Car Loan

Buying a car is an exciting milestone, and MDG Financial Services is here to make it easier for you to secure financing. Whether you’re an individual or a business looking for a vehicle loan, here are the common eligibility criteria most lenders in India consider:

 

• Age: Applicants should typically be between 21 and 58 years old. However, age limits may differ slightly based on the lender.

 

• Employment Type and Status: For salaried individuals, most lenders require that salaried applicants have stable employment with an organisation. You should have at least 1 year of total work experience, with minimum 6 months in your current job. For self-employed individuals, a steady business track record of at least 6 months is usually required. Consistent income from the business or profession is essential to demonstrate financial stability.

 

• Income Requirements: Minimum income requirements generally vary based on your city of residence and the loan provider. Salaried employees need a minimum monthly income of ₹12,500, while self-employed individuals need to show consistent monthly revenue. A higher income may improve loan eligibility and increase the loan amount you qualify for.

 

• Credit Score: A good credit score, 700 and above, is preferred by most lenders. This score shows your creditworthiness and can improve your chances of approval. If you have a lower score, don’t worry; we can help you explore options.

 

• Current Financial Obligations: Lenders assess your debt-to-income ratio to ensure you can comfortably manage additional loan payments. Having fewer existing financial commitments may enhance your eligibility.

 

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