the lower side, the bank may not consider your loan application due to high debts in your financial portfolio.
Age – Most banks have kept minimum age requirement at 21 years. It is also advised to pay off your loan completely by the time you turn 65 years. Banks prefer loan candidates who have more earning years as they will be in a good position financially.
Income level – Your income level is assessed by the bank before sanctioning a loan. Documents must be produced to show legitimate income sources. If your current income does not meet the eligibility criteria defined by the bank, you can add your spouse or any other immediate family member’s income to qualify for loan application.
Debt – Debts are an important factor that will determine your loan amount and interest rate. The debt-to-income ratio needs to be on the lower side. If you have another loan which is being paid off, it will reduce your chances to secure another loan.
For having better chance of securing a car loan, it is possible to improve your credit score. Some of the ways of doing that has been given below:
Repay existing debts – It is important to pay off any existing debt. This automatically improves your creditworthiness. Past dues should not be left for a long time as it has adverse effects on your finances. Debt management is to be considered strongly while seeking financial assistance. It is crucial to maintain a healthy debt-to-income ratio.
Bring in Co-applicants – Including a family member who earns is a great way to increase chances of your car loan eligibility. It is possible to add spouse, father, mother or siblings to secure a car loan. This is possible even if the car is not purchased in their name.
Increase your credit score – Improving your credit score should be mandatorily done. It is important to pay off your credit card bill or any other outstanding amount to increase your credit score. It is not advisable to completely discard your card as it will limit your credit limit. It is in your best interest to keep outstanding balance in revolving debt to a minimum level.
South Indian Bank offers car loan tenure starting from 12 months upto 84 months.
One of the main reasons for rejection of a car loan application is not meeting the car loan eligibility criteria defined by the bank. Apart from this, if you have outstanding amount or have not paid EMIs correctly in the past, it could be a deterrent for getting a car loan. If it is your first car loan application, income levels and organization you work for, could be the reason.
Yes, South Indian Bank offers car loan for used vehicles. Apart from regular car loan for new vehicles, the bank also offers a facility to takeover an existing car loan and pay it up.
Banks assess your financial background, credit score and income details before confirming a car loan. If you meet the eligibility criteria for a car loan, banks normally offer 85% to 90% of the car value as a loan. However, this depends from bank to bank and the criteria could change at the discretion of the bank.
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