• Car Loan Eligibility

    Your eligibility for a car loan will vary from lender to lender but many of the lenders will look for the below-given criteria:

    Particulars Details
    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
    Type of Employment Salaried or self-employed
    Country or Place of Residence India (rural/semi-urban/urban areas)
    Duration of Stay in Current Residence A minimum of 1 year

    Car Loan Eligibility Criteria for Top Banks

    While applying for a new car loan, you will need to meet certain eligibility criteria and these requirements can differ from lender to lender. Let us take a look at the requirements for some of the top lenders:

    Axis Bank Car Loan Eligibility

    Salaried Individuals
    Minimum Age 21 years
    Maximum Age 70 years at the time of loan maturity
    Minimum Annual Income Rs.2.4 lakh
    Employment Status Should be in continuous employment for at least 1 year
    Other Criteria Should be able to produce Form 16 and latest salary slip to prove income eligibility
    Who is Eligible?
    • Applicants holding salary account with Axis Bank since the last 3 months
    • Applicants employed at MNCs, public and private limited companies, and permanent employees of state/central government/PSUs/reputed colleges/schools
    Self-Employed Individuals
    Minimum Age 18 years
    Maximum Age 75 years at the time of loan maturity
    Minimum Annual Income Rs.1.8 lakh – Rs.2 lakh
    Employment/Business Status Should be in the same line of business for at least 3 years
    Other Criteria Should be able to produce latest Income Tax Returns to prove income eligibility

    State Bank of India Car Loan Eligibility

    Category Minimum Income Criteria Maximum Loan Amount Age Criteria
    Employees of central and state government, public sector undertakings (PSUs), private companies, reputed establishments Rs.2.5 lakh p.a. 48 times of the net monthly income 21 years to 65 years
    Self-employed professionals, businessman, partnership/proprietary firms Rs.3 lakh p.a. 4 times gross taxable income or net profit 21 years to 65 years
    Individuals involved in agricultural and allied activities Rs.4 lakh p.a. (can include co-applicant's income) 3 times of net annual income 21 years to 65 years

    ICICI Bank Car Loan Eligibility

    You can calculate your eligibility for a car loan from ICICI Bank by using the ‘Car Loan Eligibility Calculator’ available on their official website. You will need to enter details such as your contact number, type of residence, type of employment, the car model you wish to purchase, ex-showroom price of the car, etc., to calculate your eligibility.

    Eligibility Criteria for Car Loan
    Car Loan Eligibility

    HDFC Bank Car Loan Eligibility

    HDFC Bank car loan can be availed by the below-mentioned individuals/entities:

    • Salaried individuals
    • Self-employed sole proprietors
    • Self-employed individuals/professionals at partnership firms
    • Self-employed individuals/professionals who own private companies
    • Self-employed individuals in public-limited companies including directors
    Salaried Applicants
    Minimum Age 21 years at the time of loan application
    Maximum Age 60 years when the loan tenure ends
    Job Stability Should have worked continuously for 2 years and at least 1 year with the current employer
    Minimum Annual Income Rs.3 lakh
    Other Criteria Should have a post-paid mobile/telephone
    Self-Employed Individuals/Professionals (Sole Proprietorship)
    Minimum Age 21 years at the time of loan application
    Maximum Age 65 years when the loan tenure ends
    Business Stability Should have been in the same line of business for at least 2 years
    Minimum Annual Income Rs.3 lakh
    Self-Employed Individuals/Professionals (Partnership Firms/Private Limited Companies/Public Limited Companies)
    Minimum Annual Income Rs.3 lakh

    Car Loan Eligibility Calculator

    Many banks, such as ICICI Bank, HDFC Bank, Kotak Mahindra Bank, etc., lets you calculate your eligibility for a car loan through a ‘Car Loan Eligibility Calculator’. This tool is available on the bank’s official website. Upon entering basic details such as your contact number, residence stability, type of employment, model and ex-showroom price of the car, etc., the tool will check if you are eligible for a car loan. The information you are asked to input, will vary from bank to bank and hence, it is recommended that you check the eligibility for specific lenders before you apply for a car loan.

    When you are applying for a pre-owned car loan, you will be required to meet a few basic eligibility criteria. These requirements can differ from lender to lender. These are the criteria for some of the top lenders:

    HDFC Bank Car Loan Eligibility

    For salaried individuals

    • This loan can be taken by chartered accountants, doctors, and employees working at private limited companies and public sector undertakings.
    • The applicant must be at least 21 years old and not more than 60 years old when the loan tenure has come to an end.
    • The applicant must have been working at least for 2 years and for at least 1 year at the present company.
    • The applicant should be earning at least Rs.2.5 lakh p.a. and this can include the income of the spouse.

    For self-employed sole proprietors

    • Applicant must be at least 25 years old and not more than 65 years old when the tenure comes to an end.
    • Must have been in business at least for 3 years.
    • Must be earning at least Rs.2.5 lakh p.a.

    For self-employed individuals having private limited companies

    • Must have a landline at the office of the company
    • Must be earning at least Rs.2.5 lakh p.a.

    For self-employed individuals belonging to Hindu Undivided Families (HUFs)

    • Must be an individual in a business that belongs to HUF.
    • The Karta needs to be the loan co-applicant.
    • Must have a phone at the office of the company and at the residence. If only 1 landline connection is there, then a post-paid mobile which is only 3 months old can be used for applying.

    ICICI Bank Car Loan Eligibility

    You can receive a loan amount of up to 80% of the car’s valuation with a maximum period of 60 months.

    Axis Bank Car Loan Eligibility

    For salaried applicants

    • Must be at least 21 years old and not more than 70 years old when the loan matures.
    • The net annual salary should be at least Rs.2.4 lakh p.a.
    • Should have been employed at least for 1 year.
    • Should provide Form 16 and the latest salary slip to determine income eligibility.

    For self-employed applicants

    • Must be at least 18 years old and not more than 75 years old when the loan matures.
    • The net annual business income should be at least Rs.1.8 lakh p.a. for certain models and Rs.2 lakh p.a. for other models.
    • Should provide the latest Income Tax Returns to determine income eligibility.
    • Should have been employed at least for 3 years in the same business line.

    For self-employed non-individuals

    • The net annual business income should be at least Rs.1.8 lakh p.a. for certain models and Rs.2 lakh p.a. for other models.
    • Should provide the latest Income Tax Returns for 2 years and audited financials for 2 years to determine income eligibility.
    • Should have been in the same business line at least for 3 years.

    Car Loan Eligibility for Salaried Individuals/Self-Employed Individuals

    The eligibility criteria for salaried as well as self-employed car loan applicants can vary from lender to lender. However, the common eligibility requirements are as follows:

    For salaried individuals

    • The applicant should be at least 21 years old and not more than 60 years old.
    • The applicant should have been working in a job for at least 2 years. He or she should have been working for at least 1 year with the present employer.
    • The applicant’s income should be at least Rs.3 lakh per year.
    • The applicant should be working in a private limited company or a public sector undertaking (PSU). This can be a state, central, or a local body.
    • The applicant should have a post-paid mobile connection or a telephone connection.

    For self-employed individuals

    • The applicant should be at least 21 years old and not more than 65 years old.
    • The applicant should have been in the business for at least 2 years.
    • The applicant should be a self-employed partner or a sole proprietor in any kind of trading, manufacturing, or service-related business. This can be a private limited company or a public limited company.
    • The turnover of the business should be at least Rs.3 lakh.

    Perfect Car Loan Deals for you

    Factors affecting Car Loan Eligibility

    • Credit Score: Lenders check your credit score in order to assess your repayment capacity and your repayment behaviour for your previous or existing debts. If you have a credit score of 750 or above, your lender will be of the opinion that you are responsible about repaying your loan on time and hence, will most likely approve your loan application easily.
    • Type of Car: The type of car that you want to buy with car financing will determine your car loan eligibility. Each car model will have a particular resale value as per the features and specifications of the car. Hence, if the resale value of the car that you want is high, then your car loan eligibility will also be high. Since a car is an asset whose value depreciates with time, the resale value is taken into consideration in order to determine the eligibility.
    • Employment status and longevity of business for applicants: If a salaried employee is applying for a car loan, he or she should have been working in his or her present company for a minimum of 1 year and should have been working for a minimum of 2 to 3 years. If the applicant is a self-employed person, they should have been in the same business for a period of at least 2 to 3 years.
    • Income of applicant: When you apply for an auto loan, your lender will check your income levels in order to assess if you can pay the EMIs on time or not. If you have a higher income, the lender will be of the opinion that you can repay easily without any difficulty. However, if your income is slightly on the lower side, then your lender may be doubtful if you can pay every car loan EMI on time. Hence, the lender may give you a lower loan amount.
    • Your Employer’s Reputation: Sometimes, the company that you work for will help in improving your car loan eligibility. For example, if you are an employee at a Fortune 100 company or any other company that is ranking well, then your loan eligibility will improve. This way, you will be able to receive a higher loan amount to finance the purchase of your car. On the other hand, if you are not working in any such company, then it is important that you earn a high income in order to get a higher loan amount approved.
    • Relationship with Your Lender: If you already have an account with some bank and if you have a good relationship with this bank, then you can negotiate with them to get a higher loan amount approved at a lower rate.

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    Car Loan Eligibility Reviews

    • Axis Bank Car Loan
      "Average"
      0.5 4.0/5 "Great!"
      Through showroom got suggestion to take a car loan from AXIS bank. I taken this loan on 3 years back. I got the loan amount of 4L with tenure period of 4 years. The rate of interest was okay. I done the down payment of around 1.5L. EMI need to pay of 10,500 rupees. The car model is Swift Dzire. I taken for commercial purpose based on amount which I get on monthly doing the EMI payment.
      Was this review helpful? 11
      , kolkata
      Reviewed on Mar 21, 2020
    • Kotak
      Kotak Car Loan
      "Good "
      0.5 4.0/5 "Great!"
      I have taken car loan directly through Kotak Mahindra Bank. The car is secondhand and the model was INNOVA 2015 and the loan is still active and paying the premium on EMI basis .The rate of interest and the processing fee was nominal and they given a good service.
      Was this review helpful? 7
      , tirupur
      Reviewed on Mar 20, 2020
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have taken car loan directly through HDFC bank.The car model was TATA Nixon and still this loan is active. The rate of interest and the processing fee are medium it was 10.99% and this loan was sanctioned immediately within 2 to 3 days got the loan. Everything was fine so far until this loan was sanctioned .
      Was this review helpful? 10
      , chennai
      Reviewed on Mar 19, 2020
    • HDFC Bank Car Loan
      "Easy loan approval"
      0.5 4.5/5 "Excellent!"
      I have chosen car loan from HDFC Bank on 3 years back. I made the down payment of Rs. 1.50L and the loan amount was Rs. 4.80L. The rate of interest was normal and i am paying EMI amount of Rs. 12,157 and i have purchased Swift BSI. I given my documents to the showroom itself without any difficulty.
      Was this review helpful? 5
      , jaipur
      Reviewed on Mar 18, 2020
    • review Car Loan
      "Best Service"
      0.5 4.0/5 "Great!"
      I have taken car loan through Tata Capital Ltd directly .The vehicle name is Hyundai Eon and this loan was sanctioned on proper time frame .This loan is still active and paid the premium on Emi basis.Customer service was good to me so far .The rate of interest and the processing fee was medium.
      Was this review helpful? 6
      , jaipur
      Reviewed on Mar 16, 2020
    • Tamilnad Mercantile Bank Car Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      I have taken car loan directly through Tamilnad Mercantile Bank.The rate of interest was very high, it was 14%.This loan was sanctioned on time without any delay .The car model was Maruti Suzuki Alto k10 vxi and there was no difficulties faced so far .This loan is still active and everything was good.
      Was this review helpful? 6
      , surat
      Reviewed on Mar 15, 2020
    • ICICI Bank Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      From ICICI Bank, i applied a car loan and the loan amount was Rs. 3.50L. I made a down payment of Rs. 90k and the rate of interest was normal. I have given my documents to the showroom and am planning to close the loan with in 2-3 months. I have purchased a Maruthi car.
      Was this review helpful? 6
      , chennai
      Reviewed on Mar 15, 2020
    • ICICI Bank Car Loan
      "Need to be zero for pre closure charge "
      0.5 3.0/5 "Satisfactory"
      I chosen ICICI car loan offer through showroom. I taken this loan on 2 years back for the amount of 8L which is sufficient with tenure period of 5 years. On that time rate of interest was lower when compared to other bank. The processing fee is less. The car model is TATA Nexon. I done the down payment of 2.8L. EMI need to pay of 17K. For pre closure is applicable with huge charge. So I didn't go for that option.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Mar 11, 2020
    • Axis Bank Car Loan
      "Excellent service "
      0.5 5.0/5 "Blown Away!"
      My car loan journey started with Axis bank which was availed directly.The vehicle name is Maruti Ertiga and this loan is still active .The rate of interest and the processing fee was nominal .This loan was sanctioned on time without anydelay .I am paying the premium on EMI basis and there is no delay charges .
      Was this review helpful? 8
      , bangalore
      Reviewed on Mar 10, 2020
    • HDFC Bank Car Loan
      "Quick process"
      0.5 5.0/5 "Blown Away!"
      Maruti showroom suggested to take car loan from HDFC on few months back. They have sanctioned the loan within one week.The amount got 6L with tenure period of 7 years. An interest rate of 9%. I done down payment of 1L. EMI need to pay of 9637 rupees. The car model is Maruti new swift. Their service is good.
      Was this review helpful? 5
      , kanchipuram
      Reviewed on Mar 09, 2020
    • YES Bank Car Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I have availed car loan through YES bank directly.still this loan is active .The car model was Hyundai Creta and the rate of interest was quite nominal it was 9.60%and processing fee was very high. This loan was sanctioned on faster basis ,the loan process was clearly shared by the agent . I am paying the premium on EMI basis which will be done on time.
      Was this review helpful? 4
      , agra
      Reviewed on Mar 06, 2020
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan directly through ICICI bank .The rate of interest and the processing fee are pretty nominal and the car name is Maruti Suzuki Swift. I am paying the premium on EMI basis and need to pay the amount of 10,000.The loan was sanctioned on time without any drawbacks.
      Was this review helpful? 4
      , bangalore
      Reviewed on Mar 05, 2020
    • HDFC Bank Car Loan
      "Good Loan Service"
      0.5 4.0/5 "Great!"
      My car loan is going to be completed in this November. My salary goes into HDFC bank hence the guy keep on calling me to take the loan hence I have selected the car loan from same bank. In 2013, I have purchased the car loan by paying the down payment of Rs. 3.5L. Took the loan amount of Rs. 3.8L. I pay EMI amount of Rs. 6948 every month.
      Was this review helpful? 4
      , jammu
      Reviewed on Mar 05, 2020
    • ICICI Bank Car Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      I chosen car loan from ICICI on 4 years back. I bought this loan because one of my friends was working as a bank manager. I made the down payment of Rs. 2.5L and I bought the loan amount of Rs. 4.5L. I have no idea about the interest rate. I was paying EMI amount of Rs. 7,000 when I purchase the card and it keeps on in ascending order just because of my increment amount I can close at early.
      Was this review helpful? 2
      , rajkot
      Reviewed on Mar 05, 2020
    • Kotak Car Loan
      "Less interest rate loan"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken from Kotak Mahindra bank because an interest rate is less. I have taken the loan amount of Rs. 7L and I made the down payment of Rs. 5L. I have selected the duration of 5 years. I have been paying EMI amount of Rs. 14,000 per month. Documentation process was hassle free.
      Was this review helpful? 8
      , bangalore
      Reviewed on Mar 05, 2020
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan through ICICI bank directly .The vehicle name is Hyundai Creta and this model was of 2018 this loan was a joint loan with my wife and still this loan is active ,premium on emi basis and there is no ppenalty for delay emi and the loan process was clearly shared by the agent .without any hassle got the loan .
      Was this review helpful? 3
      , ahmedabad
      Reviewed on Mar 05, 2020
    • HDFC Bank Car Loan
      "Fast approval loan"
      0.5 5.0/5 "Blown Away!"
      I have purchased my car loan with HDFC bank which i have taken in the month of December. There is no interest rate on fast approval so that reason i have availed this loan. I have taken the loan amount of Rs. 12.34 lakhs and i made the down payment of Rs. 50000. They have sanctioned my loan in 1 day.
      Was this review helpful? 8
      , vadodara
      Reviewed on Mar 05, 2020
    • Bank of India Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken car loan directly through Bank Of India .The car model was 2018 and the name is Mahindra XUV and this loan is still active and paying the premium on EMI basis .The rate of interest and the processing fee was nominal .This was a joint loan with my father.
      Was this review helpful? 5
      , indore
      Reviewed on Mar 04, 2020
    • IndusInd Bank Car Loan
      "Best service "
      0.5 5.0/5 "Blown Away!"
      From INDUSIND Bank, i have taken a car loan and the loan amount was Rs. 4.50L and i made down payment Rs. 1.80L. Pre closure is there and the rate interest was normal , emi of Rs.9600 i am paying for the tenure of 5 years. Recently done a top up on this loan for personal use.
      Was this review helpful? 9
      , tirunelveli
      Reviewed on Mar 04, 2020
    • SBI Car Loan
      "Good loan offer"
      0.5 5.0/5 "Blown Away!"
      I got car loan offer from SBI which showroom suggested to apply. The rate of interest is 9.7% is fine. I taken this loan on 3.5 years back. The amount was sanctioned of 6L was sufficient with tenure period of 5 years. The car model Mahindra E2O. I have not any down payment. There are pre closure and part payment are applicable.
      Was this review helpful? 17
      , bangalore
      Reviewed on Mar 04, 2020
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