New Delhi. Nowadays, a car has become a necessity rather than a luxury. It may happen that you want to buy a car but are postponing the plan due to low salary. In such a situation, you should know whether the bank will give you a loan for a car for the salary you are earning or not.
Let us tell you that even if your salary is Rs 18,000, you can still take a car loan. Banks easily give loans to people who earn Rs 30,000 or more per month. The minimum interest rate for a car loan is 9.25%, which can vary depending on the bank. If a new car is costing you too much, then you can also buy a second-hand car on loan.
What is the eligibility to take a car loan
To take a car loan, your age should be between 18 and 65 years. Most banks provide a maximum car loan of Rs 50 lakh. The loan amount depends on the price of the car and your salary. Along with those who are employed, businessmen can also take a car loan. However, to take a car loan, you must have at least 2 years of income tax return. Apart from this, there should not be any criminal case against you.
These cars will be best in low salary
If your salary is Rs 30,000 then you should buy a car in which the EMI is not high and the loan term is also short. This much salary
Cars between Rs 4 lakh and Rs 5.5 lakh will be best for you. At this price, you can buy cars like Maruti Suzuki Alto, Maruti S-Presso, Maruti Celerio. If you want to increase your budget a little, you can also buy Tata Tiago.
How much will the EMI be?
Suppose you are planning to buy Maruti Alto K10 STD model. The on-road price of this car is Rs 4,43,171. If you make a down payment of Rs 1,00,000 for this car, then you will have to take a loan of Rs 3,43,171. If the interest rate of the loan is 9.30% and you want to take a loan for 5 years, then your EMI will be Rs 7,174/month. That means you can easily afford this car in a salary of Rs 30,000.
Tags: Auto News, Car Bike News, Car loan
FIRST PUBLISHED : June 12, 2024, 15:18 IST