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Tata Capital > Blog > Loan for Vehicle > Can a Person with Monthly Income Rs 30,000 Apply for Tata Capital Car Loan?

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Can a Person with Monthly Income Rs 30,000 Apply for Tata Capital Car Loan?

Can a Person with Monthly Income Rs 30,000 Apply for Tata Capital Car Loan?

Thinking of buying a car? But short of money? Don’t worry! You can still fulfill your dream of driving home a brand new car with an easy car loan. Buying a car is one of the biggest investments in a person’s lifetime and thus it is very difficult to bring home a new car entirely on your savings. Suppose your monthly income is Rs. 30,000 and you are apprehensive whether any lender will approve your car loan application on this salary figure. Tata Capital offers car loan to a salaried person with a minimum annual income of Rs. 2.5 lakhs for all assets and the minimum limit is Rs 2 lakh per annum for self-employed people. For a used car loan, a salaried person should earn a minimum of Rs 3 lakhs, self- employed person should earn a minimum of Rs 2 lakhs.

Know More About Used Car Loan

Tata Capital, the financial wing of the prestigious and legendary Tata group, caters to the diverse financial needs of the customers, including institutional, retail and corporate. The company is registered with the Reserve Bank of India as a systematically important non deposit taking, non – banking financial company. Its varied range of offerings includes Consumer Finance, Advisory Services, Infrastructure Finance, Securities, Investment Banking, Private Equity Advisor, Credit Cards, and Travel & Forex Services. The company was established in the year 2007. Currently, the company has more than hundred branches operating across the country, and the number is counting. The focused and transparent services provided by the company enables a customer to avail all types of financial services under one roof.

The entire process right from applying for a car loan to its approval is completely user-friendly and hassle free. The required documents are minimal and easy to arrange. The documents required for applying car loan include ID proof, address proof, signature verification proof, photograph, ITR/salary slips, Form 16, and bank statement for last three months.

Tata Capital offers a competitive rate of interest, resulting in comparatively lower EMIs for the same tenure. The possible car loan tenure for all users is between 12 months and 60 months. But, for some car models, this limit on tenure can go up to 84 months for all applicants. The company can provide a car loan for an amount equal to 90 percent of the car’s evaluation. For example, if you are interested in buying a car that costs Rs. 10 lakhs, you are entitled to get a maximum loan of Rs. 9 lakhs, provided you fulfill all the terms and conditions. However, for salaried and SEP individuals, this limit can be extended to 100 percent of the ex- showroom value of the car. This facility is available only on select models. Also, it provides the facility of customizing loan repayment schedule. Tata Capital offers a unique and innovative repayment methods like step up (EMIs increase gradually), step down (EMIs decrease gradually), Bullet payment (prepayment in parts, periodic payments), and ballooning option (lower EMIs with bigger payment in last EMI).

You can avail a car loan (new or used) with Tata Capital through the following simple steps:

•    Application

•    Processing

•    Documentation

•    Sanctioning of the loan

•    Disbursement

Not only this, Tata Capital’s online car store will help you pick the right car that suits best to your needs and luxury. You can filter down your preferences by budget, color, model, price, make, usage and more. Tata Capital strives to ensure that owning a car shouldn’t be a distant dream for its consumers. Good luck and happy riding!

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