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What is the usual borrowing range for a car/auto loan?

April 26, 2017auto loan Borrowing car range usual

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What is the usual borrowing range for a car/auto loan?

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The borrowing range for a car/auto loan differs with lending institutions and also takes into consideration the applicants credit profile. Usually in a car loan the minimum amount is Rs.1 lakh and the maximum depends on the income and other credit profile details of the applicant. Some banks offer around 3 times the annual salary of the applicant in case of a salaried individual and around 6 times the annual income in the case of self employed professionals.