Both salaried and self-employed individuals are eligible to apply for car loans. The minimum age of the applicant should be 21 years (18 years for self-employed individuals) while the maximum age at the time of maturity of loan (also a consideration set in this loan type) should be 70 years.
Here is a detailed look at eligibility criterion as applicable by banks*
*These criterion are on an average and may vary from bank to bank
| Auto Loan Eligibility Criteria | |
|---|---|
| Salaried Individuals | Minimum age of applicant: 21 years Maximum age of applicant at loan maturity: 70 years (Conditions apply) Income: Minimum Net Annual Salary of Rs. 2.4 Lac p.a. for all approved car models Income eligibility: As per latest salary slip and Form 16 Employment: Minimum 1 year of continuous employment |
| Self-employed Individuals | Minimum age of applicant : 18 years Maximum age of applicant at loan maturity : 75 years Income: Minimum Net Annual Business income of Rs. 1.8 Lac p.a. for selected models and Rs. 2.0 Lac p.a. for others Income eligibility - As per latest ITR Employment: Minimum 3 yrs in same line of business. |
| Self-employed Non Individuals | Income: Minimum Net Annual Business income of Rs. 1.8 Lac p.a. for selected models and Rs. 2.0 Lac p.a. for others Income eligibility: As per latest 2 year ITRs and audited financial of 2 years along with computation of income Employment: Minimum 3 yrs in same line of business. |
In addition to the above eligibility criteria, the following documents will have to be provided as proof:
| KYC Documents | |
|---|---|
| Photo Identity Proof |
|
| Proof of Age |
|
| Residence Address Proof |
|
| Residence Ownership Proof |
|
Financial Documents
FOR SALARIED INDIVIDUAL
Job Continuity Proof: Any One from the following:-
- Current Employment Certificate
- Current Job Appointment letter (if it is more than 2 years)
- Experience Certificate (including your previous job certificate or appointment and relieving letter)
Income Proof:-
- Last 3 months' salary slip
- Last 1 year's bank statement where the salary has been credited
FOR SELF-EMPLOYED INDIVIDUAL
Office Address Proof: Any One from the following:-
- Property Documents
- Maintenance Bills
- Utility Bills
Office Ownership Proof (if any): Any One from the following:-
- Property Documents
- Maintenance Bills
- Electricity Bills
Business Existence Proof: Any One from the following:-
- 3 year old Saral Copy
- Shop Establishment Act
- Any Tax Registration Copy
- Company Registration license
Income Proof:-
- Latest 3 years Income Tax Returs including Computatin of Income, Profit and Loss Account, Balance Sheet, Audit Report, etc.,
- Last 1 year's bank statement both current and savings.
There are multiple banks and NBFCs offering auto loans each equipped with some or the other special feature or discount or bonus, but what you need to do is understand what type of offer suits you best. A given while taking any loan from any purpose is to make sure that the loan you are going for has no hidden charges and you are updated about the status of your loan application at all times without you having to run from pillar to post to know what's happening.
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For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
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