FAQs

• 1. What is a car loan eligibility calculator?
  This tool helps you determine if you qualify for a car loan based on various criteria such as income, age, and loan tenure.
• 2. How is eligibility calculated?
  Eligibility is usually calculated based on your monthly income, age, employment status, and the loan tenure.
• 3. What income is considered?
  Your net monthly income after taxes and deductions is considered for calculating eligibility.
• 4. Can I check my eligibility for a used car loan?
  Yes, the calculator can also give you an estimate for eligibility for used car loans, though the terms might vary.
• 5. How can I increase my loan eligibility?
  Increasing your monthly income, extending your loan tenure, or having a good credit score may improve your eligibility.
• 6. What is the minimum age for loan eligibility?
  Typically, the minimum age requirement is 21 years, but it can vary based on the bank or financial institution.
• 7. Do I need a credit score to check eligibility?
  While the calculator doesn’t ask for your credit score, most lenders will consider it when determining your eligibility.
• 8. Can I apply for a car loan if I am self-employed?
  Yes, self-employed individuals can apply for a car loan, but lenders may require additional documentation.
• 9. How much loan can I get?
  The loan amount is generally based on your eligibility calculated by your income and loan tenure.
• 10. How accurate is the calculator?
  This calculator provides an estimate, but for final eligibility, you need to apply directly to a financial institution.