What is the minimum age to avail car loan?

I just turned 18 in September (2007, obviously), and I want to buy a car. My monthly income is well over 80,000 and I was wondering if I can avail car loan in India.

If yes, then which bank?
I just checked out some bank websites. They all say 21 is the minimum age. Ouch!

Any clues?

5 Replies to “What is the minimum age to avail car loan?”

  1. 18 years is the minimum age required to avail car loan from bank. You may approach any nationalised bank and avail car loan by producing relevant documents regarding your source of income.

  2. If you are availing a loan for puchase of a car the minimum requirements are

    Firstly you should be possessing a valid driving licence in your name. For this the minimum age is 18 years complete.

    Secondly you should have attained maturity according to the law . In India it is 18 years. This means after attaining this age you are able to enter into a binding contract.

    Thirdly, to the satisfaction of the lender you should be having adequate repayment capacity, out of your own income. Some banks specify age as 21 just to see continuity of your income during the past few years.

    I trust this will answer your doubts.

  3. 18 is the specified minimum age. However banks have the right to define a different policy as long as it is not going below 18. So you can’t really sue a bank for not granting a loan at your age. Check private finance companies and cooperative banks.. Car dealers can help you with it.

  4. if you can prove that you have a monthly income fo rs 80,000/- then any bank in India will welcome you with open arms for a car loan.
    But if my income was 80,000 or more i would never take a loan and pay in cash as i had done for my two cars.
    anyway the choice is yours and loan will be available for u easily.

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