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Auto Loan Eligibility

Eligibility Criterion for Automobile or Car loans in India

Banks have different set of criterions to offer Automobile or Car loans in India. Here we have listed common set of eligibility standards to give you an overview.
If you need detailed information you can visit respective bank’s website or contact us or fill up the form to know about the best Automobile or Car Loan solution (free) for you.

Automobile or Car loans in India for Salaried Individuals:

Age of the applicant	21 years to below 60 years (at the time of maturity)
Minimum employment period	1 year full time working experience as a confirmed employee.
Minimum Income	Rs. 7500/PM+EMI (Take Home) or Rs.100000/PA (net) and above.
Employment Type	A permanent employee of State/Central Govt., Public Sector Undertakings / Corporations / Private Sector Companies and reputed establishments / quasi govt. / Defense / Police force or Autonomous Body / An established education institution / aided college / school / Autonomous bodies / Private / Public Ltd Co.
Bank statement	Minimum of last 6 months (Not mandatory for all banks).

Automobile or Car loans in India for Self Employed Individuals:

Age of the applicant	21 years to below 65 years (at the time of maturity)
Business Establishment	Minimum 3 years in present business (5 years experience in total)
Minimum Income	Rs. 60000/PA and above (Gross) (Some banks calculate on 60000/PA as Net Profit)
Communication	Must have Landline telephone running for last 6 months (minimum).
Address	Minimum stay at current address must be for 2 years.

Automobile or Car loans in India for Partnership Firm:

Minimum Income	Rs.100000/- PA or above
Minimum turnover	Rs.4.5 lacs or above
Communication	One phone at office and residence
Establishment	Must be existing for least 3 years

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