Eligibility for car loan 

When a borrower or the customer out of his or her interest decides to get themselves with the car loan, the following requirements should be keenly observed and only then if they fulfil these eligibility factors, they can get themselves sanctioned with a car loan. The eligibility requirements are as follows,

Firstly, for any loan in any field, the main and one of the most important requirement is the age group of the borrowers and the customers. Similarly, the age requirement for the car loan is, the minimum age of the borrower should be 18 years, which says that no minor is eligible to avail for the car loan. And the maximum age limit assigned with that of the car loan is between 60 to 65 years of age. One point to be noted is that the one’s who are working professionals and come under the category of salaried professionals, they can be of the maximum age limit of 60 years to avail the car loan, whereas the self-employed ones, the maximum age limit is up to 65 years for the car loan. So one should see to these kinds of requirements subjected to the age factors before applying for a car loan.

Secondly, car loans are only granted or sanctioned to the working people which means that unemployed people are not eligible to avail or apply for the car loan. Whereas, the working life can either be self-employed or salaried professionals and both of them have an equal amount of acceptance to grant themselves with a car loan. So, see to it that, you are working in some of the other fields and make sure to hold employment for yourself if you wish to have a car loan.

Now, once the employment and age-related factors are considered, then comes the factor that deals with the income of the borrowers. Only borrowers or the customers who have a minimum of ¹ 3 lakhs as their annual income are eligible for the car loan, and in case if they have an annual income less than ¹ 3 lakhs, they are not considered as the eligible ones for the car loans. So, relevant documents which shows the proof of the income of minimum 3 lakhs is must be submitted before the process of approval of the car loan. So always make sure to have the income proofs or the income representing documents in hand before applying for the car loan.

Now, if a person who wishes to opt for the car loan available in the country India, should have his or her country of the stay or residence in some part of India, and the rural and urban areas both are acceptable to be presented as their stay in the country. Also, one additional requirement that has to be looked upon in-car loan is regarding the period of the time duration of the borrower or the customer in their present residence, and this has to be around at least minimum of a year. So even the stay and the place of residence are also considered to be the eligibility factors that come under the car loans.

But one should make a note that these eligibility factors may vary from bank to bank, for instance, Indian Bank Car loan has eligibility of the age factor from 21 years to 65 years. And it also takes into consideration the credit score of the borrower and makes sure it is around 700 and above. This bank offers the car loan for a tenure period of 7 years and this may also vary in other banks offering car loans.

So always see to it that, whichever bank you are comfortable with and go for it.