{"id":3957,"date":"2018-05-14T10:41:39","date_gmt":"2018-05-14T05:11:39","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=3957"},"modified":"2018-06-05T15:13:28","modified_gmt":"2018-06-05T09:43:28","slug":"zero-payment-car-loan","status":"publish","type":"page","link":"https:\/\/www.antworksmoney.com\/blog\/zero-payment-car-loan\/","title":{"rendered":"Zero-Down Payment Car Loan"},"content":{"rendered":"<p>If you don&#8217;t have sufficient funds to make a\u00a0<em><strong>down payment on your car<\/strong><\/em>, you must ensure your credit score is above 800 with a clean credit report with regards to old and existing loan repayments. It is difficult to\u00a0<u><strong>get a car loan without down payment<\/strong><\/u>. You may have to opt for a loan against securities in such a case. However, this is not a smart financial decision. Instead, you can choose to save up money to make a down payment on the car of your choice.<\/p>\n<h2>Car Loan Eligibility Criteria for 100% On-Road Finance<\/h2>\n<p>Top banks in India like HDFC Bank, ICICI Bank, and Axis Bank are offering 100% on-road finance to borrowers who meet the following eligibility criteria:<\/p>\n<ul>\n<li>The applicant must be 25 years or above.<\/li>\n<li>He or she must have a CIBIL score of 800 or above with no negative loan repayment history in the credit report.<\/li>\n<li>The applicant must have a minimum annual income of Rs.3 lakh. The car loan amount will not be more than the applicant&#8217;s net annual income. Existing loan EMIs plus the proposed loan EMI must be less than 50% of the applicant&#8217;s salary.<\/li>\n<li>He or she must be a salaried employee or a self-employed person with minimum 3 years of work experience.<\/li>\n<li>The applicant&#8217;s bank balance must be minimum 3 times the proposed loan EMI.<\/li>\n<li>No cheque return history in the last 6 months in the applicant&#8217;s salary account or business current account.<\/li>\n<li>The applicant should be residing at the provided address for minimum 2 years.<\/li>\n<\/ul>\n<h2>Documents Required for 100% On-Road Finance<\/h2>\n<p>Here is a list of documents that an applicant must furnish along with a duly-filled and signed car loan application form:<\/p>\n<ul>\n<li>For income proof, the applicant can submit the company ID card, salary credit in bank statement, Form 16 (in the case of a salaried employee) and VAT or ST registration with current account statement (for a self-employed individual).<\/li>\n<li>For address proof, he or she can submit homeownership deed.<\/li>\n<li>For identity proof and age proof, the applicant can submit PAN card, Passport, Aadhaar card, and recent passport-sized photographs.<\/li>\n<li>Previous loan or vehicle ownership documents like RC of old car and loan agreement.<\/li>\n<\/ul>\n<p>Income proof for a salaried employee can include last 2 years\u2019 Form 16, last 3 months&#8217; payslips, and last 6 months&#8217; salary account bank statement. Income proof for a self-employed individual can include the last 2 years&#8217; ITR, last 6 months&#8217; current account statement, Sales Tax certificate, Service Tax certificate, and VAT certificate.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you don&#8217;t have sufficient funds to make a\u00a0down payment on your car, you must ensure your credit score is above 800 with a clean credit report with regards to old and existing loan repayments. It is difficult to\u00a0get a car loan without down payment. You may have to opt for a loan against securities &hellip; <a href=\"https:\/\/www.antworksmoney.com\/blog\/zero-payment-car-loan\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Zero-Down Payment Car Loan&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-3957","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Zero-Down Payment Car Loan and Eligibility Criteria- Antworks Money<\/title>\r\n<meta name=\"description\" content=\"Zero-Down Payment Car Loan and Eligibility Criteria - Need car loan, Antworks Money provides a loan in zero down payment and here you can read the car loan eligibility criteria.\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.antworksmoney.com\/blog\/zero-payment-car-loan\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Zero-Down Payment Car Loan and Eligibility Criteria- Antworks Money\" \/>\r\n<meta property=\"og:description\" content=\"Zero-Down Payment Car Loan and Eligibility Criteria - 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