Car Loan Koraput

Major Car Loan Providers in Koraput

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 Koraput Features

Today, no one wants to face the hassle of public transport. Everyone wants to purchase a car to travel by bus to the office or vice versa. An  Auto Loan is an offer that offers funds to people for buying a vehicle. It is a scheme that helps a person to convert the dream of having a vehicle in reality.

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

Some of the features of car loan Koraput are:

  • Up to 90-95%% of the funding available for new cars
  • Up to 80-85%% of the funding available for used cars
  • 1 to 7 years is the usual loan period.
  • On the basis of compound interest, the interest rate is calculated.
  • For repayment, Equated Monthly Installment is worked out.
  • To the prepayment penalty, early settlement of the pending amount is available subject to.

Car Loan Koraput Interest Rates

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
1%
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 Koraput Documents Required

Documents required for car loan are as followed:

For Salaried Individuals:

  1. Proof of Identification: Passport copy, PAN Card, Voters ID card, Driving License
  2. Income Proof: Latest 3-month salary slip with form 16
  3. Residence Proof: Ration card / Driving license / Voters card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy /PAN Card
  4. Bank Statement: Last 6 months.

For Self Employed Individuals:

    1. Identification Proof: Passport copy, PAN Card, Voters ID card, Driving License
    2. Income Proof: Latest ITR
    3. Address Proof(anyone): Ration card/ Driving license / Voters card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy /PAN Card
    4. Bank Statement: Last 6 months.

Car Loan Koraput Eligibility Criteria

The car loan eligibility requirements are as followed:

For Salaried Applicants

  1. Minimum age: 21 years
  2. Maximum age at loan maturity: 65 years
  3. Minimum employment: 1 year in current employment and a minimum of 2 years of employment
  4. Minimum Annual Income: Rs.100000 net annual income

For Self-Employed Applicants

  1. Minimum age: 21 years
  2. Maximum age at loan maturity: 65 years
  3. Minimum employment: At least 3 years in business
  4. Minimum Annual Income: Net profit Rs. 60000 per annum for standard cars and Rs.100000 per annum for mid-sized and premium cars

Car Loan for Major Car Manufacturers in Koraput

TABLE WILL APPEAR

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Processing Fees & Prepayment Charges on Car Loan Koraput

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 Koraput

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 of the financial institutions ask for a high credit score. Every bank and NBFC has different criteria for a minimum CIBIL score they require to process your loan. A Lower CIBIL score than 750 can attract a higher rate of interest.

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

Car Loan Koraput Contact Number

For queries regarding the car loan in Koraput, drop us a call at 9878981166.

Pre Calculated EMI Table for Car Loan Koraput

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 KoraputCar loan Koraput

Koraput is a town and a municipality in the state of Odisha. The region was ruled by several dynasties, like Satavahans, Ikshvakus, Nalas, Ganga kings, and kings of Suryavanshi, who nominated the Koraput region before the arrival of British. Finally, the Koraput became a District in the year 1936.

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

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Car Loan EMI Calculator

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