Car Loan Eligibility Criteria Calculator

The eligibility or qualification criteria for a car loan differs from one lender to the other according to the borrower’s profile.

Age	Minimum Age: 18 yrs. Maximum Age: 75 yrs.
Salary	Rs.10,000 per month (minimum)
Employment Type Stability	Salaried or Self-employed individual/ partnership 3 yrs. (minimum) total experience/yrs. in business/profession;2 yrs. (minimum) in current post/business/profession
Type of Car	New or used
Residence Area Stability	Urban/Semi-urban/Rural 1 yr. (minimum) stay at current residence

Car loan is availed when buying a car for personal or commercial use. The lump sum amount borrowed is repaid in easy instalments.

Car loan eligibility depends on various factors. Car loan eligibility calculator helps an individual to get an approximate idea of the amount he is eligible for loaning. The calculator considers different factors for eligibility calculation, especially the income.

With the help of the eligibility calculator, the borrower can also know the lenders who can provide him the expected car loan amount under his eligibility conditions.

It saves the money and time lost in approaching every lender.

If you are planning to buy a used car, the loan eligibility criteria would vary from that of a new car.  Because the value of car is lower than its original selling price, thus the minimum income requirement is also lower.

To avail an SBI Car Loan, you should be an individual aged 21 to 65 years, belonging to one of the following 3 categories:

Category	Income Criteria	Max. Loan Amount
Regular employee of State / Central Government, Public Sector Undertaking, Private Company or a reputed establishment.	Net Annual Income of applicant and/or co-applicant if any, together should be a minimum of Rs. 3,00,000/-	48 times of the Net Monthly Income
Professionals, self-employed, businessmen, proprietary/partnership firms who are income tax assesses.	Net Profit or Gross Taxable income of Rs. 4,00,000/- p.a. (income of co-applicant can be clubbed together)	4 times Net Profit or Gross Taxable income as per ITR after adding back depreciation and repayment of all existing loans
Person engaged in agricultural and allied activities.	Net Annual income of applicant and/or co applicant together should be a minimum of Rs. 4,00,000/-	3 times of Net Annual Income

	Salaried	Self employed Individual	Self-employed Non Individuals
Age	21<= 60 years	21<= 65 years
Income	Earn at least an income of Rs. 1,80,000 annually, including the income of your spouse/Co-applicant	Earn at least Rs. 60,000 per annum if you are looking to buy a standard car and at least Rs. 1,00,000 per annum for mid-sized and premium cars. (for private limited company owner- minimum turnover of Rs. 4,50,000 per annum)	Earn at least Rs. 60,000 per annum if you are looking to buy a standard car and at least Rs. 1,50,000 lakh/annum for car loan
Income proof	latest salary slip and Form 16	latest ITR	latest 2 year ITRs and audited financial of 2 years along with computation of income
Employment Stability	Have had a job for at least 2 years, and a minimum of 1 year with your current employer	Be in business for at least 2 years	Have a minimum turnover of Rs. 4,50,000 per annum

Axis Bank offers Car Loans at attractive interest rates to both salaried and self-employed individuals who meet our age and income eligibility criteria.

	Salaried	Self employed Individual	Self-employed Non Individuals
Age	21–70 years	18–75 years
Income	Rs. 2.4 Lac p.a	Rs. 1.8 Lac p.a	Rs. 1.8 Lac p.a
Income proof	latest salary slip and Form 16	latest ITR	latest 2 year ITRs and audited financial of 2 years along with computation of income
Employment Stability	Minimum 1 year of continuous employment	Minimum 3 yrs in same line of business	Minimum 3 yrs in same line of business

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