Any salaried person or self-employed individual can qualify for a car loan in India. There are certain eligibility conditions which car loan borrowers must fulfil:
Documents for Salaried Individuals are as follows:-
- Age: Anyone between 21 to 60 years old is eligible for a personal loan.
- Credit Score: Applicant should have a good credit score.
- Employment History: Minimum of 1-year employment with the current employer.
- EMI: Bank expects you to pay 40% to 60 % of your salary towards EMI.
To apply for a car loan, you will need to submit the following documents along with filled application form:
2 recent passport size photographs.