How to improve your loan against car eligibility
Securing a loan against your car can be a smart financial move, but improving your eligibility can help you get better terms and a higher loan amount. Here’s how you can enhance your chances of approval:
- Maintain a good credit score: A high credit score signals your reliability as a borrower. Aim to keep a healthy credit score by paying off existing debts and ensuring timely payments on all credit accounts.
- Ensure proper car documentation: Make sure all your car’s documents—such as the registration certificate, insurance, and maintenance records—are up-to-date and in order. Well-maintained documentation makes it easier for lenders to process your application.
- Demonstrate stable income: Lenders prefer borrowers with a stable income. Providing proof of consistent earnings, such as salary slips or bank statements, can strengthen your application.
- Reduce existing debts: Lowering your existing financial obligations increases your borrowing capacity. Pay down other loans or credit card balances to improve your debt-to-income ratio.
- Provide a co-applicant: Adding a co-applicant with a strong credit history and stable income can boost your eligibility and potentially secure better loan terms.
By following these steps, you can enhance your loan against car eligibility and increase your chances of securing favourable loan conditions.
How to apply for a loan against car
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Frequently asked questions
You can benefit from of our flexible repayment tenures ranging up to 72 months.
Individuals should have at least a minimum monthly salary of Rs. 20,000 to apply for our loan against car.
You can get a loan against car of up to Rs. 77 lakh, which you can repay comfortably over a long tenure of up to 72 months.
The eligibility criteria are as follows:
Nationality: Indian
Age: 18 to 80 years*
Employment:
For Salaried: Individuals should have at least 1 year of experience and a minimum monthly salary of Rs. 20,000
For Self-Employed: Applicant must submit an ITR filed for the last 2 years
*Age should be 80 or less at the end of the loan tenure.
Securing a loan against a car without income proof is challenging. Most lenders require income verification to assess repayment ability. However, certain lenders may offer such loans but with stricter eligibility criteria or higher interest rates on loan against cars. To qualify for a Bajaj Finserv Loan Against Car, you must submit documents such as your KYC documents, PAN card, bank statements, and salary slips among others.
Obtaining a loan against car with a low credit score can be challenging with traditional lenders. However, specialised institutions may offer possibilities, usually at higher interest rates or stricter terms. It is advisable to explore various options and consider improving your credit score for better terms.
Here is a list of documents required when applying for our loan against car:
- KYC documents – Aadhaar/ passport/ voter’s ID
- PAN card
- Employee ID card
- Bank statements for the last 3 months
- Salary slips for the last 3 months
- Vehicle registration certificate
Since a loan against car is a secured loan, there is no minimum criteria that needs to be met. However, it is advisable to maintain a healthy credit score in order to secure favourable loan terms.
