Most lenders determine the maximum loan amount up to 10 times of your monthly salary. If you earn Rs. 25,000 per month, you may become eligible for up to Rs. 2.5 Lakhs.
Regarding this, at what salary should I buy a car?
1. Follow thumb rules. There is a thumb rule of not spending more than half of your annual household salary on the car. An individual earning Rs 10 lakh a year should at best buy a car worth Rs 5 lakh.
In this way, how can I buy a car without proof of income?
Documents Required for Car Loan Application without Income Proof
- Self-employed applicants must submit a copy of their Business Ownership certificate and IT returns.
- Residential proof wherein the applicant has stayed in the same residence for minimum 1-2 years.
- Copies of the latest bank statements.
How can I increase my cibil score from 600 to 750?
How to improve CIBIL score from 600 points to 750 points?
- Clear Credit Card balance: …
- Manage credit utilisation: …
- Build a good credit history: …
- Consolidate loans and reduce monthly EMI burden: …
- Dispute errors in the report. …
- Do not settle the loan. …
- Improve the mix of credit.
With the salary of Rs. 20,000 per month, you may become eligible for a maximum loan amount of Rs. 3 Lakhs. In case you do not qualify for a new car loan, you can also check your eligibility for a pre-owned car loan.
It is advised to customers that they restrict their car loans to not more than 20 percent of their monthly income. For example, if you make Rs. 40,000 per month, your monthly car loan EMI should not exceed Rs. 8,000.
For example, if you are wondering how much personal loan can I get on a 30,000 salary. If you have no other EMIs, you can multiply your monthly salary by 27 to get the maximum loan amount you would be eligible for. In this case, it would be ₹8,10,000 with a tenure of 60 months.
25,000, you can avail as much as Rs. 18.64 lakh as a loan to purchase a home worth Rs. 40 lakh (provided you have no existing financial obligations.)
There is no minimum CIBIL score that you would require to be eligible for a car loan but if you have a CIBIL score of above 750 your chances of getting a car loan is higher. When you have a high CIBIL score, you can also negotiate for better terms on your loan and a better interest rate.
What are the documents required for a car loan? … Proof of income documents: Bank statement of the last six months. Salary slip and form 16 (for salaried persons)
Salary of 15000, Am I eligible for Loan? Check here online
|Product||Salary||Min. loan amount|
Car Loan Eligibility
|Minimum Age of the Applicant||18 years|
|Maximum Age of the Applicant||60 years for salaried applicants and 65 years for self-employed applicants|
|Minimum Annual Income||Rs.3 lakh|
|Car Model||Any approved car model|
Check Eligibility Criteria for Car Loan
|Age||Minimum Age: 18 yrs. Maximum Age: 75 yrs.|
|Employment Type Stability||Salaried or Self-employed individual/ partnership 3 yrs. (minimum) total experience/yrs. in business/profession;2 yrs. (minimum) in current post/business/profession|
|Type of Car||New or used|
CIBIL Score is a 3-digit numeric summary of your credit history, rating and report, and ranges from 300 to 900. The closer your score is to 900, the better your credit rating is.