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Wondering if you are eligible for a used car loan? Here’s everything you need to know!
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Used Car Loan Eligibility for Salaried Individuals
As a salaried individual, you can be eligible for a used car loan if:
- Your Age is between 21 to 60 years
- Your minimum annual income is ₹2,50,000
- You have proof of at least 1 year of continuous employment
Used Car Loan Eligibility for Self-Employed Individuals
As a self-employed individual or freelancer, you can be eligible for a used car loan if:
- You age is between 23 to 65 years
- Your minimum annual income is ₹3,00,000
- You have a valid business proof- including business registration and 2 years of continuity
Factors that Determine your Car Loan Eligibility
Age:
- Salaried individuals must be between 21 and 60 years old
- Self-employed individuals must be between 23 and 65 years old
Minimum Annual Income:
- Salaried applicants: ₹2,50,000
- Self-employed applicants: ₹3,00,000
Employment Proof:
- Salaried applicants require proof of at least 1 year of continuous employment
- Self-employed applicants need valid business registration and proof of 2 years continuity
- Credit score and financial standing also influence eligibility
How to Improve Your Car Loan Eligibility
- Maintain a good credit score above 750 for better approval chances and lower interest rates
- Clear any existing loans to improve eligibility and financial management
- Plan for a larger downpayment to ease loan approval and repayment
- Highlight additional income sources to qualify for a higher loan amount
- Opt for a co-applicant to strengthen your loan application and eligibility
Frequently asked questions
How much salary is required to apply for a used car loan?
Your eligibility depends on your age, income, employment status, credit score, and continuity of employment. Salaried applicants should be between 21 and 60 years old with a minimum annual income of ₹2,50,000 and at least one year of continuous employment. Self-employed applicants must be between 23 and 65 years old, with a minimum annual income of ₹3,00,000 and valid business proof for at least two years. A good credit score helps you get better rates and faster approvals.
What eligibility documents would be required?
Salaried applicants need a minimum annual income of ₹2,50,000, while self-employed individuals should earn at least ₹3,00,000 per year.
Can I get a used car loan if I am self-employed or a freelancer?
Yes, self-employed individuals and freelancers can apply by submitting necessary business and income proofs that show stable continuity of income.
What is the minimum and maximum age limit for used car loan applicants?
Applicants must be between 21 and 60 years of age if salaried, and between 23 and 65 years of age if self-employed, at the time of the used car loan application.
Can I get a used car loan if I don't have a credit history or CIBIL score?
Even without a credit history or CIBIL score, we encourage you to apply for this loan to purchase a used car. Piramal Finance considers income stability and other documentation to assess your eligibility fairly.
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