Dreaming of buying your next car? Whether it’s a sleek sedan, an SUV, or an EV, most of us depend on car loans to make it happen.
But did you know lenders carefully evaluate 5 key factors before approving your car loan?
Let’s break them down—and show you how Vizzve Finance helps you clear each step easily.
✅ 1. Your Credit Score
Your CIBIL score or credit score is one of the most crucial criteria.
Lenders prefer:
Score of 750 or above for best interest rates
No recent defaults or missed payments
A healthy mix of credit (loans + cards)
💡 Vizzve Advantage:
We let you check your credit score for free and match you with the best lenders for your score.
✅ 2. Income & Employment Stability
Lenders want to ensure you have consistent income to repay your EMIs.
They check:
Monthly income or salary slips
Employment type (salaried or self-employed)
Job/business continuity of 1+ year preferred
💡 Vizzve Tip: Upload your latest income proof on Vizzve to get instant pre-approval offers based on real data.
✅ 3. Debt-to-Income Ratio (DTI)
Even if you earn well, if most of it goes into existing EMIs or credit cards, lenders get cautious.
DTI = (Total EMIs ÷ Monthly Income) x 100
Ideal DTI: Below 40%
💡 Vizzve Helps You Improve DTI:
Consolidate EMIs
Choose longer tenure with lower EMI
Get custom advice via our loan experts
✅ 4. Loan Amount vs. Car Value (LTV Ratio)
The Loan-to-Value (LTV) ratio tells lenders how much of the car’s cost you want financed.
Up to 100% LTV possible with some lenders (ex-showroom value)
Lower LTV = Less risk for lender = Better interest for you
💡 Vizzve shows LTV ratios from multiple banks—you choose what suits your budget.
✅ 5. Complete and Correct Documentation
Missing or incorrect documents = Delays or rejection.
Common documents checked:
PAN & Aadhaar
Salary slips or ITRs
Bank statements (last 3–6 months)
Car quotation/proforma invoice
💡 Vizzve Makes It Paperless: Upload once on our app—we autofill and verify for all partner lenders!
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Bonus: How Vizzve Finance Increases Your Approval Chances
| Feature | Vizzve Finance ✅ |
|---|---|
| Real-time credit check | ✔️ Free & Instant |
| Pre-approved lender matches | ✔️ Based on profile |
| Low EMI options | ✔️ Customizable |
| Documentation help | ✔️ 100% Digital Upload |
| Instant application tracking | ✔️ Mobile Dashboard |
Whether you’re applying for a new car, used car, or EV loan, Vizzve streamlines the process and gives you the best shot at fast approval.
FAQs – Vizzve Car Loan Approvals
Q1. What is the minimum credit score for a car loan through Vizzve?
Most partner lenders prefer 700+, but we offer options even if you’re in the 600–699 range.
Q2. How much income is needed for a car loan?
Typically ₹20,000/month+ for salaried applicants, and ₹2.5L+/annum for self-employed. But it depends on loan amount and tenure.
Q3. Does Vizzve guarantee approval?
We don’t guarantee, but we boost your chances by matching you with lenders most likely to approve your profile.
Q4. Can I apply for a car loan if I already have other loans?
Yes—Vizzve will calculate your DTI and suggest the best-fit lenders accordingly.
Apply with Confidence – The Vizzve Way
Vizzve Finance makes sure you’re car-loan ready by helping you:
Improve eligibility
Understand lender logic
Upload correct documents
Compare best-fit offers—all in one place
🎯 Don’t just apply randomly. Apply smart, with Vizzve.
Published on 3rd july
Published: SMITA
www.vizzve.com || www.vizzveservices.com
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RBI-Registered Loan Partner | 10 Lakh+ Customers | ₹600 Cr+ Disbursed.