In order to get car loan for cibil defaulters when you have a low cibil score you should meet the following eligibility criteria:
- You must have all the documents required (know your customer – KYC) – ID and address proof i.e. voters card, permanent account number (PAN), Aadhaar card, permanent driving license.
- Income tax return for last 3 years for self employeed
- Salary statement for the last 6 months for Salaried person.
- Last 6 months bank statement of current and saving account.
- Minimum age should be 18 years and above.
If you had bad history of default/late payments in credit cards or loans, but now, if you have a good income with a repayment capacity to pay the loan, then bankers can considers you as an exception and approves your application. But you need a person to prove in bank that you won’t default their loan
what are the reasons for low CIBIL score?
What factors are impacting your cibil score ? Listed below are the main reasons for poor CIBIL score, which you may not be aware of:
- History of delayed credit card payments
- When you do not pay loan instalments on time
- Crossing credit limits multiple times
- Applying for credit card or any type of loan multiple times and at various lenders
- Cheque bounces in bank statement
- No credit score or zero cibil score is also one of the reason for rejection of loan. This is because lender can not check the credit worthiness of the loan applicant. This doesn’t mean, applicant will default. In such cases, banks and financial institutions look at each application differently.