The car loan you can get on 30000 salaries is 5 Lakh – 6 Lakh, if you are thinking how much car loan can i get on 30000 salary then you are in the right place.
After reading this article you will get answers to all your queries such as the best banks for a car loan on a 30000 salary, best cars in India for a 30000 salary person, the documents required for a car loan, how much car loan can i get on 30000 salary and lastly is it a good idea to buy a car on 30000 salary.
People always dream for a brand new car when they get a high-paying job but if your salary is not high, and your income is decent then also you can fulfill your dream. The car loan you will get on 30000 salaries depends upon various things, usually, car loans are given for 85% of the total cost of the car.
Maintaining a good credit score is very essential when you apply for a car loan for less amount of salary. people often ask how much car loan can i get on 30000 salary and the answer to this question depends upon various factors such as
- Credit history
- Debt to income ratio
- Net monthly income
- Types of banks
In this article, we will provide you with a practical solution to your question which is how much car loan can i get on 30000 salary before you apply for a loan you should know the basic thing about how the bank will decide the approval of your loan.
How much car loan can I get on 30000 salary ?
First of all your Monthly EMI should not be more than 20% of your monthly income, suppose your salary is 30000 then your maximum EMI should not be more than 20% of 3000 which is 6000 rupees. But if you want to increase your monthly EMI then it totally depends upon you. If your EMI is 6000 and your loan tenure is 3 years then you will get an amount of 2,16,000.
Best Banks for a car loan on a 30000 salary
Bank plays a major role in car loans, you should have a good credit score in order to get a maximum car loan, another important thing you should consider before you apply is the interest rate of the car loan, interest rate on car loans mostly depends upon the trust of the bank upon you means your credit score. Most bank gives car loan from a minimum of 9% to a maximum of 12%.
Here are the best banks you should look
- HDFC
2. AXIS BANK
4. KOTAK MAHINDRA
5. STATE BANK OF INDIA
6. CANARA BANK
7. BANK OF BARODA
Is it a Good idea for a car loan on a 30000 salary ?
Every person wants to buy car while they are working, you should go for a car loan if you have fewer expenses and you are able to pay all your monthly bill then definitely you should have a nice car.
Most often people buy cars for their luxury even if they are getting less salary and if you are also one of them then you should think twice before a car loan.
Best Cars for a 30000 salary person
Here are the Best Cars for a 30000 salaried person under 7 lakh
- Tata Nexon
- Maruti Suzuki Baleno
- Toyota Glenza
- Hyundai Aura
- Honda Amaze
- Tata tigor
- Renault Triber
- Maruti Suzuki Dzire
- Maruti Suzuki Celerio
What Documents are required for a car loan?
Documents required for car loans depend from person to person, weather a borrower is salaried or self-employed. here is the list of all common documents you should prepare
- Bank statement for the last 6 months
2. Identity or address proof
3. PAN card
4. income proof or salary slip
Conclusion:
Hope you got the answer for how much car loan can i get on 30000 salary and prepare all the documents, and get all my knowledge from this article. all people dream of a new car and if are also thinking to buy a brand-new car then wish you all the best.
FAQ:
- Can I get a car loan if my salary is 30000?
yes
2. Which car can I buy with a 30k salary?
yes
3. How much loan can I get if my salary is 30000?
5 Lakh – 6 Lakh
4. Can I get a car loan with a 25000 salaries?
It depends on whether you are salaried or self-employed
5. At what salary should I buy a car?
Minimum 25000
6. Does salary affect car loans?
Yes high salary is always good
7. Can I buy a car with a 40k salary?
yes, of course
8. Is 700 a good Cibil score for a car loan?
yes
9. Can I buy a car with a 648 credit score?
yes
10. How do I get the lowest EMI on a car?
increase the loan tenure.