If you are looking for an affordable auto financing option, the KBL Car Finance scheme would be the suitable choice for you. This loan product from Karnataka Bank is a one-of-a-kind car financing deal which comes with attractive interest rates, higher loan amounts and flexible loan tenures. KBL car loans can be procured for the purchase of new and used cars aged not more than three years. Karnataka Bank also requires borrowers to furnish security for the new vehicle along with third party co-obligation or guarantee.
A bank considers an applicant’s eligibility based on multiple factors. Some of the key factors affecting your Karnataka Bank eligibility are -
Income - Applicants are required to have a steady source of income and also above a certain limit to qualify for a car loan. Karnataka Bank requires that applicants should fall under the income tax bracket to even qualify.
CIBIL Score - Another important aspect that banks consider while approving car loans is an individual’s credit score. Applicants with higher credit score, regular repayment patterns and lesser liabilities tend to get car loans easily approved by Karnataka Bank. Individuals with erratic payment patterns might face difficulties to get a car loan sanctioned and in most cases might get rejected.
Type of profession - Banks also look into the type of profession that the applicant is involved in. The lender needs to ascertain that the borrower has the repayment capability along with a steady source of income. Customers who are in professions which might not have recurrent income might not be considered to be eligible to avail a Karnataka Bank car loan.
If you are planning to buy a new car with a loan, always ensure that you qualify for the loan with regards to your income and other related criteria. Cross-checking your eligibility always help you when you file an application for the car loan. Eligibility for a Karnataka Bank car loan can be easily got by using excellent tools called car loan eligibility calculators, easily available on the net. Car loan eligibility calculators require only a few inputs like name, age, income, profession, interest rates, loan amount, on-road price and model of the new car. With all these details, these calculators will be able to accurately tell you whether you are eligible to procure a Karnataka Bank car loan or not.
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