• Custom Free
     

    Custom quote

  • Car Loan Eligibility

    Loading your search...
  • Wondering about your car loan eligibility and what to do to increase your chances of approval? BankBazaar gives you all the information you require on car loan eligibility from top banks.

    Get a reliable guide to choosing the right car loan for you so that you can make the right choice and apply for the right car loan right now.

    More

    Car Loan Eligibility Criteria

    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.

    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.

    Car Loan Eligibility Reviews

    • ICICI Bank Car Loan
      "Rate of interest should be affordable"
      0.5 5.0/5 "Blown Away!"
      I bought Santro car through ICICI car loan, I availed loan amount of Rs. 2 lakhs for the duration of three years. The rate of interest is bit higher around 14% per annum now the loan emi was closed. I received my NOC Letter from the bank end, its good.
      Was this review helpful? 0
      , patna
      Reviewed on Sep 20, 2019
    • Axis Bank
      Axis Bank Car Loan
      "Smooth experience for the car loan"
      0.5 5.0/5 "Blown Away!"
      For purchasing Waganor I have availed car loan from AXIS, I took the loan amount of Rs. 4 lakhs for the loan period of five years. Still my loan is active I used to pay Rs.20,000 per per month as an emi, I think the rate of interest is economic. The process was smooth through the dealer and they disbursed the amount directly to the show room person.
      Was this review helpful? 0
      , patna
      Reviewed on Sep 20, 2019
    • review Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Taken my car loan from TVS Finance. This is the only company has processed the loan in a very fast manner hence i took from them. They have provided the loan on time and i'm satisfied with the interest rate provided by them. Documentation process was quite smooth.
      Was this review helpful? 4
      , bangalore
      Reviewed on Sep 17, 2019
    • SBI Car Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have purchased Eco4 car through State Bank of Indiaby doing a down payment of 75K and the total car value is 17L. The loan experience was good and it was completed before 2 years ago. The rate of interest is reasonable. The tenure period was 3 years.
      Was this review helpful? 4
      , faridabad
      Reviewed on Sep 17, 2019
    • review Car Loan
      "Quick response"
      0.5 5.0/5 "Blown Away!"
      When i purchased the new car from Renault Nissan, they have offered me a car loan. I got the loan amount of Rs. 3.33 lakhs. They have sanctioned the loan immediately once i book the vehicle. I have made a down payment of Rs. 1 lakh. I am yet to pay 16 EMI from the tenure period of 4 years. I am paying the EMI of Rs. 6998.
      Was this review helpful? 3
      , chennai
      Reviewed on Sep 16, 2019
    • SBI Car Loan
      "HYUNDAI"
      0.5 5.0/5 "Blown Away!"
      I am having a good experience with State Bank of India on car loan process. They have provided me only 75% funding to purchase the car but HDFC BANK is doing preapproved loan upto 90%. I got a good response and the service. The interest rate is very very good on that time. I have purchased a HYUNDAI VERNA.
      Was this review helpful? 5
      , hyderabad
      Reviewed on Sep 14, 2019
    • Canara Bank Car Loan
      "Recommendable Bank"
      0.5 5.0/5 "Blown Away!"
      I am an employee of Canara Bank, I got the car loan easily. I just submitted the quotation and pay slip for the loan process, I availed the loan amount of Rs. 3.6 lakhs with the duration of 10 years this loan period is eligible only for the employees.
      Was this review helpful? 7
      , panipat
      Reviewed on Sep 13, 2019
    • HDFC Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      I had applied for personal loan from HDFC Bank. Their rate of interest was nominal as comparison to other banks. I did not submit my documents, I was expecting their executive to collect my documents but no one turned up. HDFC Bank customer service was good.
      Was this review helpful? 4
      , agra
      Reviewed on Sep 13, 2019
    • IndusInd Bank Car Loan
      "Good Car Loan"
      0.5 5.0/5 "Blown Away!"
      Recently i have purchased the car loan from Indusind bank and my EMI is going to start and the first month amount is getting on 21st hence i have to put a balance in that. They have approved the loan immediately and the interest rates are fine and comfortable on that. They have charged me a processing fee which is a nominal. I just want a instant approval thats the reason i have chosen the Indusind bank.
      Was this review helpful? 5
      , secunderabad
      Reviewed on Sep 12, 2019
    • IndusInd Bank Car Loan
      "Rate of interst should be reduced"
      0.5 3.0/5 "Satisfactory"
      I felt Indusind bank car loan interest is huge, I availed Rs. 11 lakhs to purchase breeza vehicle, the on road price was Rs. 17,000 but I paid the some payment to the dealer with higher interest. The loan process was also hassle free then I paid all the emi and I got the NOC.
      Was this review helpful? 5
      , bangalore
      Reviewed on Sep 12, 2019
    • SBI Car Loan
      "Documetation base approval"
      0.5 5.0/5 "Blown Away!"
      When i took the loan from SBI, the banking people were excellent. The employees are very friendly and giving confidence to the customer. Whenever i went to the branch, the manager is treating me as a important individual. The given interest rate is nominal. I got the loan amount of Rs. 3.75 lakhs. I have pre-closed the loan with zero charges.
      Was this review helpful? 7
      , hyderabad
      Reviewed on Sep 10, 2019
    • HDFC Bank Car Loan
      "Need to decrease charges"
      0.5 4.0/5 "Great!"
      I have taken a cal loan with HDFC bank on 2 years before which was processed directly to bank. The amount which was given for 5 lakhs for the tenure period of 3 years. I use to do payment on monthly EMI for 16,907 rupees. The car model was TATA car. The customer service is not much supportive.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Sep 09, 2019
    • Kotak Car Loan
      "Need improvement on the service and interest"
      0.5 3.0/5 "Satisfactory"
      Through car showroom I taken the vehicle loan, they sanctioned ex showroom price of Rs.2.60 lakhs for the duration of five years. The rate of interest is around 13% its higher when compared to others and they taken stamp duty charge of Rs.1000 and there is no proper response as well from the customer care. Its not easily accessible hence service needs to be improved.
      Was this review helpful? 5
      , coimbatore
      Reviewed on Sep 09, 2019
    • Capital First Car Loan
      "Excellent car loan"
      0.5 4.0/5 "Great!"
      Capital First people are doing a good job and trying to help the people. I made the down payment of Rs. 1.5 lakhs for my car loan and got the loan amount of Rs. 3 lakhs. Within 5 days, they have sanctioned the loan and the given interest rate is minimum which is valuable in the market. I'm paying the EMI amount of Rs. 8500 for the tenure period of 3 years.
      Was this review helpful? 2
      , thane
      Reviewed on Sep 08, 2019
    • ICICI Bank Car Loan
      "Excellent Loan Service"
      0.5 5.0/5 "Blown Away!"
      No particular reason for choosing the car loan from ICICI. I took the loan amount of Rs. 5 lakhs and its nearly going to close because the balance amount is Rs. Just 80000. They have offered me a interest rate of 11% and i have made the down payment of Rs. 1 lakhs approximately. Every month the EMI amount is going from my account automatically.
      Was this review helpful? 2
      , mumbai
      Reviewed on Sep 08, 2019
    • ICICI Bank Car Loan
      "Satisfactory"
      0.5 4.5/5 "Excellent!"
      My car loan is with ICICI BANK because of the good interest rate and the processing was faster. The main thing is they are not charging for foreclosure after 18EMI's. The processing fee is included but its reasonable. The loan duration is 7 years. I have purchased Honda City by making down payment.
      Was this review helpful? 2
      , mumbai
      Reviewed on Sep 06, 2019
    • ICICI Bank Car Loan
      "Hassle free experience with ICICI"
      0.5 4.0/5 "Great!"
      From ICICI I took the car loan, they gave me ex showroom of the car so my principal is around Rs. 6 lakhs for the duration of five years. The rate of interest is affordable and they taken some processing fee around 1% from the disbursement. I purchased honda i20 petrol car.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 06, 2019
    • HDFC Bank Car Loan
      "Fast Loan Experience"
      0.5 5.0/5 "Blown Away!"
      I took the car loan through online channel from HDFC bank, the process was so quick they taken only two days of time. The loan amount was Rs. 3.4 lakhs for the duration of five years. The rate of interest is reasonable around 8 to 9% at the time and they taken some minimal charges from the disbursement.
      Was this review helpful? 2
      , bhiwadi
      Reviewed on Sep 03, 2019
    • Reliance Commercial Finance Car Loan
      "Not happy"
      0.5 4.0/5 "Great!"
      I had a experience with Reliance for Car loan which I have completed before 3 years, they were good. I have purchased Toyota Etios and made a down payment of 25% only 75% got it from this institution. The rate of interest is very higher and not charged me a processing fee.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Sep 03, 2019
    • HDFC Bank Car Loan
      "Better Service"
      0.5 5.0/5 "Blown Away!"
      HDFC people approached me and offered me a car loan from them because i have a ongoing loan from them. I took the car loan of Rs. 5.95 lakhs and i have made a down payment of Rs. 1.20 lakhs. I have been paying the EMI amount of Rs. 10163 for the tenure period of 7 years.
      Was this review helpful? 1
      , kolkata
      Reviewed on Sep 01, 2019
    Common Loader Icon
    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.