Car Loan Coonoor

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Car Loan Coonoor

Best Banks for Car Loan in Coonoor


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Car Loan Coonoor Features

Car loan Coonoor

Loan Approval in 30 Minutes
Lowest Rate of Interest
Up to 100% on Road Loan
Minimum Documentation
Paperless Process
Flexible Repayment
Zero Foreclosure
24 x 7 Online Payment Facility
No Hidden Charges

A car loan is financial help provided by banks and NBFC’s to fulfill your dream of having your own car. They provide the funding necessary for purchasing a car which can be on Ex-Showroom Price or On-Road Price of the car. A car loan is a secured loan and has easy repayment options. The loan amount is offered on Interest charges which vary from bank to bank. One can pay for the vehicle in easy installments.

Car Loan Coonoor


car loan

Car Loan Coonoor Eligibility Criteria

The car loan eligibility requirements are as follows in Coonoor:

Salaried Individual
Age – 21 years to 60 years
Net Monthly Income – Minimum ₹ 20,000
Employment Duration – 1-year minimum
Income Eligibility – Based on Form 16 and salary slip
Self-Employed Individuals
Age – 21-65 years of age
Minimum ITR – Rs.2 lakh
Employment Duration – Minimum 3 years
Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
Minimum ITR – Rs. 2 lakh
Employment Duration – 3 years minimum
The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
At least 6-month vintage
Average Quarterly Balance – 2 quarters balance at a minimum of Rs.1 lakh
Maximum Loan Amount – 3 times the Average Quarterly Balance of the last 2 Quarters


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Car Loan Coonoor EMI Calculator

Car Loan Coonoor Fees & Charges

Charges New Car Loan Used Car Loan
Interest Rate

7.35% per annum

11.80% p.a. to 13.80% p.a.
Car loan Processing fees 0.5% 0.5%
Issuance of Duplicate Repayment Schedule Charges Around Rs.500 Around Rs.500
Foreclosure Charges 0.06 0.06
Penal Interest 2% PM 2% PM
Car loan Part Payment charges 6% of the amount 6% of the amount
Cheque/Instrument Swap Charge Around Rs.500 Around Rs.500
Documentation Charge Around Rs. 500 Around Rs. 500
Issuance of Duplicate No Dues Certificate Charges Around Rs. 500 Around Rs. 500
Registration Certification Collection Charge Around Rs. 200 Around Rs. 200
Cheque Bounce/Instrument Return Charges Around Rs. 500 Around Rs. 500
Issuance of Duplicate Statement Charges Around Rs. 500 Around Rs. 500
Loan Cancellation/Re-booking Charges Around Rs. 1000 Around Rs. 1000
Issuance of Credit Report Around Rs. 50 Around Rs. 50


car loan

Car Loan Coonoor Fees and Charges : Leading Banks – May 27 2022

Bank Processing Fee
Prepayment Charges
HDFC Bank Car Loan (1999 - 4999) + Tax
2%, Nil foreclosure charges after 24 months
Axis Bank Car Loan 1 % to 2.50% Nil
ICICI Bank Car Loan 0.25% to 1.50%
2%, Nil foreclosure charges after 36 months
SBI Car Loan 500/- to 0.50% Nil
Kotak Car Loan 1% to 2%
2.25% of fore closure amount if closed 1 month ahead of the tenure.
IIFL Car Loan Nil Nil
Muthoot Car Loan Nil Nil
Manappauram Car Loan Nil Nil
PNB Car Loan 0.70% to 1% Nil
Canara Bank Car Loan 0.01 Nil
Andhra Bank Car Loan Nil Nil


To check Car Loan Interest Rate for all major banks you can visit: Car Loan Interest Rates


car loan

Car Loan Coonoor Documents Required

Documents required for car loan are as follows:

Salaried Individual

Category
Documents Required
Identity Proof (Any 1) Passport
Voter ID
Aadhar Card
Driving License
Address Proof (Any 1) Aadhar Card
PAN
Driving License
Electricity Bill
Date of Birth Proof(Any 1)
Passport
Birth Certificate
High School Marksheet
Driving Licence
Signature Proof(Any 1)
PAN
Bankers Verification
Passport
Income Proof
Salary Slip and latest Form No.16
Bank Statement
Last 6 month Bank statement
Employment Continuity Proof
Job card by NREGA
ITR of Form no. 16
Salary Slip mentioned with joining date
Letter of Appointment

 

Self-Employed Individuals

Category
Documents Required
Identity Proof (Any 1) PAN Card
Passport
Voter ID
Aadhar Card
Address Proof (Any 1) PAN Card
Voter ID
Passport
Electricity Bill
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1)
PAN
Bankers Verification
Passport
Bank Statement
Bank statement of last 6 months
Employment Continuity Proof
Latest ITRs
Shop & Establishment Act Certificate
Shop & Establishment Act Certificate
Sales Tax or VAT Certificate
Business Proof
Registration Certificate
Telephone Bill/Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate

 

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category
Documents Required
Identity Proof (Any 1) Driving Licence
PAN Card
Aadhar Card
Passport
Address Proof (Any 1)
Electricity Bill/Telephone Bill
Aadhar Card
Driving License
Voter ID
Income Proof
Audited Balance Sheet
P&L Account
ITR for the previous 2 years
Bank Statement Last 6 month
Business Continuity Proof
Company ITR of the last 2 years
Audited Balance Sheet
TAX registration Certificate
Current Account Statement
Additional documents
Letter of Authority or PAN Card

 

2. Private Limited/Limited Companies

Category
Documents Required
Identity Proof
The latest copy of MOA and AOA
Copy of Incorporation
Address Proof (Any 1)
SSI/MSME Registration Certificate
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
Sales Tax Certificate
Income Proof
Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Previous 6 Months
Business Continuity Proof
P&L account and
ITR of the Company of the past 2 years
Audited Balance Sheet
Shop & Establishment Act Certificate
Additional documents
List of Shareholding partners and Directors
Board Resolution
PAN Card
Certificate of Commencement of Business for Ltd. Co.


car loan

How to Get the Best Car Loan Interest Rates in Coonoor

The interest rates on vehicle loans offered by different lenders in Coonoor may vary, but they are all reasonable and competitive. If you want to get a car loan in Coonoor with the lowest interest rate, follow the steps below:

  • Choose a shorter repayment term – Many car loan applicants believe that longer repayment terms are better because the monthly EMI (equated monthly installment) is low. They are unaware that lenders view lengthier payback terms as an indication of a borrower’s low repayment capabilities, so they charge higher interest rates. So, you should consider a short payment period if you want to save money on your car loan.
  • Research and compare the perks offered by different lenders – If you wish to get a good deal on an auto loan, you must first explore and compare the benefits offered by different lenders. This can help you to figure out which lenders have the best interest rates and which lender you should choose.
  • Maintain a modest debt-to-income ratio – The debt-to-income ratio is a measure of how much of an applicant’s income goes toward loan repayment, and lenders take this into account when setting interest rates. If your debt-to-income ratio is low, you have a better chance of getting a car loan with a lower interest rate.
  • Maintain a good credit score — Lenders will be happy to offer you a car loan with cheaper interest rates if you have a good credit score. A credit score of above 750 is considered to be healthy. Many lenders may give auto loans to people with bad credit but will demand a higher interest rate. Check your credit scores regularly with the Dialabank “Free Credit Score” service to guarantee that you have a good credit score. This will allow you to take remedial action to enhance your credit score if it is low, and it will enable you to approach lenders with confidence if your credit score is good.

How to Apply for a Car Loan in Coonoor?

  1. Apply online at Dialabank
  2. Go to the loan section of the website and click on the car loan link.
  3. The applicant will be directed to all the details of the car loan where they can choose their preferred city, according to their needs.
  4. For more information on car loans and free guidance, you can contact us on 9878981166.


car loan

Which Bank in Coonoor Offers the Best Car Loans?

Many big banks and NBFCs, including HDFC, ICICI, and SBI, offer vehicle loans in Coonoor. The most suitable lender is one that can provide you with the loan amount you need at a reasonable interest rate and can distribute the funds as quickly as feasible. It is always advisable to compare vehicle loans from many lenders before applying for one that meets all of your needs, such as interest rates.

Car Loan for Major Car Manufacturers in Coonoor

TABLE WILL APPEAR

Processing Fees & Prepayment Charges on Car Loan Coonoor

Category Details
Processing Charges
1999 - 4999 + Tax
Prepayment
No prepayment is allowed until 12 EMIs are paid
Preclosure
No foreclosure is allowed until 12 EMIs are paid
Prepayment Charges
13-24 months: 2% of loan principal outstanding
>36 months: Nil Charges
Stamp Duty
As per state laws
Cheque Bounce Chgs
₹ 550/chq + GST
Floating Rate of Interest Not Applicable
Overdue EMI Interest
2% p.m.(on overdue amount)
Amortisation Schedule Chgs Rs 200 + GST


car loan

CIBIL Score Required for Car Loan in Coonoor

CIBIL score reflects your credit history in the past as well as your defaults in repayment of your previous loans. A good credit score is considered as 750 and above as most financial institutions have the requirement of a high credit score. Every bank and NBFC has different criteria for a minimum CIBIL score that they require to process your loan. A CIBIL score lower than 750 can attract a higher rate of interest.

A very low CIBIL score may lead to rejection of your loan as it is the first thing a bank tracks before processing your loan.


car loan

Car Loan Coonoor Contact Number

To get a car loan in Coonoor, you can contact us on 9878981166.


car loan

Pre Calculated EMI Table for Car Loan Coonoor

Rate 5 Yrs 4 Yrs 3 Yrs
10.50% 2149 2560 3250
11.00% 2174 2584 3273
11.50% 2199 2608 3297
12.00% 2224 2633 3321
12.50% 2249 2658 3345
13.00% 2275 2682 3369
13.50% 2300 2707 3393
14.00% 2326 2732 3417
14.50% 2352 2757 3442
15.00% 2378 2783 3466


car loan

About Coonoor

Coonoor is a hill station in the state of Tamil Nadu. It is located at an elevation of 1850m above sea level. It is famous for its tea estates.


car loan

Car Loan Banks in Coonoor

BANK OF BARODA 57, GRAYS HILL ROAD, P.B.NO.22, COONOOR TAMIL NADU 643101 BARB0COONOO
BANK OF INDIA MOUNT ROADPOST NO. 27, BKID0008207
CENTRAL BANK OF INDIA NO. 30 MOUNT ROAD, COONOOR -643102 CBIN0280906
CANARA BANK PB NO9, 27 SALEM ROAD, COONOOR-643102, CNRB0001247
CORPORATION BANK 88-89 SIMS PARK ROAD, GRAYS HILL, COONOOR 643101 CORP0000154
HDFC BANK HDFC BANK LTD SHOP NO 34 AND 5 SREEJI COMPLEX BEDFORD CIRCLE COONOOR TAMIL NADU 643101 HDFC0004006
IDBI BANK NO-92, GANDHIGIRI, GRAYS HILL, BEDFORD, COONOOR 643101 IBKL0001737
ICICI BANK LIMITED 891A9 GANDHIGIRI, GRAYS HILL, BEDFORD, COONOOR-643101 ICIC0000354
INDIAN BANK P B NO 22 CASH BAZAAR COONOORNILGIRI DISTRICT643102 IDIB000C033
INDUSIND BANK 6, NANJAPPA RAO BUILDING, BEDFORD, COONOOR – 643101 INDB0000182
INDIAN OVERSEAS BANK 83ABY1 GRACE HILL SIMS PARK ROAD COONOR THE NILGIRIS 643101 IOBA0002677
INDIAN OVERSEAS BANK SF NO 256 6 INR S NO 135 2 YEDAPALLI VILLAGE AND POST-COONOOR TK IOBA0003757
KARNATAKA BANK LIMITED K N M COMPOUND, OOTY ROAD, COONOOR, PIN – 643102 KARB0000154
KARUR VYSYA BANK 6 ALLAI SAIT COMPOUND, NEAR LAWLEY HOSPITAL MOUNT ROAD, COONOOR-643102 KVBL0001123
PUNJAB NATIONAL BANK 214. CD CHEMBERS, MOUNT ROAD PUNB0437600
STATE BANK OF INDIA COONOOR, NILGIRIS, TAMILNADU, PIN – 643102 SBIN0000828
STATE BANK OF INDIA PBNO33CHURCHROAD, BEDFORDCIRCLE, COONOOR HPO643101 COONOOR ATSBTCOIN SBIN0070389
SYNDICATE BANK FIGURE OF 8 ROAD BEDFORD UPPER COONOORNILGIRIS DIST TAMIL NADU SYNB0006234
TAMILNAD MERCANTILE BANK LIMITED 278, FIRST FLOOR, MOUNT ROAD, YMCA CORNER, MOUNT ROAD, COONOOR – 643 102 TMBL0000305
UNION BANK OF INDIA 14B, MOUNT ROAD, POST BOX NO. 24, UPPER COONOOR, DIST. NILGIRIS,TAMIL NADU, PIN – 643 101. UBIN0533441
UCO BANK 19-B, ISSU COMPLEX, BEDFORD CIRCLE 643101 UCBA0001331
Ujjivan Small Finance Bank Limited TS NO.24, BLOCK 20, WARD B, RS NO.1770 SUREY NO.(OLD ) F 149, MOUNT ROAD COONOOR 643102 NILGIRIS TAMIL NADU UJVN0001612
UNITED BANK OF INDIA 77&78,MOUNT ROAD,DT-CCCNOOR UTBI0COX828
AXIS BANK SREEJI CHAMBERS MOUNT ROAD COONOOR UTIB0003209

FAQ’s About Coonoor Car Loan

What types of vehicles can be purchased with a Car Loan?

Car loans can be used to buy various passenger vehicles such as SUVs (Sport Utility Vehicles), MUVs (Multi Utility Vehicles), and other types of vehicles. You can also get a car loan to acquire a vehicle for business purposes. Truck, tractor, and construction equipment loans are also available from some lenders.

✅ Is it possible for me to acquire a loan on my Current Vehicle?

Yes, if you have a strong payment history with your current lender, other lenders will be okay with granting you a loan on your current vehicle.

✅ What options do I have for repaying my Auto Loan?

Standing Instruction (SI), Electronic Clearing Service (ECS), and Post-Dated Cheques are three options that you have for repaying your loan (PDCs). It is generally advised that you return your loan using the first two options because they are speedier and have a lower risk of error, which is not the case with PDCs.

✅ Is a guarantor a requirement for a Car Loan?

To get a car loan, most lenders do not ask for a guarantor. If your income falls below the required minimum, lenders may want you to offer a guarantee or co-applicant to demonstrate that you will be able to repay the loan.

✅ Where can I get an Interest Calculator for a Car Loan?

You can use the EMI calculator on the Dialabank website or the one available on the website of the lending bank. To calculate the EMIs, enter the various interest rates. The interest rate can be obtained by filling out an application for the loan, which will require you to provide some basic information such as your salary, company, and work experience, depending on which interest rates will be presented.