Car Loan Kavaratti

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Car Loan Kavaratti

Best Banks for Car Loan in Kavaratti

Feature
HDFC Bank
ICICI 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


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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


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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


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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


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Car Loan Kavaratti Fees and Charges: Leading Banks – May 28 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


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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.


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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?

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


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Which Bank in Kavaratti Offers the Best Car Loans?

Vehicle loans are available in Kavaratti from all major lenders, including HDFC, ICICI, 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
>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


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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.


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Car Loan Kavaratti Contact Number

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


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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


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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

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.

✅ Where can I find a vehicle loan interest calculator?

You can use the EMI calculator on Dialabank’s or the lending bank’s website.

✅ What is the best way for me to pay my monthly instalments?

You can pay your monthly instalments via net banking or UPI on the bank’s website, or you can pay them in person at the branch.