Interest rates are as high as 9.20% -9.25% per annum is possible for most lenders. But what about eligibility? Depending on age, income, job size, business status, and other factors, lenders determine your suitability.
Conditions for Eligibility for a Car Loan
Depending on your salary and ability to pay, your eligibility for a Car Loan varies. Check out the eligibility features, as shown below.
Here is the description of eligibility
Age required for loan: Minimum 18 years of age.
Maximum age of loan maturity: 60 years of earning and 65 years of self-employment and entrepreneur.
Revenue process: A minimum of ₹ 10,000 per month onwards.
Type of job: Earned or self-employed.
Stability: Minimum of two years of work experience.
Type of car: The value of the loan varies depending on the age or aging of the vehicle.
Car price: Depending on the cost of the old showroom or the new car’s street price and the old car’s size, the suitability of your loan may vary.
Residential / neighborhood: Urban, semi-urban or rural.
Stability: A minimum of 1-year residency is currently required.
Factors Affecting Car Loan Eligibility
Salary rates - Depending on the borrower's salary, the number of loans issued to the lender may vary. If you have a high enough income to pay for EMI without interruption, the loan repayment may be higher. However, where income levels may be under pressure from higher EMIs, the lender may offer a relatively low-Indian Overseas Bank Car Loan Interest Rate so that the payment from your side will be much smoother.
Revenue Stability - When lenders sit down to assess your eligibility based on remuneration, they look at the value of your salary and the stability of your job can be as paid or self-employed. The higher the strength, the greater the likelihood that more loans will be available in the future.
Vehicle Type - Fitness also varies with the type of vehicles you want to purchase. As you know, there are a variety of cars in passenger cars, hatchbacks, sedans, Sports-utility Vehicles (SUVs), Multi-utility vehicles, and other components. Vehicles in these parts should have a different sales value depending on engine performance and other features.
When you buy a new car at a high retail price, the loan’s value increases significantly. Therefore, when you buy a car, choose a model based on the resale price, which you can check online. No doubt, a car is a commodity that goes down and down in its value over time. Therefore, resale value is such an essential factor when determining eligibility.
Credit History - All of your hard work on getting a car loan can go down like trash if you have a bad credit history caused by non-payment of other loans or credit cards in the past. So, make sure you keep an excellent CIBIL rating of the best 750 and above to find out that a car loan is approved for most lenders.
Remunerative Employment Status - In the case of a payer, the person concerned must have worked for at least 2-3 years while in current employment for at least one year to convince the majority of creditors to obtain smooth loan approval.
Long Business Life for Self-Employed - Self-employed professionals or entrepreneurs must stay in the same business line for at least 2-3 years to get a car loan permitted.
Your Employer Category - If you work for India's Top Fortune 100, you are putting yourself in a better position to get a higher loan as lenders will view your work ethic as a good one. If you do not belong to those companies, you need to earn more money so that a higher loan can work for you.
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