FEATURES
ELIGIBILITY
The following people are eligible to apply for a Loan Against Car:
Salaried Individuals:
- This includes doctors, CAs, 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 65 at the end of the loan tenure
- Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer
- Those who earn a minimum of Rs. 2,50,000 per year, including the income of the spouse
Self Employed Individuals (Sole Proprietorship):
- This includes self-employed sole proprietors in the business of manufacturing, trading or services
- Individuals who are a minimum of 31 years of age at the time of applying for the loan, and no older than 65 at the end of the loan tenure
- Those who have been in business for a minimum of 3 years
- Should earn at least Rs. 2,50,000 per annum
Self Employed Individuals (Partnership Firms):
- This includes self-employed partners in the business of manufacturing, trading or services
- Individuals who earn at least Rs. 2,50,000 per annum
- Those who have a minimum turnover of Rs. 4,50,000 per annum
- Individuals who have a residence or office telephone line. A post-paid mobile phone that is a minimum of three months old is acceptable if only one landline is available
Self Employed Individuals (Private Limited Companies)
- This includes individuals who own a private company in the business of manufacturing, trading or services
- Should earn at least Rs. 2,50,000 per annum
- Individuals who have an office landline
Self Employed Individuals (Hindu Undivided Family - HUF):
- This includes self-employed individuals in a business that falls under HUF
- Should earn at least Rs. 2,50,000 per annum
- Individuals who have a residence and office telephone line. A post-paid mobile phone that is a minimum of three months old is acceptable if only one landline is available
- The Karta should be the co-applicant in his individual capacity