Car Loan

The basic requirements to take up any loan are driven by the age, employment status and other demographical factors of the car loan subscriber along with of course, their repayment capacity.

The common requirements, irrespective of the financial institution or loan amount, for an individual to be eligible for a car loan approval include:
• The borrower should be salaried, self-employed, business owner or a professional
• They should be of Indian nationality residing in or outside India
• They should be at least 21 years old and not more than 65 years old
• Should meet the minimum repayment capacity or minimum salary requirements
• They must be in the current job for one year (salaried) or two years in the same business (self-employed or professional)

Car loan have a lower interest rate than then unsecured business or personal loan. At present, many leading banks and NBFCs offer such loans at interest rates of as low as 07.90%. However, the rate applicable to a borrower is contingent on key factors, including credit score, income level, loan amount and tenure, previous relationship (savings account, loans or credit cards) with the lender, etc.