Eligibility Criteria

What you mean by Used car loan Eligibility Criteria?

Get 90% of finance on your used car with lowest interest rate, compare various banks & lenders offers that match your requirements. Before applying for used car loan check your eligibility criteria that you match or not to avoid any kind of loan application rejection.

Used car loan Eligibility Criteria

Usually, used car loan Eligibility Criteria depends on various factors like age of applicant, monthly salary or business income of co-applicant & residency..etc.

Eligibility Criteria for Salaried Individual

 

  • • Age Limit of Individuals – 21 to 60 years of age
  • • Minimum 2 years of work experience & must have 1 years of work experience with current organization
  • • Nationality – Resident of Indian
  • • Minimum salaried required 20,000 p/m

 

Eligibility Criteria for Self-Employed Individual

 

  • • Age Limit of Individuals – 21 to 65 years of age
  • • Minimum 3 years of existing business
  • • Minimum turnover of business should be 4,50,000 per annum

 

Note: – You can avail minimum loan amount as 3 lakh & maximum loan amounts as 10 lakh on availing used car loan.

What are the factors generally affecting Used car loan Eligibility Criteria?

There are Top factors that generally affects Used car loan Eligibility Criteria as given below: –

Credit Report: – Generally this is a common factor consider while applying for any types of loan, wherein higher credit score won’t only help you to get loan approval but also aid you to negotiate better used car loan interest rate.

Applicant Age: – As the used car loan age limit is 21 to 65 years of age, above the age or below the age won’t make you to apply for the loan as per standard terms & conditions. Therefore, ensure that your meet the criteria.

Annual Income: – You might be getting the loan by pledging your used car, but certain things lenders will consider while approving your loan application as a salaried your minimum annual income to be 2,50,000 or if you are self-employed your annual turnover should be 4,50,000 per annum.

What are the ways to increase Used car loan eligibility?

To increase Used car loan eligibility, you need to consider Top 3 points as given below, this will aid you in increasing your eligibility level.

Maintain good credit score: – This is the best way to increase used car loan eligibility criteria, by maintaining a good credit score you make the confidence to lender that you are enough capable to repay the loan amount without any default & this what every lenders look for providing loan.

Income Level: – Apart from good credit score, your income matters. Therefore, make sure your income level would a bit higher than the minimum expectation from lenders. This will aid you get loan without any difficulties facing.

Opt for Longer Tenure: – Try to choose longer tenure period to pay back the principal amount as it will improve your eligibility because longer tenure generally refers to low monthly EMI which will rescue from any delay or not pay payment lower EMI as much affordable to pay.

Documents Required

INDIVIDUAL
  1. PHOTOGRAPHS 2

  2. PAN CARD COPY

  3. AADHAR CARD + PASSPORT

  4. ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF

  5. LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE

  6. LAST 1 YEAR BANK STATEMENT – SALARY ACCOUNT

  7. LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)

  8. COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS

  9. PROCESSING FEE CHEQUE IN FAVOUR OF BANK

  10. LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER