Car Loan Eligibility Calculator

Our car loan eligibility calculator helps you determine how much you can borrow for a car loan based on your monthly salary and existing financial obligations. This tool is designed to work with major banks including SBI, HDFC, ICICI, PNB, BOB, Axis Bank, and Kotak Mahindra Bank across India, Malaysia, UAE, Singapore, and Australia.

The calculator considers several factors when determining your eligibility: your monthly income, existing EMI obligations, the interest rate offered by the bank, and the loan tenure. Different banks and countries have varying eligibility criteria, with most banks allowing 30-50% of your monthly income to be used for loan repayments.

For Indian banks, having a salary account with the bank can provide additional benefits, including higher loan amounts (up to 50% of salary) and potentially better interest rates. The calculator automatically adjusts eligibility criteria based on whether you hold a salary account with the selected bank.

The debt-to-income ratio is a crucial metric used by lenders to assess your ability to manage loan repayments. A ratio below 40% is generally considered healthy, while ratios between 40-50% are acceptable. Ratios above 50% may indicate financial stress and could affect loan approval.

When using this calculator, remember that the results are estimates based on standard eligibility criteria. Actual loan approval and amounts may vary based on additional factors such as credit score, employment stability, age, and the specific policies of individual banks. It's always recommended to consult directly with your chosen bank for precise eligibility assessment and current interest rates.

The recommended loan amount shown is typically 90% of the maximum eligible amount, providing a safety buffer to ensure comfortable repayment. This approach helps prevent over-borrowing and maintains a healthy financial position throughout the loan tenure.