• Catholic Syrian Bank Car Loan Eligibility Calculator

    There are two loan schemes offered by Catholic Syrian Bank to purchase cars.

    • Car Loan Scheme – Offered to customers to purchase a car, van, jeep and similar vehicles only for personal use. You can get upto 80% of the invoice value and road tax. Customers can enjoy low rates of interest but need a guarantor in case collateral is not offered or salary deduction is not possible.
    • VIP Car Loan Scheme – This is offered to individuals who have a higher worth. You can avail of loans to finance 100% of the invoice value that excludes road tax, registration, insurance and so on. A guarantor with good means is required.

    Catholic Syrian Bank Car Loan Eligibility

    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

    • Individuals who have assets and income that is proof enough to support regular payment of the EMIs on the proposed loan.
    • You need to produce income proof documents to support your claims.
    • One guarantor is required if in case you can’t offer any security or you don’t have a salary from which the EMI can be deducted. Spouse’s guarantee is preferred.
    • Hypothecation of the car as security is needed.

    VIP Car Loan Scheme

    • This scheme is available to individuals and groups
    • You need to have income or fund limits of Rs. 25 lakhs minimum.
    • Or you should have a Catholic Syrian Bank term deposit of Rs. 25 lakhs minimum
    • One guarantor with good means required.
    • Hypothecation of the car as security is needed.

    Factors affecting Catholic Syrian Bank Car Loan Eligibility

    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.

    How does CIBIL scores affect your Catholic Syrian Bank Car Loan Eligibility?

    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.

    How to increase your Catholic Syrian Bank Car Loan Eligibility?

    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

    • Improve your CIBIL score – Get your CIBIL score on their website. Find out why it’s low and make amends. Sometimes you can get it rectified for certain reasons. Do your research and get your score up. Start spending on your credit card and pay it back on time and in advance.
    • Reduce your debt-to-income ratio – Pay off any current debts you have or make payments towards reducing that debt. Clear any personal loans or credit cards. It might take some sacrifice on your part, but it will work. Your eligible loan amount will increase significantly.
    • Add a co-applicant – You can add your spouse or immediate relative to the loan. They will become a co-borrower of the loan. You can add their income as well to increase the total income. This will increase your eligibility and help you secure a larger loan amount.
    • Increase your down payment – The larger your down payment, the better the terms and conditions on your loan. You will enhance your eligibility when you offer a large down payment on the car.

    Catholic Syrian Bank Car Loan Eligibility Calculator

    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.

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