Eligibility Criteria for Car Loans

Generally, some of the most vital factors that play a significant role in any loan application are the person's credit and income. However, one also has to think which vehicle it wants to purchase, the down payment and various other points are to be considered before applying for a car loan. However, before even finding and opting for a loan, you need to check the eligibility criteria of availing a car loan.

The basic requirements for getting car loans are the age, employment status, other demographical factors, and their repayment capacity. Following is an outline for eligibility of getting car loans irrespective of the financial institution or loan amount:

• Borrowers must be salaried, self-employed, a professional, or business owner
• Be Indian citizen residing in or outside India
• Its age must be 21 years old and not more than 65 years old
• The borrower must meet the minimum repayment capacity or the minimum salary requirements
• Net Monthly Income should be minimum Rs. 18,000 per month
• Its current job should be for one year (salaried) or two years in the same business (self-employed or professional). The ITR should be of minimum 2 years
• CIBIL Score must be 700 & more 

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