Car Loan Kottayam

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Best Banks for Car Loan in Kottayam

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 Kottayam Features

car loan kottayam

Thinking of purchasing a new car? But don’t have the required funds for it? Do not worry! A car loan is here for you, which is a means of funding or financial help provided by banks and NBFCs to the applicants at an affordable rate of interest to aid them in buying a car, whether new or used, and for both ex-showroom and on-road prices. Since cars have become a necessity for everyone while the cost of cars is growing rapidly, a car loan has become very important to fulfill your desire to be the owner of your dream car. The main features of a car loan in Kottayam are:

  • Car loans are available at low-interest rates, which may vary from bank to bank so make sure you compare and choose wisely!
  • Almost all major banks and NBFCs offer car loans in Kottayam in your vicinity
  • The documentation process is quick, efficient and hassle-free
  • Car loans are easily available through DialaBank. We make sure you get your dream car with great convenience.

Car Loan Kottayam 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 Personal Loan Interest Rate for all major banks you can visit: Car Loan Interest Rates

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Car Loan Kottayam Documents Required

The essential documents required to get a car loan approved in Kottayam are as follows:

For Salaried Individuals

  1. Identity Proof: Passport copy, PAN Card, Voters ID card, Driving License
  2. Income Proof:  Latest 3-month salary slip with form 16
  3. Address 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

    • Identity Proof: Passport copy, PAN Card, Voters ID card, Driving License
    • Income Proof:  Latest ITR reports.
    • Address Proof: Ration card / Driving license / Voters card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy /PAN Card
    • Bank Statement: Last 6 months.

Car Loan Kottayam Eligibility Criteria

The car loan eligibility requirements are as followed in Kottayam:

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 p.a for standard cars and Rs.100000 p.a. for mid-sized and premium cars

Car Loan for Major Car Manufacturers in Kottayam

TABLE WILL APPEAR

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Processing Fees & Prepayment Charges on Car Loan in Kottayam

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 Kottayam

The CIBIL score is referred to as your ability to pay off your credits. A higher Credit score means good credit history and makes your car loan application process smooth and easy. Mostly, banks and NBFCs consider a credit score of 750 and above as a good score to approve your loan application process in Kottayam. This score may again vary from bank to bank. In case of a low CIBIL score than the required value, you will be required to pay a higher rate of interest rate on the loan amount. Thus, a CIBIL score is an important factor in a car loan.

Car Loan Kottayam Contact Number

In case of any queries regarding the car loan in Kottayam, you may contact us on the number 9878981166 for assistance!

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Pre Calculated EMI Table for Car Loan Kottayam

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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