Pay higher percentage of vehicle cost upfront to get loan in pandemic

A low EMI to take-home income ratio will also improve your chances of getting a loan

Banks and non-banking financial companies (NBFCs) have become more cautious in offering vehicle loans, fearing a rise in non-performing assets, by making their lending norms more stringent.
 

Incomes have been disrupted, and, hence, also the repayment capacity of borrowers. Says Adhil Shetty, chief executive officer, Bankbazaar: “Today, there is greater scrutiny of income sources than earlier.”
 

A few segments might find it harder to get a loan. “Banks have become more stringent about lending to the self-employed because there is greater uncertainty about the sustainability of payments from this segment,” said a senior banking official at a mid-sized bank. He