How much money can I borrow for my bike/car loan?
The amount of car loan you can borrow depends on your repayment capacity. This implies an auto loan, which has an EMI that does not exceed 40% of your monthly take home income, where the EMIs for existing loans are also deducted.
For self-employed applicants, the profit is the benchmark that determines loan value. In order to increase loan eligibility one can opt for longer time frame for repaying the loan since longer tenure means lower monthly EMIs.
The loan amount you are eligible for is also dependent on other factors like the company you are employed with, residence and credit history.
The loan amount you are eligible for is also dependent on other factors like the company you are employed with, residence and credit history.
