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 a 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 have been in this business for at 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 the business nature of the partnership. Your eligibility will depend upon if:
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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- 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 been used 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 in one place, the post-paid mobile phone of three months old is also acceptable.