• Tata Capital Car Loan Eligibility Calculator

    Tata Capital services car loans for both new and used cars. They offer customised loans to meet the different needs of customers. You can get tailored loans to suit your repayment ability and needs. You can choose from different payment options such as bullet repayment, step down and step up. Tata Capital offers loans with flexible EMIs and wider eligibility. Customers can avail of loans up to 100% of the ex-showroom price on select models from over 2000 dealers across India.

    Tata Capital Car Loan Eligibility

    You can be eligible for a Tata Capital Car Loan with attractive interest rates if you meet certain requirements. Tata Capital has made the eligibility requirements quite wide to include a range of people. Tata Capital also requires very minimal documentation from their customers to approve the loan.

    Salaried individuals, self-employed and non-individuals are eligible to apply provided they meet the following criteria.

    • Salaried individuals need a minimum income of Rs. 2.5 lakhs total.
    • Self-employed should be earning at least Rs. 2 lakhs
    • Non-individuals which include partnership firms should be earning at least Rs. 2 lakhs.

    Factors Affecting Tata Capital Car Loan Eligibility

    Your car loan eligibility depends on a number of things. With Tata Capital, the eligibility criteria is broad, but there are a few things that might hamper your chances at availing the loan amount you want.

    • Your income plays an important role in the loan quantum you qualify for. In order to get the loan you require, you should be earning at least Rs. 2.5 lakhs for salaried employees, and Rs. 2 lakhs for others.
    • Your CIBIL score matters. When you apply for a loan, banks and financial institutions inquire about your credit score. If you have a low score, banks may be reluctant to lend to you. So keeping your CIBIL score high is important.
    • Your age is an important determinant as banks prefer that you are above the age of 21. Banks usually set a maximum age by which you should complete paying off the loan.
    • If you hold a personal loan or credit card debt and so on, this could factor into the amount of credit Tata Capital can provide you with. You may be approved for a loan but may not get the amount you require sanctioned.

    How CIBIL Score affects Tata Capital Car Loan Eligibility

    CIBIL scores are calculated by the Credit Information Bureau India Limited. These scores play an integral part in the credit segment of the banking world. They keep a track of all the good and bad you do in regards to the credit you are given from banks. When you default on your payment, it’s recorded. When you pay your bills on time, it’s taken note of. So CIBIL scores can almost always give banks a clear picture of what kind of customer you are. A low CIBIL score makes banks think that you are not an ideal customer and are not fit to be given a loan. A high CIBIL score ensures bank’s of your credibility and trustworthiness. Your application process becomes easy on both ends.

    How do you increase your eligibility for an Tata Capital Car Loan?

    If you do not meet the set criteria for a Tata Capital Loan, you can increase your eligibility by:

    • Getting a guarantor to stand as surety for you when you don’t meet the age and income requirements.
    • Adding your spouse or immediate blood relative as a co-applicant in the loan. Immediate relatives include your mother, father, sister, brother, spouse, daughter and son. Their income will be taken into account to meet the minimum income requirements. You can also enhance your loan amount by adding their income to yours.
    • Making sure you clear all your other debt. This will decrease your debt-to-income ratio and you will qualify for a larger loan sum.
    • Improving your CIBIL score by finding out why your score is low and take measures to bring it up.

    Tata Capital Car Loan Eligibility Calculators

    Tata Capital has an intelligent calculator on their official website which helps you easily determine whether you are eligible for a loan or not.

    • To use their calculator, access their website.
    • Under car loans, select your choice of new car or used car.
    • Find the tab “Check eligibility”.
    • Input your details such as income type, yearly income, car model and version and your city.
    • The calculator will generate results which give you a clear picture of the loan you are eligible for. You can view your estimated down payment, loan amount and tenure.

    The calculator generates results of your EMI and repayment structure under all the schemes they provide so that you can also compare the different schemes to choose one that suits you the best.

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