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Most Banks and Finance companies have similar eligibility criteria for the approval of finance. Finance can be availed for purchase of cars by
- Individual
- Partnership Firms.
- Private/Public Limited Companies .
The extent of loans sanctioned depends on various parameters which are taken into consideration while evaluating the finance proposal. The eligible criteria are as follows
Salaried Individual:
• Gross Annual salary should be above Rs. 1 Lakh p.a.
• The applicant should be atleast 21 years old at the time of application, and below 60 years of age at time of maturity of the loan.
• Should have a telephone at residence.
Self employed Individual:
• Gross Annual Income should be above Rs. 60,000.
• Any proprietor, partner, professional or director above 21 years of age but below 65 at the time of loan's maturity.
• Should have been in the business for atleast 3 years.
• Should have a telephone at residence.
Partnership Firm:
• The firm should have a minimum PAT (Profit After Tax) of Rs. 60,000 for a standard car or minimum PAT of Rs 1,00,000 for a premium car.
• The minimum turnover of the firm should be Rs. 4.5 lakhs p.a.
• Post-dated cheques should be paid from the company.
• Should have one telephone atleast at one of the partner's residence.
Private/Public Limited Company:
• Private Limited Companies should have been in existence for at least 2 years and have a minimum PAT of Rs. 60,000 for a standard car or a minimum PAT of Rs. 1,00,000 for a premium car.
• Public Limited Companies should have been in existence for at least 2 years and have a minimum PAT of Rs. 1,00,000 for a standard or a premium car.
• The minimum turnover of the company should be Rs. 4.5 Lakhs p.a.
• Should have atleast one telephone at business premises.
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