Loan Against Car eligibility and documents

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.

Here are some tips to improve your eligibility for a loan against car:

• Maintain a high credit score.
• Provide accurate proof of income.
• Pay all existing debts.
• Consider adding a co-applicant with a solid financial background.
• Choose a reputable lender with favourable terms.