Essential Car Loan Rules: What to Know Before Applying for Bank Financing

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Car Loan Tips: Avoid Rejection! Boost Your Chances with These Key Rules

ব্যাঙ্ক থেকে Car Loan নিতে চান?

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News18•16-03-2026, 16:16

Car Loan Tips: Avoid Rejection! Boost Your Chances with These Key Rules

•Ensure CIBIL score is 750+; check 3-6 months prior and improve if low.
•Meet eligibility: age 21-65, stable income (salaried: 1+ yr employment, 25k+ monthly; self-employed: 2-3 yrs business, ITR).
•Maintain Loan to Income Ratio: total EMI, including car loan, must not exceed 50% of net monthly income.
•Make a 15-20% down payment to reduce bank risk and speed up approval, even with 100% funding offers.
•Understand interest rates (fixed/floating), processing fees, and prepayment penalties; avoid applying to multiple banks simultaneously.

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