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Car Loan Eligibility Calculator
Car Loan Eligibility Calculator helps determine the loan amount you qualify for, based on factors like income, credit score and existing debts. By inputting this data, you receive an estimate of your loan eligibility that helps in budgeting and car selection. It simplifies the loan application process, ensuring affordability and convenience.
New Car
- Loan upto 100% on road price
Pre-Owned Car
- Loan up to 100% of the valuation of car with maximum tenure of 84 months* (can go further depending on profile)
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Car Loan Eligibility Criteria
- Age Criteria: Generally between 21 and 65 years
- Monthly Income: Meets minimum income threshold
- Credit Score: Good credit history preferred
- Existing Debts: Manageable Debt-to-Income (DTI) ratio
- Employment Type: Permanent employment status preferred.
- Age Criteria: Must be between 21 and 65 years
- Annual Income: Demonstrates the ability to repay the loan
- Credit Score: Good credit history preferred
- Business Documentation: Tax returns, business registration documents etc.
- Financial Stability: Stable income and business performance.
- Legal Entity: Properly registered business entity
- Business Stability: Minimum operational duration required
- Annual Turnover: Meets minimum turnover criteria
- Financial Stability: Demonstrates the ability to repay the loan
- Business Documentation: Audited financial statements, tax returns etc.
- Maintained an active account status with the Bank
- Long-standing relationship with the Bank.
- Monthly Income: Meets minimum income threshold.
- Employment Stability: Minimum employment duration required.
- Credit Score: Good credit history preferred.
- Existing Debts: Manageable Debt-to-Income (DTI) ratio.
- Age Criteria: Generally between 21 and 65 years.
Car Loan Eligibility Calculator FAQs
The required CIBIL score for a Car Loan varies, but generally a score of <700> or higher is preferred by ICICI Bank.
The eligibility criteria for a new Car Loan typically includes stable employment, a good credit score and meeting the income requirements.
A stable income source, with a minimum monthly salary meeting the lender's requirements, is eligible for a car loan. While specific income thresholds vary among lenders, stable employment and sufficient income to cover loan repayments are essential factors influencing eligibility.
While a salary of 30k or 40k may qualify for a car loan, eligibility ultimately depends on factors like credit score and existing debts.
Some lenders may offer 100% financing for car purchases, but generally, it is 80 to 90% of the total loan amount. Before opting for such a loan, consider the terms, interest rates, and repayment conditions.
A stable income source, with a minimum monthly salary meeting the requirements is eligible for a Car Loan. While specific income thresholds vary, stable employment and sufficient income to cover loan repayments are essential factors influencing eligibility.
