Maximum amount of car loan you can get depends upon two factors
value of the car you are buying
the maximum EMI you are able to pay
While some banks express the maximum loan amount as a %age of ex-showroom price, some link it to the on-road price. The two are not the same as explained below:
Ex-showroom price is the price of the car including excise duty but excluding local duties and statutory charges.
On road price is the price you pay for the car including the ex-showroom price and cost of registration, insurance, octroi, municipal entry tax, road tax and any accessories. The on road price tends to be 15-25% more than the ex-showroom price and may vary from city to city.
Car loan Eligibility calculator, Cibil Score for Car loan
This MyLoanCare calculator uses your monthly income to estimate how much personal loan amount banks are likely to sanction you. Important factors that determine your eligibility are:
How much EMI can you comfortably pay every month while still meeting your household expenses? In case you pay any existing EMI’s on other loans, the same will reduce your eligibility
What is the car loan tenure available and opted for by you? Car loans are available for a period of 1 to 7 years. Longer tenures are available on new cars as opposed to used cars.
Your CIBIL score and payment track record of past loans and credit cards. A CIBIL score of above 750 is desirable for availing car loans. Estimate your credit score free by using MyLoanCare Credit Score Simulator
Eligibility estimate based upon your monthly post tax in-hand income and lowest interest rate offered in the market. Additional eligibility criteria, charges, terms, conditions and different interest rates may apply. Loans granted at sole discretion of respective bank.
*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at email@example.com to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.