Karnataka Bank Car Loan

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Buy your dream Car

Rates as low as 7.35%*
Up to 100% Funding
Doorstep Service
Hassle-free Disbursal
Unbiased Experts Advice

Karnataka Bank Car Loan Key Features

Karnataka Bank Car Loan Interest Rate 7.35% per annum
Min Loan Amount ₹ 100,000
Max Loan Amount
(Loan to Value)
Loan up to 85% of On Road Price
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 2,137
Minimum Net Monthly Income ₹ 15,000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 18 years to 60 years
Self Employed: 18 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs) and Sport Utility Vehicle (SUVs).
Processing Fee Up to 0.40% of the loan amount
Foreclosure Charges 2% of the outstanding principal
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation

About Karnataka Bank Car Loan

Karnataka Bank is a private sector bank. It has been designated as an A1+ class scheduled commercial bank. Karnataka Bank was founded in 1924. Karnataka Bank Car Loan deals with major financial products like loans, credit cards, saving schemes, investments and many more.

Karnataka Bank provides Car Loans at reasonable rates of interest to the consumer for purchasing their dream car whether new or second hand. It is an easily accessible loan which can be procured who have a good credit/CIBIL score for a car loan from Karnataka Bank.

Advantages of Karnataka Bank Car Loan

Karnataka Bank Car Loan

Karnataka Bank Car Loan Eligibility

Salaried Individual
  • Age – 18-60 years of age
  • Net Monthly Income – should be minimum ₹ 15000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 18-65 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

Karnataka Bank Car Loan Interest Rate, Fees and Charges

Charges New Car Loan Used Car Loan
Interest Rate 7.35% p.a. to 11.30% p.a. 13.50% p.a.
Processing fee Up to 0.40% of the loan amount Up to 0.40% of the loan amount
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges 2% of the principal outstanding 2% of the principal outstanding
Penal Interest 2% per month 2% per month
Part Payment charges 5% of the paid amount 5% of the paid amount
Cheque/Instrument Swap Charge Rs.500 per instance Rs.500 per instance
Documentation Charge Rs.500 per instance Rs.500 per instance
Issuance of Duplicate No Dues Certificate Charges Rs.250 per instance Rs.250 per instance
Registration Certification Collection Charge Rs.200 per instance Rs.200 per instance
Cheque Bounce/Instrument Return Charges Rs.500 per instance Rs.500 per instance
Issuance of Duplicate Statement Charges Rs.500 per instance Rs.500 per instance
Loan Cancellation/Re-booking Charges Rs.2,500 per instance Rs.2,500 per instance
Issuance of Credit Report Rs.50 per instance Rs.50 per instance

Karnataka Bank Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof

(Any 1)

Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof

(Any 1)

Birth Certificate
Passport
Driving Licence
PAN
Signature Proof

(Any 1)

Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

Karnataka Bank Car Loan EMI Calculator

An applicant has the option to check the EMI’s before getting a Car Loan from Karnataka Bank. So, you can easily check through the link below:

Car Loan EMI Calculator

Karnataka Bank Car Loan Types

Karnataka Bank offers different types of car loans to its customers. You have the option of selecting the offer which suits your need the best. Karnataka Bank offers the following types of Car Loans:

  1. New Car Loan –  If you want to buy a new car, this is the scheme for you. You can take Karnataka Bank Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
  2. Used Car Loan – If you want to buy a used car then you can choose this proposal with Karnataka Bank which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
  3. Loan Against Car – You can opt for this proposal if you are in need of urgent funds where you can keep your cars as collateral with the bank.

Karnataka Bank Car Loan Pre Calculated EMI

How to Apply for Karnataka Bank Car Loan?

  1. Visit Dialabank and fill a form.karnataka bank car loan
  2. Our Relationship Manager who will guide you throughout the process.
  3. You can compare different offers from banks and opt for the one which suits your needs.
  4. Thus, you can easily apply for a Car Loan through Dialabank and enjoy best offers.

Karnataka Bank Car Loan for Top Selling Cars

Other Available Products from Karnataka Bank

Karnataka Bank Personal Loan Karnataka Bank Gold Loan Karnataka Bank Home Loan
Karnataka Bank Credit Card Karnataka Bank Two Wheeler Loan Karnataka Bank Education Loan

FAQs for Karnataka Bank Car Loan

What is the Karnataka Bank Car loan?

Car loan refers to the various financial products which allow someone to acquire a car, including car finances and leases.

✅ How can I get a car loan from Karnataka Bank?

You can easily avail of a car loan from Karnataka Bank if you meet the eligibility criteria which is: permanent employees of reputed organizations, professionals, self-employed persons, entrepreneurs, and agriculturists. They should have a minimum age of 21 and a maximum age of 65.

✅ How does the Karnataka Bank Car loan work?

The amount that you are qualified for election to receive depends on your income. For most new cars-  can sanction up to 25 times the total monthly income or 85% of the price of the car. This includes road tax, insurance, etc. For used cars-  can sanction up to 60% of the cost of the vehicle.

✅ How to Check Car Loan status in Karnataka Bank?

You can check your car loan status in Karnataka Bank by visiting the nearest branch or by checking the bank’s website.

✅What is the maximum loan amount that I can avail of on a car loan of Karnataka Bank?

N/A

✅ What is the loan tenure of Karnataka Bank Car loan?

It offers a loan tenure of 72 months that is 6 years.

✅ Can I get a 100% Car loan from Karnataka Bank? 

You can avail up to 40% of the price of the vehicle as the loan amount under the car loan which is offered by Karnataka Bank.

✅ Can you prepay your Karnataka Bank Car Loan?

You can prepay/foreclose your Karnataka Bank Car Loan at a rate of 2% of the outstanding principal amount.

✅ Does Karnataka Bank Car Loan charge any Processing Fees?

Karnataka Bank charges a processing fee is up to 0.40% of the loan amount.

✅ Can I get a Karnataka Bank Car Loan if I have a low Credit score? 

Karnataka Bank requires you to have a credit score of 700 or above for availing a car loan.

✅ What can you keep as Security with Karnataka Bank to get a Car Loan?

The security required for availing a car loan from Karnataka Bank is your car.

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