Best Banks for Car Loan in Lakshadweep
⍟ Loan Approval in 30 Minutes A car loan in Lakshadweep is the best form of financial help and assistance provided by banks and NBFC’s in Lakshadweep to fulfil your dream of having your own car. They provide the required funding for purchasing a car, whether it’s a new or a used one, which can either be on Ex-Showroom Price or On-Road Price of the car. A car loan in Lakshadweep is a secured form of a loan with easy repayment options in the form of regular instalments or other schemes. Availing of a car loan is easily provided you just need the required documents and fulfil the required eligibility criteria.
7.35% per annum Car loans in Lakshadweep offered by each lender are different, but they are reasonable. Two ways to apply for a car loan in Lakshadweep: Many banks and NBFCs, like Private, SBI and HDFC, offer vehicle loans in Lakshadweep. However, the finest lender in Lakshadweep is one that provides you with a Car Loan Lakshadweep at a reasonable interest rate and can provide the funds as quickly as possible. Therefore, it is always better to compare your vehicle loans from many lenders in Lakshadweep before applying for one that meets all your needs. TABLE WILL APPEAR The CIBIL score defines your ability to pay off your Car Loan in Lakshadweep. A good Credit score means good credit history and makes your car loan in Lakshadweep process smooth and easy to be processed. Banks and NBFCs in Lakshadweep mainly consider a credit score of 750 and above as a reliable score to approve your loan in Lakshadweep. For Car Loan Lakshadweep queries, you can call 9878981166. Lakshadweep is in Kerala, India and is a tropical archipelago of 36 atolls and coral reefs, Laccadive Sea. Unfortunately, not all islands are occupied, and just a couple are available to guests (grants required). One of the more evolved islands, Kavaratti, is home to many mosques, including the lavishly embellished Ujra Mosque, just as Kavaratti Aquarium, displaying provincial fish, shark and coral species. Prepayment is different for each bank; however, some bank’s don’t charge any prepayment fee. Yes, Almost all banks in Lakshadweep provides top-up loans. No, there is no need to provide a guarantor for a car loan in Lakshadweep. However, you may need a guarantor if you miss the eligibility criteria.
Car Loan Lakshadweep Features
⍟ 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
Car Loan Lakshadweep Eligibility Criteria
Salaried Individual
Net Monthly Income – Minimum ₹ 20,000
Employment Duration – 1-year minimum
Income Eligibility – Based on Form 16 and salary slip
Self-Employed Individuals
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)
Employment Duration – 3 years minimum
The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
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 Lakshadweep EMI Calculator
Car Loan Lakshadweep Fees & Charges
Charges
New Car Loan
Used Car Loan
Interest Rate
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 Lakshadweep Fees and Charges: Leading Banks – Apr 26 2024
Bank
Processing Fee
HDFC Bank Car Loan
(1999 - 4999) + Tax
Axis Bank Car Loan
1 % to 2.50%
Nil
Private Bank Car Loan
0.25% to 1.50%
SBI Car Loan
500/- to 0.50%
Nil
Kotak Car Loan
1% to 2%
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 Lakshadweep Documents Required
Salaried Individual
Category
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)
Birth Certificate
High School Marksheet
Driving Licence
Signature Proof(Any 1)
Bankers Verification
Passport
Income Proof
Bank Statement
Employment Continuity Proof
ITR of Form no. 16
Salary Slip mentioned with joining date
Letter of Appointment
Self-Employed Individuals
Category
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)
Bankers Verification
Passport
Bank Statement
Employment Continuity Proof
Shop & Establishment Act Certificate
Shop & Establishment Act Certificate
Sales Tax or VAT Certificate
Business Proof
Telephone Bill/Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Self-Employed Non-Individuals:
1. Partnership Firms/Societies
Category
Identity Proof (Any 1)
Driving Licence
PAN Card
Aadhar Card
Passport
Address Proof (Any 1)
Aadhar Card
Driving License
Voter ID
Income Proof
P&L Account
ITR for the previous 2 years
Bank Statement
Last 6 month
Business Continuity Proof
Audited Balance Sheet
TAX registration Certificate
Current Account Statement
Additional documents
2. Private Limited/Limited Companies
Category
Identity Proof
Copy of Incorporation
Address Proof (Any 1)
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
Sales Tax Certificate
Income Proof
P&L Account and ITR for the previous 2 years
Bank Statement
Previous 6 Months
Business Continuity Proof
ITR of the Company of the past 2 years
Audited Balance Sheet
Shop & Establishment Act Certificate
Additional documents
Board Resolution
PAN Card
Certificate of Commencement of Business for Ltd. Co.
How to Get the Best Car Loan Interest Rates in Lakshadweep
How to Apply for a Car Loan in Lakshadweep?
Which Bank in Lakshadweep Offers the Best Car Loans?
Car Loan for Major Car Manufacturers in Lakshadweep
Processing Fees / Prepayment Charges on Car Loan Lakshadweep
Category
Details
Processing Charges
Prepayment
Preclosure
Stamp Duty
Cheque Bounce Chgs
Floating Rate of Interest
Not Applicable
Overdue EMI Interest
Amortisation Schedule Chgs
Rs 200 + GST
CIBIL Score Required for Car Loan in Lakshadweep
Car Loan Lakshadweep Contact Number
Pre Calculated EMI Table for Car Loan Lakshadweep
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 Lakshadweep
FAQ’s About Lakshadweep Car Loan
✅ What are the charges for Prepayment in a Car Loan in Lakshadweep?
✅ Can I get a top-up loan on my existing car loan in Lakshadweep?
✅ For a car loan in Lakshadweep do you need a gurantor?