Features and Benefits of Auto Loans

• Get Auto loan for purchasing New and Used cars.
• The financing can go up to 85%-90% of the on-road price of the car. Some banks offer up to 100% financing on the vehicle’s on-road price to certain conditions.
• The loan tenure can range from one year up to Eight years.
• Instant financing facilities for cars from some lenders.
• You may get additional discounts and offers if you choose to purchase a car from the dealer.
• The repayment for a car loan through easy EMI

Eligibility Criteria for Auto Loans

Mentioned criteria may change lender to lender

Salaried Individuals:

• This includes employees of private limited companies, employees from public sector undertakings, including central, state and local bodies
• Individuals who are a minimum of 21 years of age at the time of applying for the loan, and no older than 60 at the end of the loan tenure
• Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer
• Those who earn a minimum of Rs. 3,00,000 per year, including the income of the spouse/co-applicant
• Individuals who have a telephone/post-paid mobile

 

Self Employed Individuals and Professionals (Sole Proprietorship):

• This includes self-employed sole proprietors in the business of manufacturing, trading or services
• Individuals who are a minimum of 21 years of age at the time of applying for the loan, and no older than 65 at the end of the loan tenure
• Those who have been in business for a minimum of 2 years
• Should earn at least Rs. Rs. 3,00,000 per annum

 

Self Employed Individuals and Professionals (Partnership Firms):

• This includes self-employed partners in the business of manufacturing, trading or services
• Those who have a minimum turnover of Rs. Rs. 3,00,000 per annum

 

Self Employed Individuals and Professionals (Private Limited Companies):

• This includes individuals who own a private company in the business of manufacturing, trading or services
• Should earn at least Rs. Rs. 3,00,000 per annum

 

Self Employed Individuals (Public Limited Companies):

• This includes directors in public limited companies that are in the business of manufacturing, trading or services
• Should earn at least Rs. Rs. 3,00,000 per annum