There are two loan schemes offered by Catholic Syrian Bank to purchase cars.
The Catholic Syrian Bank Car Loan encompasses a wide eligibility range. In order to be eligible for this car loan, you should meet the following requirements.
Car Loan Scheme
VIP Car Loan Scheme
Age – Banks prefer customers who are 21 years and above. The maximum age you can avail a car loan from Catholic Syrian Bank has not been mentioned. If you can show stable and sufficient income, you should be eligible. Normally, banks limit the maximum age to the year of retirement.
Income – The greater your income, the higher your eligibility will be. If you can show enough income that can guarantee you will be able to repay the loan, the bank should sanction your loan provided you meet the other requirements.
CIBIL Score – Your CIBIL score reflects directly on you. A good score enhances your eligibility as it depicts a good picture of you as a customer of credit. Banks are relaxed when you have a good credit score because they can predict that you will be reliable and credible through the tenure of your loan. On the other hand, a lower credit score can mean you are unreliable or even unpredictable. So banks are unwilling to give loans to customers with low CIBIL scores. If you do secure a loan with a low score, you might have to deal with more complications through the process and more terms and conditions on the loan.
Debt-to-income ratio – As a rule, banks and financial institutions ensure that your debt does not constitute more than 50-60% of your salary. Your take home salary after all deductions should amount to at least 40%. This ensures the banks and yourself that you have enough liquid money to take care of yourself, daily expenses and others. You should not be in so much debt that you are unable to repay the loan. So if you have prior debt such as credit card balances or any other loans, this takes up space in your debt ratio.
CIBIL scores affect all credit lines. It is a track record of your credit history kept by the Credit Information Bureau India Limited. It records every default and late payment, every time you go over the credit limit, and similar situations. It also records the good credit behavior. When you pay all your bills on time, make advance payments, and maintain good credit patterns, you are rewarded with a high score. This makes securing a loan much easier. When your score is high, banks have greater trust in you and your loan process becomes easier. But when your score is low, banks are reluctant to service your loan.
In the event you find yourself in a situation where you are not eligible for a Catholic Syrian Bank Car Loan, there are ways to fix it. Improve your eligibility and the loan quantum you could get by trying any of these steps.r
Calculators are available online which you can use to check if you qualify for a Catholic Syrian Bank car loan. The calculators require basic details about your age, income, place or city of residence, the car brand and model, and the loan quantum and tenure you are seeking. The results of a Catholic Syrian Bank Car Loan Eligibility Calculator will help you determine what loan amount and tenure you should look for. If you do not qualify, you can take measures to rectify the problem before you approach Catholic Syrian Bank for a car loan.