Car Loan (Secured)

Citizenship / Residency

• Applicant must be an Indian resident

• NRIs are eligible subject to RBI norms and bank policy

Age

• Minimum: 21 years

• Maximum: 60–65 years at loan maturity

Employment Type

• Salaried individuals (government, PSU, private sector)

• Self-employed professionals / business owners

Income

• Stable and regular income source

• Minimum income as per bank norms (varies by city and lender)

Work / Business Experience

• Salaried: Minimum 1 year total work experience

• Self-employed: Minimum 2–3 years business continuity

Credit Score (CIBIL)

• Generally 700 or above preferred

• Clean repayment history with no major defaults

Loan Amount Eligibility

• Based on income, repayment capacity, and car value

• EMI usually limited to 40–50% of monthly income

Car Eligibility

• New car or used car (as per bank policy)

• Vehicle must be purchased from authorized dealer

• Model and age norms apply for used cars

Loan-to-Value (LTV) Ratio

• Up to 85–90% of on-road price (new cars)

• Lower LTV for used cars

Co-applicant (if applicable)

• Spouse or immediate family member allowed

• Co-applicant income can improve eligibility

Existing Liabilities

• Other EMIs and credit card dues considered

Down Payment

• Borrower must pay required margin money as per bank norms