Car Loan Eligibility Calculator

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

Eligibility Criteria for Car Loan

The eligibility criteria differs from one lender to the other according to the borrower’s profile.

Minimum  Age: 
Maximum Age: 

18 yrs.
75 yrs.

Minimum salary

Rs.10,000 per month

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

Check Car Loan Eligibility Calculator

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.
 

How to Calculate Used Car Loan Eligibility for Banks

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.
 

SBI Car Loan Eligibility

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

HDFC Bank Car Loan Eligibility

 

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 Car Loan Eligibility
 

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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