Owning your favourite sedan or luxury car gets easier with affordable auto financing solutions from Dhanlaxmi Bank. Customers can avail higher loan amounts with flexible tenures and repayments with convenient monthly installments. Dhanlaxmi Bank also ensures that car loans are processed quickly and customers get sanctions without any hassles. The interest rates offered by Dhanlaxmi Bank are very competitive and borrowers can comfortably get loans with minimum documentation and quick processing. Dhanlaxmi Bank car loans can be availed for the purchase of any make or model of car and the bank does not restrict this to any particular make.
A Dhanlaxmi Bank car loan can be procured by salaried individuals, self-employed professionals, partnership firms, private limited companies and public limited companies.
Dhanlaxmi Bank Car Loan Eligibility Criteria for Salaried Individuals
Salaried individuals need be atleast 21 years at the time of application and at a maximum age of 60 years at the time of maturity of the car loan. Applicants need to show a minimum annual income of Rs 1, 20,000/- to qualify for a Dhanlaxmi Bank car loan. Individuals should be employed in a stable manner with atleast a year in their current organisation and with a total work experience of two years.
Dhanlaxmi Bank Car Loan Eligibility Criteria for Self-employed Businessmen and Professionals
Self-employed applicants need to be atleast 21 years to qualify and have to be aged 65 years at the time of maturity of the car loan. They should have been in the same business for a period of three years showing a minimum annual income of Rs. 1,20,000/-.
Dhanlaxmi Bank Car Loan Eligibility Criteria for Partnership Firms / Private Limited Companies / Public Limited Companies
Partnership firms, private and public limited companies need to show a minimum income of Rs 1, 20,000/- per annum to be eligible for a Dhanlaxmi Bank car loan. Any company or firm should have steady business continuity and should have been in business for atleast a period of three years.
When an application for a Dhanlaxmi Bank car loan is made, there are various factors that might affect the eligibility criteria for an individual.
Age - Applicants falling between the age bracket of 21 to 60/65 years generally qualify for a Dhanlaxmi Bank car loan. The bank does not sanction car loans for individuals outside the required age criteria. The age of an applicant is considered to ensure that the individual is able to comfortably repay back the loan.
Income - Dhanlaxmi Bank has a minimum income criteria which has to be fulfilled by all applicants. The income of any applicant is considered to make sure they have a regular source of funds and face no hassles while repaying the car loan.
CIBIL Score - CIBIL score plays an integral part when a car loan is approved by Dhanlaxmi Bank. The bank always checks whether the applicant has a steady income and a regular bill/loan payment pattern. This is generally verified to ensure that the car loan applicant is capable of repaying the loan without any trouble.
Profession - Banks generally also consider the profession of an applicant to fulfill the eligibility criteria for a car loan. Applicants should be in a recognized profession with a regular source of income to qualify. Sometimes banks might even reject applications if the individual’s profession is not considered to be reliable or stable.
Always make a joint application.
Joint applications for a Dhanlaxmi Bank car loan are always the better option, if you can include your spouse’s or any other family member’s name. Adding a co-applicant, increases the eligibility criteria for a car loan as the bank will always consider the combined income of both the applicants and joint applications have greater chances of qualifying easily. The only requirement that banks might have is that co-applicants should have a regular income with employment stability.
Repay all your debts, if you can.
When you apply for a new car loan, make sure that you do not have excess liabilities or debts to repay. Having pending payments and multiple installments will only make a lender reject your application. This will happen if the applicant does not have any available extra income from his salary to cover up the new loan. Always try to pay back existing liabilities before applying to comfortably repay your new car loan.
Try submitting extra funds as security.
If an applicant is able to show additional funds or bonus as security, while applying for a car loan, this might also improve the eligibility criteria. The bank is secure that the applicant has enough funds to repay the car loan and will easily approve the loan.
Prospective borrowers can easily check their eligibility for a Dhanlaxmi Bank car loan using specially designed tools called car loan eligibility calculators. This tool will accurately display whether an applicant is eligible to avail a Dhanlaxmi Bank car loan or not. Customers need to input certain details like make and model of the vehicle, age, profession, name, income, etc., to check their car loan eligibility. The type of profession of an applicant will also play a critical role here in determining the eligibility.