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Car Loan Eligibility Calculator Sep 2020

Car Loan Eligibility – All Banks

Last Updated 19th Sep 2020

Lowest Interest Rate 9.25%
Lowest EMI Per Lakh ₹ 1,614 for 7 years
Maximum Loan Amount Upto 100% of ex-showroom price
  • Car Loan eligibility depends on salary. Higher the income, higher the eligibility
  • Assessment of repayment capacity after paying existing fixed expenses and EMIs defines your eligibility
  • Compare and check online to get the lowest car loan rate and best loan amount

Compare Car Loan Rates and Eligibility of All Banks

Bank Car Loan Interest Rates Car Loan Eligibility Loan Amount
HDFC Bank Car Loan Eligibility 9.25% Fixed 100% of ex-showroom price
SBI Car Loan Eligibility 8.00% Floating 85% of on-road price
ICICI Bank Car Loan Eligibility 9.30% Fixed 100% of ex-showroom price
Axis Bank Car Loan Eligibility 9.25% Fixed 90% of ex-showroom price
IndusInd Bank Car Loan Eligibility 10.65% Fixed 85% of ex-showroom price
Kotak Bank 11.50% Fixed 90% of ex-showroom price
PNB 8.75% Floating 85% of on-road price
Union Bank of India 8.60% Floating 85% of on-road price
Central Bank of India 9.00% Floating 90% of on-road price
Andhra Bank 9.40% Fixed 85% of on-road price
IDBI Bank 9.30% Fixed 90% of ex-showroom price
Federal Bank 9.15% Fixed 90% of ex-showroom price
Bank of India 9.50% Floating 85% of on-road price
Bank of Maharashtra 9.25% Floating 85% of on-road price
Corporation Bank 9.55% Floating 85% of ex-showroom price
Indian Bank 9.65% Floating 85% of on-road price
OBC 9.05% Floating 85% of on-road price
Bank of Baroda 8.90% Floating 85% of on-road price
United Bank of India 9.10% Floating 85% of on-road price

Car Loan Eligibility Criteria

  • 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.

FAQs

What is the eligibility for a car loan?

Salaried individuals and self-employed professionals and businessmen between the age group of 21 years and 60 years can avail a car loan for a period of 1 year to 7 years. Banks provide car loans up to 100% of the ex-showroom price of the loans based on the value of the car and the amount of EMI you can pay on car loans.

Can I get a 100% car loan?

Yes, banks provide car loans up to 100% of the ex-showroom price of the car. Ex-showroom price is the price of the car, including excise duty but excluding local duties and statutory charges. However, banks evaluate the repaying capability of the borrowers based on the cost of the car.

How much car loan can I get on ₹ 20,000 salary?

The amount of car loan will depend on the ex-showroom price of the car and whether it is a used car or a new car. Banks usually provide car loans up to 100% of the value of the car. You can check the eligibility criteria for different banks using an online eligibility calculator.

How is car loan eligibility calculated based on salary?

Every bank has set minimum income eligibility for getting a car loan, and it varies from bank to bank. However, higher your salary is, you can get a higher loan amount at a low-interest rate.

How do I know if I qualify for a car loan?

You can calculate the car loan eligibility using the Car loan eligibility calculator. Most of the banks such as ICICI Bank, HDFC Bank, Kotak Bank allows you to check your eligibility using an online eligibility calculator available on their website by entering income details and the value of the car.

What credit score is needed for a car loan?

While every bank has different eligibility criteria and minimum requirements of credit score, however, car loans generally require a high credit score, and a credit score of 750 is considered as an ideal score for availing a car loan.

How can I lower my car payments without refinancing?

Prepayment is one method if you want to reduce your monthly payments on the car loan. It will help if you pay the more substantial amount initially. Along with the prepayment, you can request the lender to lower your interest rate based on your past repayment record.

How many car loans can I have?

You can have multiple car loans; however, banks will evaluate your EMIs to income ratio. If you have an existing car loan and are already paying 50% of your income on EMI, then banks may not grant you another credit.


*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More