Your Document Checklist

Now, you don’t have to dip into your hard-earned savings during emergencies. With LOANS24, you can get quick funding by borrowing against your vehicle at competitive interest rates.
Knowing the eligibility criteria and the documents required for a loan against a car will only make the application process easier and improve your chances of approval.
With LOANS24, you should meet the following criteria to be eligible for a loan against a car:
 

• You should be between the ages of 18 and 63*
• Your age should not exceed 65 at the end of the loan tenure
• You should also be either salaried, self-employed or a pensioner
• Your minimum monthly income should be ₹15,000
• Your credit score should be 650 or above
• Vehicle should be registered in name of the applicant

*Terms and conditions apply
Factors that affect loan against car eligibility
The lender’s internal policies and other factors influence your loan against car eligibility. These factors include:
 

• Car’s age and condition
  Your car should not be too old. Moreover, vehicles in good working order with fewer kilometres on the odometer can get easy approval.
• Income
  You should have a reasonable income with relevant proof to demonstrate that you can repay the loan.
• Employment status
  You should have steady employment. You may need to provide additional proof of income stability if you are self-employed.
• Credit score
  A credit score of 650 and above can enhance your chances of approval and may fetch you better terms.
• Existing debts
  If you have significant outstanding debts, it may reduce your eligibility for a loan against a car.

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

• Improve your credit score to 650 or above by clearing debts before applying
• Increase your income to a minimum of ₹15,000 by consolidating multiple sources or showing additional income like rental income or incentives
• Reduce existing debts by paying off smaller loans or credit card debts before applying
• Maintain a good car condition through regular servicing and maintenance to increase its market value and eligibility
• Gather all documents required for a loan against a car to avoid any hiccups in the processing