Eligibility requirements for Tamilnad Mercantile car loan include the following parameters depending upon the applicant’s age, income and employment characteristics:
- Individual / HUF / Partnership Firm / Limited Company / Trust Individual with minimum gross income of Rs.1,20,000 p.a. (including the income of the spouse)
- For others: debt service coverage ratio should be 1.50:1 or more.
- Minimum age of Applicant: 21 years.
- Maximum age of Applicant at loan maturity: 58 years.
- Minimum employment: 1 year in current employment and minimum 2 years of employment.
- Minimum Annual Income: Rs.1,20,000 net annual income.
- Minimum age of Applicant: 21 years
- Maximum age of Applicant at loan maturity: 65 years
- Minimum employment: At least 3 years in business
- Minimum Annual Income: Net profit Rs.60000 p.a for standard cars and Rs.100000 p.a. for mid-sized and premium cars
Partnership firms/ Public and Private Limited Companies:
- Minimum Income: Net profit Rs.60000 p.a for standard cars and Rs.100000 p.a. for mid-sized and premium cars.
- Minimum turnover: Turnover Rs.4.5 lakh.
Check your Car Loan Eligibility
Eligibility for Tamilnad Mercantile car loan depends upon various factors. These factors also determine your car loan amount eligibility:
- Income levels: Higher the income better the chances for a higher loan amount
- Income regularity: Regular income improves chances for loan approval
- Kind of Car: New car finance plans are more easily available than used cars; a high-end car model will be expensive which means the borrower has to be able to pay the portion not funded by the loan (LTV ratio)
- Longer tenures will enhance repayment capacity
Save your precious time by checking your eligibility for Tamilnad Mercantile car loan at PaisaBazaar using our Tamilnad Mercantile car loan eligibility calculator.