Best Banks for Car Loan in Karuvannur
|Feature||HDFC Bank||ICICI Bank||
Kotak Mahindra Bank
|Interest Rate (p.a.)||7.35 % - 7.95 %||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 Karuvannur 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
Car Loan Karuvannur Eligibility Criteria
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
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.
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
Car Loan Karuvannur EMI Calculator
Car Loan Karuvannur Fees & Charges
|Charges||New Car Loan||Used Car Loan|
7.35% per annum
|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|
|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 Karuvannur Charges: Leading Banks – Aug 12 2022
|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
How to Get the Best Car Loan Interest Rates in Karuvannur
The interest rates on vehicle loans offered by different lenders inKaruvannur may vary, but they are all reasonable and competitive. If you want to get a car loan inKaruvannur with the lowest interest rate, follow the steps below:
- Choose a shorter repayment term – Many car loan applicants believe that lengthier repayment terms are better because the monthly EMI (equated monthly instalment) is low. Unfortunately, they don’t seem aware that lenders view lengthier payback terms as an indication of a borrower’s low repayment capabilities, so they charge higher interest rates. So, if you want to save money on your car loan, consider a shorter payments period.
- Research and compare the perks offered by different lenders – If you want to get a decent deal on an auto loan, you must first explore and compare the benefits offered by different lenders. This can help you figure out which lenders have the best interest rates and, as a result, which lender to choose.
- Maintain a modest debt-to-income ratio – The debt-to-income ratio measures how much of an applicant’s income goes toward loan repayment, and lenders consider this when setting interest rates. Therefore, if your debt-to-income ratio is lower, you have a better chance of getting a car loan with a lower interest rate.
- Maintain a good credit score — Lenders will be pleased to offer you a car loan with cheaper interest rates if you have a good credit score. Lenders consider a credit score of above 750 to be healthy. Many lenders may give auto loans to people with bad credit, but they will demand a higher interest rate. Check your credit scores regularly with Dialabank “Free Credit Score” service to guarantee you have a good credit score. This will allow you to take remedial action to enhance your credit score if it is low, and it will allow you to approach lenders with confidence if your credit score is good.
How to Apply for a Car Loan in Karuvannur?
Availing of a car loan inKaruvannur is an easy process with DialaBank. Follow the following steps to avail of the best offers:
- Visit our website Dialabank.
- Click on the car loan option available in the menu
- Fill in the details regarding the car type and your income
- Wait as our relationship manager will soon get in touch with you on your provided number.
- You may also contact our relationship managers on 9878981166 in case of any queries regarding the loan.
- To avail of a car loan offline, you will have to visit the branch personally, which might be hectic for you.
Which Bank in Karuvannur Offers the Best Car Loans?
Many big banks and NBFCs, including HDFC, ICICI, and SBI, offer vehicle loans inKaruvannur. The finest lender is one that can provide you with the loan amount you need at a reasonable interest rate and can distribute the funds as quickly as feasible. Therefore, it is always a good idea to compare vehicle loans from many lenders before applying for one that meets all of your needs, such as interest rates.
Car Loan for Major Car Manufacturers in KaruvannurTABLE WILL APPEAR
Processing Fees / Prepayment Charges on Car Loan Karuvannur
1999 - 4999 + Tax
No prepayment is allowed until 12 EMIs are paid
No foreclosure is allowed until 12 EMIs are paid
13-24 months: 2% of loan principal outstanding
>36 months: Nil Charges
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 Karuvannur
The CIBIL score is referred to as what defines 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 to be processed. Mostly, banks and NBFCs consider a credit score of 750 and above as a good score to approve your loan application process inKaruvannur.
This score may again vary from bank to bank. If you have a low CIBIL score than the required value, you will be required to pay a high rate interest rate on the loan amount, while if your CIBIL score is good, you may have to pay a low rate of interest. Thus, a CIBIL score is an important factor in a car loan.
Car Loan Karuvannur Contact Number
If you have any queries regarding the car loan inKaruvannur, you may contact the number 9878981166 for any assistance.
Pre Calculated EMI Table for Car Loan Karuvannur
|Rate||5 Yrs||4 Yrs||3 Yrs|
Karuvannoor is a hamlet in Trichur, Kerala, India, surrounded by Moorkanade, Mapranam, and Karalam. It is part of the Irinjalakuda municipality. The settlement gets its name from the Karuvannur river, which runs through it.
FAQ’s About Karuvannur Car Loan
✅ What types of vehicles can I purchase with a car loan?
Car loans can be used to buy various passenger vehicles, including SUVs (Sport Utility Vehicles), MUVs (Multi Utility Vehicles), and other types of vehicles. You can also get a car loan to acquire a vehicle for business purposes. Truck, tractor, and construction equipment loans are also available from some lenders.
✅ Is it possible to acquire a loan on my current vehicle?
Yes, if you have a strong payment history with your current lender, many lenders will grant you a loan on your current vehicle.
✅ What options do I have for repaying my auto loan?
Standing Instruction (SI), Electronic Clearing Service (ECS), and Post-Dated Cheques are three options for repaying your loan (PDCs). It is usually advised that you return your loan using the first two options because they are speedier and have a lower risk of error, which is not the case with PDCs.
Table of Contents
- 1 Best Banks for Car Loan in Karuvannur
- 2 Car Loan Karuvannur Features
- 3 Car Loan Karuvannur Eligibility Criteria
- 4 Car Loan Karuvannur EMI Calculator
- 5 Car Loan Karuvannur Fees & Charges
- 6 Car Loan Karuvannur Charges: Leading Banks – Aug 12 2022
- 7 How to Get the Best Car Loan Interest Rates in Karuvannur
- 8 How to Apply for a Car Loan in Karuvannur?
- 9 Which Bank in Karuvannur Offers the Best Car Loans?
- 10 Car Loan for Major Car Manufacturers in Karuvannur
- 11 Processing Fees / Prepayment Charges on Car Loan Karuvannur
- 12 CIBIL Score Required for Car Loan in Karuvannur
- 13 Car Loan Karuvannur Contact Number
- 14 Pre Calculated EMI Table for Car Loan Karuvannur
- 15 About Karuvannur
- 16 FAQ’s About Karuvannur Car Loan
- 17 ✅ What types of vehicles can I purchase with a car loan?
- 18 ✅ Is it possible to acquire a loan on my current vehicle?
- 19 ✅ What options do I have for repaying my auto loan?