The higher your income, the higher the loan amount eligibility
The leser the age, the higher the eligibility. So start early!
Typically, loan amounts are about 85 – 90% of a new car’s on-road price and about 80% of a used car’s valuation.
It is hence important to maintain a good CIBIL score.
Either as a salaried or self employed person, your financial stability matters here.
Working with a reputed organisation always ups your credibity with the lending bank.
A ready reference of the ongoing interest rates and their associated charges:
Note: Charges vary from bank to bank. These are only indicative and subject to periodic change.
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.
Your car loan eligibility depends on the following factors: