Before going for a loan please check whether you are completely eligible for a car loan or not.
Are you a salaried employee?
This consists of all those who are Doctors, chartered accountants, an employee with a public or private sector company. In this case your eligibility criterion is:
- The minimum age at the time of the loan applied should be 21 years and 60 years at the completion of the tenure.
- Should have had a job experience of 2years or minimum1 year with the employer you are working for.
- Must have an annual income of Rs.100000 plus the income of your spouse.
- Must have a telephone connection at your residence.
Are you a self-employed and a Sole proprietor?
It includes the sole proprietors who have business of manufacturing/ trading. You will be eligible if:
- Minimum age if the person applying for a loan should be 25 and 65 when the time of the loan ends.
- Should havebeenin thisbusinessforat least three years.
- Should earn Rs. 60000 annually.
- Need to have a telephone connection.
Are you a self-employed and a Partnership firm?
This includes people involved in business nature of the partnership. Your eligibility will depend upon if:
- Have a yearly income of Rs.60000 per year.
- The minimum turnover of your firm should be at least Rs.450000 yearly.
- Should have a landline connection at your residence and office.
- In the case if you have a landline connection at only one place Post-paid mobile which has beenused for three months will also be taken into consideration.
- You should be earning at least Rs.60000 p.a.
- In this case, the co-applicant should be the Karta individually.
- Should have a landline connection at your home and office. If in case the availability is only at one place, the post paid mobile phone of three months old is also acceptable.
Are you a self-employed and a Hindu Undivided Family?
Here if you fall under the category of Hindu Undivided Family. You will be eligible if:
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