Finance Your New Car Easily with Our Car Loan Options (New Car Loan)

New Car Loan Eligibility

New Car Loan Eligibility Calculator: Click here to use our EMI Calculator

New Car Loan Eligibility Criteria for Top Banks:

• Age: Generally between 21 and 65 years.
• Income: Minimum monthly or yearly earnings as per lender policy.
• Employment: Stable job with at least 1–2 years of experience.
• Credit Score: Good score, often 700 or higher.
• Down Payment: A certain percentage of the car’s cost may be required.
• Documentation: ID proof, address proof, income documents, car purchase papers.
• Loan Amount: Based on your income and repayment ability.
• Debt-to-Income Ratio: Consideration of existing debts.

For Salaried Individuals:

• Applicants should be at least 21 years old at the time of application and no older than 60 years at loan maturity.
• Minimum 2 years of work experience, including at least 1 year with the current employer.
• Minimum annual income of ₹2,50,000 (including spouse/co-applicant's income).

For Self-Employed Individuals:

• Applicants should be at least 25 years old at the time of application and no older than 65 years at loan maturity.
• Minimum 3 years of continuous business existence.
• Minimum annual income of ₹2,50,000.

Factors Affecting New Car Loan Eligibility:

• Credit Score
• Income Level
• Employment Stability
• Debt-to-Income Ratio
• Loan Amount Requested
• Down Payment Amount
• Loan Tenure
• Credit History
• Existing Financial Obligations

Documentation Required for New Car Loan:

Ensure the following documents are ready to speed up your loan application process:

• KYC Documents (Valid Photo ID proofs like Aadhaar, Passport, Voter ID)
• PAN Card
• Last 2 years’ Income Tax Returns (ITR) as proof of income
• Latest 3 months’ Salary Slips
• Latest 6 months’ Salary Account Bank Statements
• Signature Verification Proof (e.g., bank verification letter or passport copy)
• Proforma Invoice of the Car