Applicant should generally be between 21 and 65 years of age.
Salaried applicants should usually be no older than 60 years at the end of the loan tenure.
Self-employed applicants should usually be no older than 65 years at the end of the loan tenure.
Salaried applicants should generally have at least 2 years of work experience, including 1 year with the current employer.
Self-employed applicants should generally have at least 2 years of business continuity.
Minimum annual income is commonly around Rs. 3,00,000 for salaried applicants, including eligible co-applicant income where accepted.
A credit score of 650 or above is usually preferred, along with manageable existing obligations.
Documents Required
KYC Documents (Valid Photo ID proofs)
PAN Card
Latest 2 years ITR, where applicable.
Latest 3 months salary slips for salaried applicants.
Latest 6 months salary account or bank statement.
Signature verification proof.
Vehicle quotation or proforma invoice, if required by the lender.
Car Loan FAQs
What is car loan eligibility?
Car loan eligibility is based on factors such as income, age, employment stability, credit score, existing obligations, vehicle value, and lender policy. Lenders use these details to assess repayment capacity.
What is a new car loan?
A new car loan is financing taken to purchase a brand-new car. The lender pays the eligible amount and the borrower repays it through EMIs over the selected tenure.
What happens if I cannot pay my car loan EMI?
Missing car loan payments may lead to late fees, credit score impact, collection action, and in serious cases repossession of the vehicle. Customers should contact the lender early to discuss restructuring or repayment options.
How do I get an NOC after closing a car loan?
After repaying the loan fully, request a No Objection Certificate from the lender. Once issued, submit it to the RTO to remove hypothecation from vehicle records and complete the closure process.
How fast can a car loan be approved?
Approval may be possible within 24 hours for eligible profiles with complete documents, subject to lender verification and vehicle details.
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Loan approval, rate, amount, tenure, processing fee, sanction, and disbursement are fully subject to lender policy, credit assessment, documentation, property verification where applicable, regulatory checks, and internal risk review.
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