Eligibility for a New Car Loan

Eligibility for a New Car Loan

The following people are eligible to apply for a New Car Loan:

  • 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

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