If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Car Loan Eligibility is Rated as "Excellent!" by 35379 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    Car Loan Eligibility

    Car Loan Eligibility Particulars Details
    Minimum Age 18 years
    Maximum age 60 Years for salaried & 65 years for self-employed and businessmen
    Monthly income of loan applicant Rs.10,000 per month
    Pre-existing EMI amount Depends on loan amount, loan tenure, and interest rate
    Country/Place of residence India Rural/semi-urban/urban
    Stability in residence At least 1-year stay at present residence
    Car manufacturer Any approved Indian or foreign car manufacturer
    Car model Any approved car model
    Type of employment Salaried or self
    Date of birth Applicant’s age should be at least 18 years and not more than 75 years
    Type of residence Any approved residence with a good parking space inside or outside the house

    Car loans are advances made by banks and other auto-finance companies to financially enable borrowers to purchase a car for private or commercial use.

    In today’s world, a car can come in handy in a number of different situations. Not only does it help in commuting from one place to another, it also is a lot safer to travel in when compared to a two-wheeler. There are some who purchase a car to raise their status in society while others have a more practical reason for their purchase. Either way, a car comes with its own features and benefits. A number of car dealers and financers have developed new schemes to help individuals make their dreams of owning a car come true. There are a various banks and lenders who have developed new and lucrative car loan products to aid new car owners. These products are generally offered at low interest rates to make them affordable for all divisions of society. Each one of these banks and financiers have a pre-set eligibility criteria. These criteria may range from one lender to another.

    Car Loan Eligibility differs based on the criteria set by the lender taking into account the borrower’s profile.

    Check Car Loan Eligibility for Top Lenders in 2019

    SBI Bank Car Loan Eligibility Criteria

    If an individual intends on applying for a car loan with SBI Bank, he/she should be aged between 21 to 65 years. The individual should belong to any one of the following categories mentioned below:

    Category Annual Income Maximum Loan Amount
    • Regular employee of a reputed establishment
    • Private Sector
    • The Central/State Government Public Sector Undertaking
    Net Annual Income should be greater than Rs.3 lakh Net Monthly Income times 48
    • Self-employed individuals
    • Professionals
    • Partnership/Proprietary firms that are income tax assesses
    • Businessmen in various fields
    Gross Taxable or Net Profit income of over Rs.4 lakh p.a. Gross Taxable Income or Net Profit times 4
    • Individuals who are engaged in allied and agricultural activities
    Net Annual Income of the applicant should be greater than Rs.4 lakh Net Annual Income times 3

    Axis Bank Car Loan Eligibility Criteria

    If an individual applying for a car loan from Axis Bank is a salaried applicant, he/she should be aged between 21 to 70 years. If the applicant is self-employed, the applicant should be aged between 18 and 75 years. The eligibility criteria for Axis Bank:

    Category Self-Employed Individual Salaried Self-Employed Non-Individual
    Income Rs.1.8 lakh p.a. for standard and premium cars Rs.2.4 lakh p.a. for standard and premium cars Rs.1.8 lakh p.a. for standard and premium cars
    Income Proof Latest ITR Form 16 and latest salary slip ITRs for the past 2 years, computation of income, and audited financials of 2 years
    Job Stability Minimum of 3 years with the same employer Minimum of 1 year of employment in the same stream of business Minimum of 3 years of employment in the same stream of business

    HDFC Bank Car loan Eligibility Criteria

    If an individual applying for a car loan from HDFC Bank is a salaried applicant, he/she should be aged between 21 to 60 years. If the applicant is self-employed, the applicant should be aged between 21 and 65 years. The eligibility criteria for HDFC Bank:

    Category Self-Employed Individual Salaried Self-Employed Non-Individual
    Income Rs.60,000 p.a. for standard cars and Rs.1 lakh p.a. for mid-sized and premium vehicles Minimum annual income of Rs.1.8 lakh which includes the income of a spouse or co-applicant Rs.60,000 p.a. for standard cars and Rs.1.5 lakh p.a. for car loans
    Income Proof Latest ITR Form 16 and salary slips ITRs for the past 2 years, computation of income, and audited financials of 2 years
    Job Stability Should be in the business for a minimum of 2 years Minimum employment of 2 years and a minimum of 1 year employed with current employer Minimum of Rs.2.5 lakh p.a. turnover

    Perfect Car Loan Deals for you

    Car Loan Eligibility Calculator

    A Car Loan Eligibility Calculator is a tool used to determine the car loan amount that a person can apply for with a bank. The eligibility calculator can help an individual get a preview of the percentage of the maximum loan amount that can be sanctioned by the bank. The maximum loan amount and tenure of the loan vary depending on whether the car is new or used, value of the car, and the maximum EMI that the applicant can pay. The car loan amount sanctioned by a banking institution also depends on the loan tenure opted for and the monthly income of the loan applicant.

    Car Loan Eligibility
    Car Loan Eligibility

    An individual will have to provide a few basic details such as:

    • The monthly income of the applicant
    • Pre-existing EMI amount
    • Country/place of residence
    • Car manufacturer
    • Date of birth
    • Car model
    • Type of employment
    • Annual Income
    • Type of residence

    With a Car Loan Eligibility Calculator, an individual can compare car loan amounts and tenures offered by various banks. Once an individual selects either the “New Car or Used Car” options, they would have to input their monthly income and the EMI amount on any existing loan amount.

    Car Loan Eligibility for Salaried Individuals

    A number of these lenders offer lucrative car loan schemes to salaried individuals. With a steady income, these individuals are more likely to repay their car loan without any hiccups. Depending on the type of car loan that’s available, banks and financiers have different conditions and criteria that an individual would have to meet. A salaried individual should earn more than Rs.2 lakh per annum to be eligible for most car loans. These individuals will be eligible to avail a car loan ranging between Rs.6 lakh and Rs.7 lakh at an affordable rate of interest. Salaried individuals who earn an annual salary that’s mentioned will be entitled to receive a higher car loan amount.

    A car loan is sanctioned to an individual after he/she has submitted their salary slips along with their PAN card information. In some cases, financial firms or banks will require a copy of the applicant’s income tax returns which were paid by the applicant in the previous financial year. Other requirements may include the type of work that they are involved in. The lender will want to ensure that the applicant has a stable job to ensure that the applicant has a steady income coming in during the tenure of the car loan. The applicant will also have to provide a PAT (Profit After Tax) if they work in a private firm or company. The minimum PAT should be over Rs.2 lakh. The business of the company or firm that the applicant is working for must show stability for more than 3 years.

    In today’s times, banks and lenders have made it easy for an individual to apply for a car loan. With vehicle financing being made readily available online, people can upload their documents and have a car loan sanctioned in no time at all. Auto dealers help their customers finance their vehicles by providing all necessary information that a person would require. Extensive research can help a person zone in on a car loan scheme that best suits their needs and requirements. An individual who’s looking for a car loan option can also visit a financial website like BankBazaar to search and compare car loans offered by various banks to help them choose a suitable car loan.

    Did you know Salaried Employees can get Pre-approved Car Loans?

    Applicants who have a salary account with certain banks can get pre-approved loans if they are employed at any of the following organisations:

    • Multinational Corporations (MNCs).
    • Public Limited and Private Limited Companies.
    • Permanent employees of any Public Sector Undertakings (PSUs).
    • Permanent employees of the State or Central Government.
    • Permanent employees of reputed educational institutions like schools or colleges.

    If you apply for a car loan at a bank that you have been currently banking with, then you not only have better chances of loan approval but also get the added benefit of minimum paperwork.

    Car Loan Eligibility Criteria for a Used Car

    With the used car market steadily growing in India, banks and lenders have realised that affordable and lucrative car loan options would bear fruit in the auto market. Lenders have realised this and have started introducing used car loan products into the auto market to cater to the needs and requirements of the people. In today’s times, car owners change cars every few years which has resulted in a number of used cars entering the market. A buyer can either purchase a used car from the original owner directly or they can purchase their car from a certified dealer. Banks have been quite flexible in offering customisation options which customers can avail on their used car loans. An individual is eligible for a used car loan option if they meet the following criteria:

    • The borrower (if he/she is a salaried individual) should earn a minimum annual salary of Rs.3 lakhs and should also be employed for a minimum term of two years while working with the current employer for at least one year.
    • The borrower (if he/she is a self-employed individual) should earn a minimum annual income of Rs.2 lakhs and should be involved in business for a minimum period of 3 years.
    • A potential used car loan applicant will have to submit the following documents to have their application approved: Proof of Identity:

      A borrower can submit their PAN Card, passport, driving licence or any other document that has been issued by the government.

      1. Proof of Age: The borrower's age should be more than 21 years to avail a used car loan. The borrower can provide a relevant document that has been authorised by a legal authority for proof of age. Documents like ration card, driving license, voters card, passport, school leaving certificate, etc. are accepted.

      2. Proof of Income:Salaried individuals can submit their ITR/Form-16/Salary Slips as a proof of income. Self-employed individuals can submit their balance sheets or ITRs. P&L accounts can also be submitted.

      3. Proof of Address: A borrower can submit their driving license, ration card, voters card, school leaving certificate, passport etc.

    • Other documents that will be required are a signature verification proof and 2 passport photographs.

    Tips for Choosing the Right Car Loan

    Choosing the right car loan can be a tedious job requiring a lot of research and time. But if a borrower does their research on car loans offered by various banks and lenders, he/she can save a lot of money when choosing their car loan. With an increase in consumer needs, car makers have launched a number of new products that come with attractive features. A good car loan can help a potential car owner realise their dream of owning their own four-wheeler. Some of the important points that a borrower will have to keep in mind are:

    • The borrower should do their research to ensure that they choose the right car loan option that best suits their needs and requirements. Various banks offer car loans and charge different interest rates. It is therefore advisable that a borrower compares car loans offered by different banks.
    • The borrower should use a car loan EMI Calculator to assess their finances during the tenure of the loan. Banking sites like the official website of BankBazaar offers a comprehensive EMI Calculator that can be used any number of times to determine the EMI that needs to be paid on a car loan.
    • It is very important for borrower to stick to his/her budget to determine their repayment capability. It is advisable that the borrower should finalize on a car that best suits their budget.
    • The borrower should consider the additional charges and fees which are levied on a car loan.
    • The borrower should ensure that they are aware of the rate of interest that's levied on a car loan. A lower interest rate would indicate that the EMIs that are paid towards a car loan would also be low. However, a lower interest rate that's offered on a car loan signifies that a few features or services would not be available with the car loan.

    In summary, a lot goes into the whole process of selecting and applying for a car loan with a bank or lender. A borrower will spend a good deal of time in ensuring that the car loan that has been sanctioned is repaid with interest. A car loan can be a very handy tool to possess and people who wish to purchase a new car can do so with the help of a car loan that's sanctioned by a reliable bank or lender.

    How to Apply for Car Loan Online?

    Nowadays, it is easy to apply for a car loan from the comfort of your home or office. All you have to do is visit the bank website, download the application form, fill it up and submit it along with the necessary documents. You can also visit the nearest bank branch to submit the application form and get the guidance of a bank executive on the car loan application process.

    Car Loan Documentation:

    Documents required to support car loan applications can vary depending on the lender.

    • Proof of employment: Appointment letter/ Employer’s certificate/ Business establishment documents like MOA or partnership deed etc. (depending on the type of employment)
    • Proof of income: In the form of latest Salary slips/ Bank Statements/Audited Statements of Accounts (depending on the type of employment) (salaried/self-employed)
    • Proof of tax paid: Form 16 or ITR forms (depending on the t.ype of employment)
    • Proof of age: Driving License/ Passport Copy/ Voter’s ID
    • Proof of address: Passport copy/ Voter’s ID/ Rental agreement/ Property Deed/ Water or Electricity or Landline or Gas Bill
    • Processing fee cheque and photographs

    Bank Specific Documents Required for Salaried & Self-Employed

    State Bank of India (SBI) Car Loans

    Document Required for State Bank of India (SBI) Car Loans
    For salaried For self-employed
    Car loan application form along with photograph, proof of identity, proof of residential address, most recent salary slips, Form 16, and bank statement for proof of income Car loan application form along with photograph, proof of identity, proof of residential address, most recent Income Tax Returns, and bank statement for proof of income

    Axis Bank Car Loans

    Document Required for Axis Bank Car Loans
    For salaried For self-employed
    Car loan application form along with photograph, proof of identity, proof of age, proof of residential address, most recent salary slips, Form 16, and bank statement for proof of income Car loan application form along with photograph, proof of identity, proof of residential address, most recent Income Tax Returns, and bank statement for proof of income

    HDFC Bank Car Loans

    Document Required for HDFC Bank Car Loans
    For salaried For self-employed
    Car loan application form along with photograph, proof of identity, proof of age, proof of residential address, most recent salary slips, Form 16, and bank statement for the last 6 months Car loan application form along with photograph, proof of identity, proof of residential address, most recent Income Tax Returns, bank statement for the last 6 months, audited balance sheet, profit and loss account

    Outlook Articles on Car Loan 2019

    • Top 10 Banks for Car Loan in India 2018

      Cars are not a luxury anymore - they have become a necessity in today’s era. However, purchasing a car is an expensive feat. There are many banks and non-banking financing companies in India that offer car loans to help customers realise their dream of purchasing a car that can suit their specific requirement. Car loans are gaining popularity within the country since they provide borrowers the flexibility to pay for the car through equal monthly installments (EMIs) over a predetermined period of time. Due to the rising demand for car loans and paperless transactions gaining popularity, the banks are striving to improve their services by offering quick loan processing and approvals. Therefore, customers can gain access to funds for the purchase of a new or old car in no time attributing to the fast loan disbursals offered by the banks. If you want to apply for a car loan but can’t decide which bank or NBFC to approach, you can check out the list of the top 10 banks for car loans in India for 2018. This will not only help you select the best plan according to your requirement, but will also aid you in finding the best deal out of all the options available. Read More...

    • Upcoming Car Launches in India 2018

      Planning to a buy a new car in this year? Whether you want to purchase a car with a petrol or diesel-powered engine, a number of new hatchbacks, sedans, and SUVs are going to make way to the Indian market in 2018. With car manufacturing giants such as TATA, Toyota, Maruti, Hyundai, and Honda planning to launch their products sporting the state-of-the-art technologies, the Indian customers will be spoilt for choice. Numerous popular cars such as Hyundai Creta, Maruti Swift, Honda Civic, etc. will re-enter the market featuring various updates in terms of interior and exterior to keep up with latest trends in the industry and attract more customers. As the government is urging the customers in India to opt for electric vehicles that can help the buyer save money while taking care of the environment, many car manufacturers are planning to introduce their electric products to meet the rising demand for electric vehicles. While 2018 is foreseen to be an exciting year for the automobile industry in India, it might become quite overwhelming for the prospective car buyer to choose the right car out of all the options available. BankBazaar has compiled a list of the upcoming cars in India for 2018 in order to help customers check out the features of the vehicles that are going to venture the Indian market and choose their new favourite. Read More...

    • Repayment Options for Car Loans

      It is becoming increasing easy for customers to apply for a car loan these days. Since most of the banks and non-banking financing companies offer prospective buyers the option to apply for a loan from the comfort of their homes and provide prompt loan approval and disbursal of the funds, car loans have become the new norm when it comes to financing a car purchase. When you opt for a car loan in order to receive financial aid while making a car purchase, the biggest concern that you might have is the repayment of the loan. While there are a few methods that the borrower can repay a loan, it is important to know the pros and cons of each of these techniques to be able to choose the best plan according to one’s circumstances and avoid any future surprises. Read further to learn about the various repayment options of a loan and make an informed decision by selecting the one that best suits your situation. You can also learn how you can calculate the repayment schedule of your loan using a car loan EMI calculator. Read More...

    Products you might be Interested

    Car Loan Eligibility Reviews

    • ICICI Bank Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan with the ICICI BANK and i have been using it since from last more than 4 years. The rate of interest was nominal with this loan when compare to the other loans. It is a good loan to use also they provided the loan amount which was good.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Mar 24, 2019
    • SBI Car Loan
      "Very good customer service"
      0.5 5.0/5 "Blown Away!"
      I taken my New car in Maruti Swift Desire with the help of SBI . Maruti showroom has tie up with the SBI , so immediately approved my loan . It is very fast response from SBI executive . They given me the correct interest rate . Now another 12 months EMI is pending .
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 24, 2019
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with HDFC bank previously,they gave me loan amount based on the vehicle price,and the rate of interest they have charged me was nominal,and even they have charged me processing fee which was okay,now i have closed this loan.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Mar 23, 2019
    • Kotak Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I took a Car loan from the KOTAK MAHINDRA BANK . Their rates are much cheaper that other companies. The application process was easy and hassle free. I never had any issues with their services. I use to pay my EMI on time . Customer support is good here .
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Mar 23, 2019
    • SBI Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I took car loan with State bank of India,The loan amount was sufficient,like based on my requirement they gave loan,and i have purchased Renault car , the rate of interest they have charged me was nominal,it is floating in nature,like based on the market value it use to change,they have not charged any processing fee, still this loan is running.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 23, 2019
    • Kotak Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The rate of interest was high with KOTAK MAHINDRA BANK , and there was processing fee for my car loan and it is nominal .The documentation procedure went smooth.I have chosen car loan through KOTAK MAHINDRA BANK . The customer service and response was better.
      Was this review helpful? 1
      , chennai
      Reviewed on Mar 23, 2019
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The loan amount was satisfactory, I pay an EMI on time. The tenure period is for good . Overall it was a very good loan experience e with the HDFC .It was a super fast loan experience. I took a car Loan from the HDFC BANK . The whole loan process was easy and super fast.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 23, 2019
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding car loan with ICICI bank ,Their service was prompt,and the loan amount which they have given me was sufficient based on the vehicle they have given me loan, and the rate of interest they have charged me was nominal,and even they have charged me processing fee that too was nominal,and still this loan is running,so far i have not faced any issue.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 23, 2019
    • review Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My experience was good I have taken four wheeler loan from TVS credit my loan amount is 3Lack and 3 years tenure and rate of interested is 8.65% only 3 rest emi I have then finished this loan and their response is good I am satisfied with TVS credit limit.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Mar 23, 2019
    • SBI Car Loan
      "Good Experience"
      0.5 4.0/5 "Great!"
      I just submitted my papers for the SBI card loan through the consultancy, they do have one point of contact. But interest is really reasonable, the loan process was very hassle fee and the amazing part was zero processing fee on my loan disbursement.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 22, 2019
    • Kotak Car Loan
      "Process should be simple"
      0.5 3.0/5 "Satisfactory"
      I had car loan from Kotak Mahindra very long back, the process was lengthy and it has hassle documentation process. I was surprised regarding the way of loan, the interest and charges are good, however on road price of the card was approved on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 22, 2019
    • ICICI Bank Car Loan
      "Very Good Service"
      0.5 4.5/5 "Excellent!"
      It was pretty good experience i had in getting my Car loan from them where the process had been quite good and the loan amount was sufficient as well. The interest rate with them has been nominal and the interest rate with them has been pretty good as well.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 22, 2019
    • ICICI Bank Car Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      I have taken Car Loan through ICICI Bank since got the information directly through Maruti showroom they have recommended ICCI Bank Car Loan . The car model is Maruti eeco .I have got the loan amount on time.The agent clearly explained the process .The rate if interest was high and also processing is high too.Not yet faced any issues on submitting the documents as well .The Overall Service is good as well.
      Was this review helpful? 1
      , new delhi
      Reviewed on Mar 22, 2019
    • SBI Car Loan
      "Need more customer support for good relationship"
      0.5 2.0/5 "Expected more"
      I am not at all happy with the SBi customer service . SBI never respect the customers . From the beginning itself , I am not okay with the process and Bank . My showroom has delivered the car very instantly after the sanction of loan . I am happy with the interest rate .
      Was this review helpful? 0
      , mysore
      Reviewed on Mar 22, 2019
    • review Car Loan
      "Need to improvre services"
      0.5 1.0/5 "Really Bad"
      My car loan has been taken with SRIRAM FINANCE , i am giving 1 rating to this financial institution because o their services which is not so good . The tenure period is 4 year . They charge very high rate of interest with this bank . For everything thing i have to visit the office .
      Was this review helpful? 1
      , mumbai
      Reviewed on Mar 20, 2019
    • IndusInd Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan almost seven years back and the process in getting this loan was pretty much easy. The loan amount has been good and the interest rate with them has been nominal as well. There has not been any additional charges made by them and there was a help from their customer support team as well.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 20, 2019
    • SBI Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      I had a car loan it was closed now with State Bank of India, I got the loan with the lower interest. The service was really nice, infact the rate of interest is lesser. From the bank I got the NOC letter after closing my car loan, overall it was good.
      Was this review helpful? 1
      , bangalore
      Reviewed on Mar 20, 2019
    • Oriental Bank of Commerce Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan a while back and the process in getting this loan was quite easy. They had offered me with a lesser interest rate and the charges which they had made has been pretty less as well. Overall their customer support has also been helpful at times.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Mar 20, 2019
    • Capital First Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I got my car loan from Capital First and its been 3 months. I have purchased i20 new car and they have provided me 85% funding. The interest rate is okay and the charges has been informed, after getting confirmation from me then loan amount was credited to account. The tenure is 36months.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 19, 2019
    • Reliance Commercial Finance Car Loan
      "Average "
      0.5 2.5/5 "Just OK"
      I have taken a car loan in Reliance Finance and it was suggested by the dealer. I have purchased a seconded car and the loan amount is 4.5L which was sufficient. The interest rate is high compared to others also processing fee is applicable. The customer service is not good and they need to improve on.
      Was this review helpful? 1
      , pune
      Reviewed on Mar 19, 2019
    Common Loader Icon

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.