Car Loan
Car Loan Eligibility Checker
Car loans are secured against the vehicle itself, so lenders can often offer competitive rates even to first-time borrowers with a reasonable income and credit profile. Eligibility depends on income, existing EMIs, and whether the vehicle is new or used.
Car Loan at a Glance
| Interest Rate | 9% – 13.5% p.a. |
|---|---|
| Loan Amount | Up to ₹1 Crore |
| Tenure | Up to 8 years |
Eligibility Criteria
Who Typically Qualifies
- Age typically 21–65 years
- Minimum monthly income of ₹20,000+ depending on lender and city
- Credit score of 650+ improves approval chances and rate offered
- Lower existing EMI burden relative to income (FOIR)
Documents Needed
Keep These Ready
- PAN card and Aadhaar card
- Income proof — salary slips or ITR
- Bank statements for the last 6 months
- Vehicle quotation/proforma invoice
Next Step
See Your Car Loan Eligibility Score
Answer a few questions about your income and profile to get an instant, free eligibility estimate — no impact on your CIBIL score.
Check Eligibility NowFAQ
Car Loan FAQs
Yes, most lenders offer used-car loans, though the loan-to-value ratio, interest rate and maximum tenure are usually less favourable than for a new car.
Lenders typically finance 80–90% of the on-road price for new vehicles, so you should plan for the remainder as a down payment.
Yes — a high existing EMI burden relative to your income (FOIR) reduces the loan amount lenders are willing to extend, regardless of your overall income level.
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