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|
Similarly one may ask, can I buy a car with 30k income?
If you have a monthly income of Rs 30,000 and aspire to buy a car, you can get a list of models including Tata Tiago, Tata Indica eV2, Maruti Suzuki Celerio, Hyundai i10 to choose from.
One may also ask, how do I show proof of income for a car loan?
What is Proof of Income?
- Check stubs – Prove W-2 income. …
- Award letter – May be used to verify steady, unearned income such as child support, alimony, Social Security, or permanent disability.
How much car can I afford 70K salary?
How much car can I afford on a 70K salary? 5 year loan on a 70K car would be around $1500 per month with a reasonable interest rate. Insurance, presuming you should be in a $70k car, will be another 250 a month.
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.
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.
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.
Salary of 15000, Am I eligible for Loan? Check here online
|Product||Salary||Min. loan amount|
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.
Minimum Income Requirement: All lenders require you to make a certain amount every month. While it can vary, the typical monthly minimum income requirement many special finance lenders have is $1,500 to $2,000 before taxes are taken out.
ICICI Bank car loan eligibility criteria
- You need to be a minimum of 21 years and a maximum of 65 years to apply for a loan.
- When it comes to income, you need to earn a minimum of Rs 2.5 lakh if you are salaried, and Rs 2 lakh in case you are self-employed.