Car Loan Kannur

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Car Loan Kannur

Best Banks for Car Loan in Kannur

Feature
HDFC Bank
ICICI Bank
Kotak Mahindra Bank
Interest Rate
8% - 8.4 %
8.5 - 9.5 %
11%
Min Loan Amt
Metro : 1 Lac & Non Metro: 75000
75000
75000
Max Loan Amt
1 Cr
1 Cr
1 Cr
Loan Tenure
Upto 7 Years
Upto 5 Years
Upto 5 Years
Processing Fee
1999 - 4999 + Tax
0.25% to 1.50%
0.25% to 1.50%
Preclosure Chgs
2%, Nil after 24 months
2%, Nil after 36 months
Nil
Loan to Value (LTV)
Upto 100% on Ex- showroom
Upto 95% on Ex- showroom
Upto 90% on Ex- showroom

Car Loan Kannur Features

car Loan KannurCars have become a necessary part of our life, but only a few people have the capability to buy it. A Car Loan is an option that can provide you the funds required to purchase a car.  It is a finance scheme that can be utilized for buying a new, as well as used car, according to the requirement.

Car Loan Kannur Interest Rate

Car loan interest rates change every time, again and again, so it’s important to monitor them. Your loan’s interest rate impacts the amount you’re going to pay for the month to month.

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

Apply for a Car Loan

Car Loan Kannur Documents Required

Documents required for car loan are as followed:

For salaried individuals:

  • Passport copy, PAN Card, Voters ID Card, Driving license is required
  • Two passport-sized photos are required
  • Income proof- Latest 3-month salary slip with form 16
  • Ration card/ Passport Copy/Telephone Bill/Electricity Bill/ Life Insurance Policy is required to apply for the loan
  • Last 6 months bank statement

For self-employed individuals:

  • Passport copy, PAN Card, Voters ID card, Driving License are required
  • Two passport-sized photos are required
  • Income proof- Latest Income Tax Returns required
  • Ration Card/ Passport Copy/ Telephone Bill/Electricity Bill/Life Insurance Policy is required to apply for the loan
  • Last 6 months bank statement

Car Loan Kannur Eligibility Criteria

The car loan eligibility requirements are as followed:

For Salaried:

  • Firstly, the minimum age of the applicant should be not less than 21 years.
  • Further, the maximum age should be 65 for loan maturity.
  • Minimum employment: At least 1 year in current employment and a minimum of 2 years of employment.
  • Minimum Annual Income: It should be Rs 1,00,000 net annual income.
  • Also, the contact number is required.

For Self Employed:

  • Firstly, the minimum age of the applicant should be 30 years or above.
  • The maximum age should be 60 at loan maturity.
  • In this, minimum employment should be at least 2 years in business
  • Furthermore, the minimum annual income should be Rs. 60000 p.a for standard cars and Rs.100000 p.a. for a mid-sized and premium cars.

For Partnership Firms

  • First, the minimum income should be Rs. 60000 p.a for standard cars and Rs.100000 p.a. for mid-sized and premium cars.
  • Likewise, the minimum turnover should be not less than Rs. 4.5 lakh.

Processing Fees & Prepayment Charges on Car Loan Kannur

Click here for the processing Fees and Prepayment charges on a car loan.

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

CIBIL Score Required for Car Loan in Kannur

Apply for a Car Loan

CIBIL score plays a key role while getting the loan. If your Cibil score is between 750-900. then you will get the quick loan approvals. If the Cibil score is less than 700 then your application will be pending. so, check your Cibil score before you apply for the loan. If you pay your EMIs in time then your Cibil score will be increased. If you do not repay your EMI your Cibil score will be reduced. The applicant has to pay monthly EMIs according to there schedule of the bank.

Car Loan Kannur Contact Number

For instant help and any more queries, you can call 9878981166.

Pre Calculated EMI Table for Car Loan Kannur

Click here of Pre calculated EMI table for a car loan.

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 EMI Calculator

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