Car Loan Kavaratti

Best Banks for Car Loan in Kavaratti

Feature	HDFC Bank	Private Bank	Kotak Mahindra Bank
Interest Rate (p.a.)	7.35 - 7.95%	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 Kavaratti Features

⍟ 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

Are you considering purchasing your vehicle in Kavaratti? Don’t be concerned. Dialabank financial services assist consumers in comparing, analyzing, and selecting the best loan available. You only need to fill out an application for a car loan on the Dialabank website. If your CIBIL score is good, you will be offered a low interest rate and an extended loan repayment period.

Car Loan Kavaratti

Car Loan Kavaratti Eligibility Criteria

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

Car Loan Kavaratti EMI Calculator

Car Loan Kavaratti 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 Kavaratti Fees and Charges: Leading Banks – Apr 26 2024

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
Private 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 Kavaratti Documents Required

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.

How to Get the Best Car Loan Interest Rates in Kavaratti

Follow the steps stated below to get the best car loan in Kavaratti: –

Choose a short repayment tenure -Many borrowers believe that longer loan terms are better since they can pay off the loan faster, but they end up paying higher interest rates.
Research and compare the perks offered by different lenders – Before applying for a loan, applicants should do their homework and thoroughly examine all of their options.
Maintain a modest debt-to-income ratio – A low debt-to-income ratio indicates that your income is not being used to repay a previous loan, which could improve your chances of acquiring a new loan.
Maintain a good credit score — A credit score of 750 or higher is considered healthy by lenders. Your chances of getting a loan for the car you want are significantly increased if you have a good credit history and score.

How to Apply for a Car Loan in Kavaratti?

Please take a look at our website.
Select an auto loan and then a car loan link from the loan section.
Would you please give us all of your details, including your phone number?
You will receive a call from one of our professionals, who will assist you further.

Which Bank in Kavaratti Offers the Best Car Loans?

Vehicle loans are available in Kavaratti from all major lenders, including HDFC, Private, and SBI. Dialabank can assist you in locating a lender who can give you the loan amount you require at a competitive interest rate and disburse the funds as soon as possible.

Car Loan for Major Car Manufacturers in Kavaratti

TABLE WILL APPEAR

Processing Fees & Prepayment Charges on Car Loan Kavaratti

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
Prepayment Charges	>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 Kavaratti

Every financial institution has its criteria for the CIBIL score required for processing the Car Loan application in Kavaratti to minimize the risk of lending to the customer. Most institutions require a minimum CIBIL score of 750 or above to process your loan application. Also, having a good CIBIL score helps borrowers bag loans at a cheaper rate of interest.

Car Loan Kavaratti Contact Number

You can get a car loan from Kavaratti easily from Dialabank by contacting the number 9878981166.

Pre Calculated EMI Table for Car Loan Kavaratti

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

About Kavaratti

Kavaratti is a village panchayat in the Punjab state of India’s Hoshiarpur district. The Kavaratti’s geocoordinates are 31.5632179 latitudes and 75.9361629 longitudes. It is approximately 120.9 kilometres from Adamawa. Chandigarh is 120.9 kilometres away, Shimla is 126.7 kilometres away, and Dehradun is 252.2 kilometres away.

Special Note: Banks do not provide Car Loans to bad credit holders, but one can quickly fulfil their money requirement with Gold Loan.

Car Loan Banks in Kavaratti

Bank	Bank Address	IFSC
SYNDICATE BANK	P O KOCHI LAKSHADWEEP U T OF LAKSHADWEEP 682 555	SYNB0009950
UCO BANK	FIRDOUSE ANNEXEPO – KAVARATTI, LAKSWDEEP 682555	UCBA0002240

FAQ’s About Kavaratti Car Loan

✅ Is it necessary to have a guarantor for a car loan?

Most lenders in Kavaratti will not require a guarantor to obtain a car loan. Suppose your salary is below the statutory minimum. In that case, however, the lender may demand you to provide a guarantee or co-applicant to show that you will be able to repay the loan.