Car Loan Karapakkam

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Car Loan in Karapakkam

Car Loan in Karapakkam


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Car Loan Karapakkam 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

Owning a car is everyone’s dream, and it remains a dream for most people for the rest of their life because they are unable to save that amount of money and didn’t have the proper resources to do so. The best solution for this is getting a car loan. You can get a car loan easily by following easy steps and bring your car to your home.

If you live in Karapakkam, this article is for you to help you with the car loan. In this, you can check and compare the interest rate, processing fees, loan tenure and many more terms of top banks for free. If you wish to apply, you can even apply here and get a car loan in 30 minutes.

Car Loan in Karapakkam

Car Loan in Karapakkam


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Car Loan Karapakkam Eligibility Criteria

The car loan eligibility requirements are as follows in Karapakkam:

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 Karapakkam EMI Calculator

Car Loan Karapakkam Fees & Charges

Charges New Car Loan Used Car Loan
Interest Rate 7.05% per annum 11.80% p.a. to 13.80% p.a.
Car loan Processing fees 0.004 0.004
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 Karapakkam Fees and Charges: Leading Banks – Sep 25 2021

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 Karapakkam Documents Required

Documents required for a car loan are as follows:

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 Karapakkam

The interest rate offered on a car loan varies from one bank to other in Karapakkam. These all are reasonable and competitive. If you wish to get an auto loan in Karapakkam at the best rate of interest, follow the steps given below-

  • Shorter repayment term – The interest rate charged on any loan depends on loan tenure. If you take long repayment tenure, the interest rate charged would be more. If you need a low interest rate, choose to go for shorter repayment tenure.
  • Research and compare an offer from different lenders – If one wants to get a fair deal on a car loan, you must take a look and compare offers of different banks and NBFCs. By doing so, you would find out the best bank with a low interest rate in Karapakkam.
  • Maintain Debt to income ratio – The debt to income ratio tells how much an applicant goes for loan repayment. This is taken into consideration while setting the interest rate of a loan. Therefore, if your Debt to income ratio is low, there are more chances of you getting the loan at a low rate of interest.
  • Maintaining credit score – Credit score plays a significant role in getting a loan and deciding the interest rate. Banks check for credit scores and give better offers if applicants credit scores come out to get good. Usually, they look for a credit score above 750 points. If your credit score is better, you might get a better deal on the interest rate. You can check your score by using Dialabank “Free credit score” service. This will make you aware of your credit score and give time to improve your credit score before going for a loan.

How to Apply for a Car Loan in Karapakkam?

Availing of a car loan in Karapakkam can be a simple process with DialaBank. Follow the following steps given below to avail of the best offers:

  • Visit  Dialabank.
  • Select the car loan option available in the menu.
  • Fill in the details related to your car type and your income.
  • Would you please wait for our relationship manager to get in touch with you on your provided number?
  • You can also contact our relationship managers on 9878981166 in case of any queries regarding the loan.
  • To get a car loan offline, the borrower needs to visit the branch personally.


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Which Bank in Karapakkam Offers the Best Car Loans?

Many leading banks provide car loans in Karapakkam, including HDFC, ICICI, SBI and Axis Bank. The best choice will be to provide your loan amount at a reasonable rate of interest with a quick funds distribution facility. To select the best choice, it is recommended to compare vehicle loans before selecting any one bank.

Car Loan for Major Car Manufacturers in Karapakkam

TABLE WILL APPEAR

Processing Fees / Prepayment Charges on Car Loan Karapakkam

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 Karapakkam

The CIBIL score defines applicants ability to pay back credits. A higher credit score indicates your good credit history and makes your process of getting a car loan easy and smooth. Mostly, Banks consider a credit score of 750 or above 750 a good score to approve for loan application easily.

This score is different from bank to bank. If your credit score is low, banks would ask for a high-interest rate on the loan amount. This would not be the case with a high credit score. Conversely, if you have a high credit score, there is more possibility of getting a loan at a low rate of interest. Thus, a credit score plays an important role in getting a car loan.


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Car Loan Karapakkam Contact Number

If you have any queries regarding the car loan in Karapakkam, you can contact 9878981166 for any assistance.


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Pre Calculated EMI Table for Car Loan Karapakkam

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 Karapakkam

Karapakkam is a residential neighbourhood in Chennai, Tamil Nadu, India. It is one of the stations along the Old Mahabalipuram Road, or OMR, as more popularly known. It is located between the Thoraipakkam and Sholinganallur IT hubs. On the ECR Highway, it runs parallel to Injambakkam.

Karapakkam, a suburb of Greater Chennai (population: 4500), is home to several BPO, IT/ITES, and other IT/ITES firms.

Visit dialabank.com  and get fast assistance.


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FAQ’s About Karapakkam Car Loan

How can I make an EMI payment for a car loan?

An applicant has three options for EMI payment. These options include Standing Instruction (SI), Electronic Clearing Service (ECS), and Post-Dated Cheques.

How can I calculate the monthly instalment for a car loan?

An applicant can calculate EMI by using the Dialabank EMI calculator. This is a simple EMI calculator in which you can check your EMI to get paid monthly by following some simple steps.

What are the types of interest rates?

Interest rates are mainly of 2 types. First is the fixed interest rate, and floating interest rate applicants should choose the type according to their convenience.

 

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