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Car Loan Eligibility Factors

Know before applying!



Monthly Income

The higher your income, the higher the loan amount eligibility


Age

The leser the age, the higher the eligibility. So start early!


Car Value

Typically, loan amounts are about 85 – 90% of a new car’s on-road price and about 80% of a used car’s valuation.




Credit History

It is hence important to maintain a good CIBIL score.


Employment Status

Either as a salaried or self employed person, your financial stability matters here.


Your Employer Category

Working with a reputed organisation always ups your credibity with the lending bank.

Banks offering car Loans

A ready reference of the ongoing interest rates and their associated charges:

Lenders Loan Tenure Interest Rate Per Lac EMI Max. Loan Amount Processing Fee Foreclosure Charges
State Bank of India (SBI) 7 years for new car 5 years for old car 9.20%-9.25% p.a. for new car 12.65% p.a. for old car Rs. 1,619-1,622 for new car Rs. 2,257 for old car Upto 85% of the on-road price for new car Upto 2.5 times of net annual income for old car NIL for new car 0.50% of the loan amount plus GST for old car Minimum- Rs. 450 + GST Maximum-Rs. 9,100 + GST Nil
HDFC Bank 7 years for new car 5 years for old car 11.50%-13.75% p.a. for new car 14.50%-17.50% p.a. for old car Rs. 1,739-1,860 for new car Rs. 2,353-2,512 for old car Upto 90%-100% of on-road price for new car Upto 80% of the valuation of old car, limited to 3-6 times of your net annual income Rs. 2,825-5,150 for new car 2% of the loan amount plus Rs. 200 or Rs. 5,200 whichever is lower for old car 3%-6% of the principal outstanding on a given date. No foreclosure allowed before 6 months from the date of loan disbursement.
ICICI Bank 7 years for new car 5 years for old car 10.75%-12.75% pa. for new car 15.50% p.a. for old car Rs. 1,699-1,806 for new car Rs. 2,405 for old car Upto 100% of ex-showroom price of new car Upto 80% of the valuation of old car Rs. 2.500-5,000 for new car 2% of the loan amount or Rs. 6,000, whichever is lower, for old car 5% of principal outstanding on a given date. No foreclosure allowed before 6 months from the date of loan disbursement.
Axis Bank 7 years for new car 5 years for old car 11.00%-12.00% p.a. for new car 14.50%-16.25% p.a. for old car Rs.1,712-1,765 for new car Rs. 2,353-2,445 for old car Upto 85% of on-road price of new car Upto 90% of valuation of old car Rs. 3,500-5,500 for both new and old cars 5%-10% of the principal outstanding after 180 days from the date of disbursement. No foreclosure allowed before 6 months from the date of loan disbursement.
Kotak Mahindra Bank 7 years for new car 5 years for old car 11.50%-13.50% p.a. for new car 15%-21% p.a. for old car Rs. 1,739-1,846 for new car Rs. 2,379-2,705 for old car Upto 90% of the ex-showroom price of new car Upto 90% of the valuation of old car As applicable by the bank 5.75% of the principal outstanding plus GST

Note: Charges vary from bank to bank. These are only indicative and subject to periodic change.

All you need to know about car Loans

You can expect banks to charge you the following at the time of processing your loan application :
1.Loan Processing Fee

a. Most banks charge a Non Refundable Loan Processing Fees .It ranges anywhere from Rs 2,500 to Rs 5,000 and depends upon the value of the car.

b. For used car financing, it is generally a fixed amount. For intance For ICICI bank it is at 2% of loan amount or ₹6,000 whichever is lower.

2. Documentation Charges
It is usually a fixed amount in the range of Rs 200-Rs 300(varied from bank to bank)
3. Stamp Duty
Based on actual expense.
4. Registration Certificate Collection Charges
It is usually a fixed amount in the range of Rs 200-Rs 300(varied from bank to bank)

Your car loan eligibility depends on the following factors:


Criteria Salaried/Self-Employed
Age Age should be between 21-60 years
Income A minimum annual income of Rs. 1,80,000 p.a. is required
Job/Business Status A stable business /salary income of atleast 2 years is needed.
Proofs Salaried/Self-Employed
Age / Identity Proof Passport Copy/PAN Card/ Voter ID card, Photo Driving License with birth date (laminated, recent, legible)/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate
Income For salaried, Form 16 for last 2 years, Latest Salary Slip, 6-month bank statement
In case of self-employed, IT returns for the last 2 years along with audited balance sheet, Profit and loss account statement for 2 years, Shop and establishment act certificate / sales tax certificate / SSI registered certificate / copy of partnership
Residence Proof Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID
Signature Verification Proof Passport copy/PAN Card
Passport Size Photographs Applicable

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