Want to Buy Your Favorite Car? Check Car Loan Eligibility at Top Banks

When you decide to buy a car, you have some expectations regarding the interest rate and the loan amount. With so many lenders in the market, it gets really difficult for a person to choose the best one out of all but the right decision can only be taken by checking the details in advance. You need to check the interest rates and the Car loan eligibility at different lenders so as to apply for the one that suits your profile and purpose. So, to start with, have a look at the eligibility criteria at the top banks:

ICICI Car Loan Eligibility-

For Salaried:

• Your age must be between 25-58 years
• Your minimum annual salary should be ₹2.5 lakhs
• You must have the overall work experience of at least 2 years with the experience of minimum 1 year with the current employer

For Self-employed:

• Your age must be between 28-65 years
• Your minimum annual income should be ₹2 lakhs
• You must have the minimum 1 year of stability in the profession

SBI Car Loan Eligibility

For Salaried:

• Your age should be between 21-65 years
• Your net annual salary of the applicant and/or co-applicant, if any, together should at least be ₹2.5 lakhs
• You can get maximum loan amount up to 48 times of net monthly salary

For Self-employed:

• Your age should be between 21-65 years
• Your net annual salary of the applicant and/or co-applicant, if any, together should at least be ₹4 lakhs (You can club the income of co-applicants such as your spouse, son, daughter, sister or brother)
• You can get maximum loan amount up to 4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all the existing loans running in your account

For Agriculturists:

• Your age should be between 21-65 years
• Your net annual salary of the applicant and/or co-applicant, if any, together should at least be ₹4 lakhs
• You can get maximum loan amount up to 3 times of net annual income

HDFC Car Loan Eligibility-

For Salaried:

• The age of the applicant should be between 21-60 years
• The minimum annual income of the applicant should be at least ₹1,80,000
• The minimum work experience of 2 years is required in addition to at least 1 year of experience with the existing employer.
• Telephone at Residence or Office/Post Paid Mobile Connection is also mandatory

For Self-employed:

• The age of the applicant should be between 21-65 years
• The minimum annual income of the applicant should be at least ₹60,000-₹1,50,000
• The minimum experience of 2 years is required in the same profession
• Telephone at Residence or Office/Post Paid Mobile Connection is also mandatory

Axis Bank Car Loan Eligibility-

Salaried Individuals:

• Should have attained the age of 21 years while applying for a loan
• The maximum age at the time of maturity of loan should be 70 years
• An annual income of a minimum of ₹2,40,000 is necessary
• There should be a continuous employment for a period of at least one year

Self-employed Individuals:

• The applicant should be at least 18 years old while applying for a loan application
• The maximum age while the loan matures needs to be 75 years
• An annual income of a minimum of ₹1,80,000 is necessary
• A business stability of a period of at least three years is required

Self-employed Non-individuals:

• An annual income of a minimum of ₹1,80,000 is needed for selected car models while for others the requirement is of a minimum of ₹2 Lakhs
• Business stability of a period of at least three years  is needed

Priority/Wealth/Privee customers eligible for a loan:

• Customers with a vintage of 6 months

• A minimum Average Quarterly Balance (AQB) as below:
• An AQB of ₹1 lakh for last 2 completed quarters AQB requirement to be met for both the quarters
• Maximum loan amount restricted to 3 times the AQB in the last 2 quarters

Salary Customers eligible for apply car loan eligibility criteria-

• Customers who have a Salary A/c with Axis Bank since the past 3 months
• Those who work with the following organisations:
• Public Limited and Private Limited Companies
• MNCs
• Permanent employees of State / Central Government
• Permanent employees of Public Sector Undertakings
• Permanent employees of reputed schools / colleges
• Other factors
• Minimum 21 years of age
• Maximum 70 years of age at loan maturity
• Minimum Net Annual Salary of ₹2,40,000 p.a.
• Income eligibility based on latest salary slip and Form 16
• Minimum 1 year of continuous employment