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One common rule associated with car loan eligibility is that, the borrower before borrowing car loan has to pay 10% of the car price as upfront fee and for the remaining 90% he is granted car loan. Say if you want to buy a car costing 3 lakh, then first of all you will have to deposit 10% of 3 lakh and rest 270,000 will be the loan amount and interest rate is charged on its basis. Car loans can be easily returned back to the bank within specified tenure, which maximum can go up to 7 years and on the basis of it EMI to be paid is calculated. Pre payment of the loan is also possible with interest payment of around 1-2% on the remaining sum. Easy car loan schemes are introduced from time to time to facilitate car loan and car loan eligibility is also simple.
For borrowing car loan the one has to fulfill the described eligibility criteria or car loan eligibility:–
- The applicant must not be less than 21 years of age and maximum age is 58 years for salaried individuals and 65 for self employed
- Annual income must not be less than 1 lakh; however it may vary for specific models & brands
- Applicant must be in job or business from last 2 and 3 year respectively for salaried and self employed
Along with that banks require following documents to ascertain the facts listed above. It includes ID proof which may be copy of passport/voters ID, PAN card, address proof- landline telephone bill, ration card, electricity bill etc.
Financial documents include- latest salary slip, form16, bank statement and income tax returns (needed for self employed).
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