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Eligibility Criteria For Salaried Class To Apply F...

05 April 2014, 11:52 AM

Owning a vehicle is a dream for everyone, especially when a person is into a professional life and looks at car from the perspective of a necessity. For some niches of the society, purchasing an automobile might reflect their urban lifestyle and sophisticated stature. Be it any individual, he/she wants to enjoy the comfort of an automobile for the purpose of conveyance. Over the years, there have been several schemes introduced by car dealers as well as the financing firms to turn this desire of owning a car into a reality. Several domestic and global banks present in the country keep launching lucrative schemes to offer car loans for salaried person. The car loan eligibility criteria are defined by the unanimous decisions of the concerned management.

A number of banks and financing firms provide car finance in the lowest rate of interest possible. In general, the car loan eligibility criteria include many clauses and conditions, which should be carefully read before going through the entire process. Depending upon the type of car finance and the schemes, a salaried person is able to avail loan if his/her salary is more than Rs. 2.5 Lakh – Rs. 3 Lakh per annum. Such people are entitled to get a car loan of up to Rs. 6 Lakh – Rs. 7 Lakh with the predefined rate of interest. People having their annual salary more than the aforementioned figures can get an increased loan amount after producing their documents of proof. 

Car loan for salaried person is sanctioned after an individual has produced the salary documents along with the PAN card. In few cases, the banks or the firms demand for copy of the income tax return paid by the person in the previous year. Once the entire process of car finance is completed, the loan amount is sanctioned in the person's bank account, the details of which he/she has given to the firm. Apart from these conditions, the car loan eligibility criteria also include the type of work a person is into. For people working in private firms, their companies need to have a minimum PAT (profit after tax) of more than Rs. 2 Lakh. Also, the business stability of the firms they are working for should be more than at least 3 years.

In recent times, vehicle financing has been simplified to such an extent that almost any salaried person can avail the benefits of the schemes. Furthermore, while purchasing cars in India, the auto dealers also guide buyers through the advantages of financing their vehicles. They provide all the related information to the concerned customers and make their dream of purchasing a car more feasible. A number of auto makers launch their cars in India in a range of options and budget, and the same can be selected by the prospective buyers. It is advised to research properly about the type of cars one wants to purchase and the kinds of loan schemes offered by the vehicle financing firms. One should be at a safer distance from the firms, which seems fraudulent and whose whereabouts are not much known.

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