Yes, you can get a car loan with a salary of 40,000 per month. However, lenders assess several factors beyond income to decide your eligibility for a loan. These factors include credit score, existing debts, loan amount requested, and repayment capacity. By carefully assessing these factors, the lender determines whether you qualify for the loan and under what terms.
A strong CIBIL score significantly influences loan approval and interest rates for vehicle financing in India. Lenders typically favour applicants with scores of 750+ for streamlined approvals and competitive rates, as it reflects creditworthiness and repayment reliability.
While 700 is the baseline CIBIL score for car loan eligibility, a score above 750 improves approval odds and secures favourable terms like reduced interest rates and flexible loan amounts. Scores below 700 may still qualify but often entail higher rates and stringent conditions.
Securing a car loan without a CIBIL score is possible through alternatives like collateral pledges, guarantor-backed applications, or smaller loan requests. Lenders may prioritise income stability, employment history, and existing financial obligations to assess eligibility in such cases.
According to Muthoot Finance, the age eligibility for a two-wheeler loan requires applicants to be at least 18 years old at the time of application. The maximum permissible age at loan maturity is 70 years. This criterion applies to salaried individuals, self-employed persons, property owners, and even those without formal income proof. Additionally, applicants without income documentation must demonstrate a minimum residential stability of 1.5 years.
To determine your two-wheeler loan eligibility with Muthoot Finance, consider the following criteria:
Yes, it is possible to get a two-wheeler loan without a salary slip, but you’ll need to provide alternative documents that prove your income. These can include Form 16 or income tax returns. Lenders mainly want assurance that you have a stable source of income to repay the loan. If you're self-employed or run a business, business proof and financial statements can also be submitted. Having a good credit score and an existing banking relationship can further strengthen your application.
Mutual funds mitigate risk through diversification, spreading investments across multiple assets to reduce exposure to any single stock’s volatility. Professional fund managers analyse markets, optimising returns and managing risks, unlike individual stock-picking which demands expertise and time. While not risk-free, their structured approach minimises company-specific risks common in stocks. Ideal for passive investors, they balance growth potential with stability, whereas stocks require active monitoring and carry higher concentration risk.
Mutual funds are not tax-free. You are liable to pay income tax on the dividends and capital gains that you earn from mutual funds. Mutual fund taxation varies by category (equity, debt, hybrid) and holding duration (short-term vs. long-term), impacting applicable rates and calculation processes.
There are several mutual funds to invest in. Ideal mutual fund investments are tailored to individual financial goals, risk appetite, and investment timelines for optimal outcomes. Examples like Parag Parikh Flexi Cap, Axis Midcap, Quant Small Cap, and Canara Robeco Bluechip Equity Fund are often known for their performance.
