Corporation Bank provides a variety of financial goods and services, including auto loans. To find out if you qualify for a vehicle loan if you want to buy a car, try the Corporation Bank car Loan Eligibility Calculator.
You can use the eligibility calculator, an online tool, to determine your eligibility for a bank loan for a car by entering your financial and personal information.
The Corporation Bank Car Loan Eligibility Calculator aids in determining a person's loan eligibility. The maximum loan amount and interest rate are determined by taking into account factors including income, age, credit score, and employment status.
Additionally, you can choose the repayment period. Planning and determining loan eligibility are helpful before requesting a car loan.
The following requirements must be met in order to qualify for a new car loan from Corporation Bank:
| Eligibility Criteria | Eligibility Details |
|---|---|
| Age | 21 to 60 |
| Employment Type | Salaried or self-employed |
| Income | Rs. 25, 000/-Net monthly income required for Corporation Bank Home loan eligibility |
| Loan Amount | Upto 85% of ex-showroom price |
| EMI | maximum EMI should not exceed 60% of the gross monthly income |
Your credit score, employment history, income, and outstanding debt are just a few of the variables that may have an impact on your ability to get a car loan from Corporation Bank. Your chances of being approved for a car loan might be increased by having a high credit score and a consistent employment history.
You may also have a better chance of being granted a car loan if you earn more money and have a low debt-to-income ratio.
You must provide the following paperwork to Corporation Bank to apply for a car loan:
Application with a photograph
Proof of identity
Proof of address
Income documentation (pay stubs for salaried people and Tax returns for self-employed people)
The most recent six-month bank statement
Evidence of employment
The maximum loan amount is 90% of the cars on-road pricing.
21 years of age is the minimum required.
The minimum annual income for self-employed people should be Rs. 2 lakhs, and the minimum monthly income should be Rs. 15,000.
Having a high income, a low debt-to-income ratio, a solid employment history, and strong credit can increase your chances of being approved for a car loan.
A processing fee of 0.50% of the loan amount (minimum 500 and maximum 10,000 rupees) is applicable.