What is the eligibility or qualification criteria for car loan?
The eligibility or qualification criteria for a car loan differs from one lender to the other according to the borrower’s profile. Car loan is availed when buying a car for personal or commercial use. The lump sum amount borrowed is repaid in easy instalments.
Who is eligible to apply for a new car loan?
The following people are eligible to apply for a New Car Loan: 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
Why do you need a car loan eligibility calculator?
With the help of the eligibility calculator, the borrower can also know the lenders who can provide him the expected car loan amount under his eligibility conditions. It saves the money and time lost in approaching every lender.