Car Loan Rates EMI 2024

Car Loan Chennai

Car Loan Chennai

Last Updated : May 23, 2017, 3:16 p.m.

About Chennai

Chennai, the capital of Tamil Nadu is one of the prominent centres of education, economics and culture in South India. It is the country’s second largest exporter of BPO and IT services. Major industries like automobile, technology, computer, healthcare and hardware manufacturing are developing at a quicker pace. Medical tourism has turned out to be an important source of development for Chennai as it gets a majority of the medical tourists coming to India. The city is home to Madras Stock exchange which is one of the largest in terms of trading volume. The leading banks are always in active mode as they provide much needed assistance to people so that they can fulfill their needs. Major financial institutions including the likes of World Bank and Standard Chartered Bank are operating in the city.

About Car Loan

Owning a car is one of the most cherished dreams one can have. We all crave to go on a long drive, seating comfortably in our car. The feeling can’t be described in words. However, lack of enough funds sometimes acts a big barrier between us and our car. Keeping this in mind, leading banks and Non-Banking Financial Companies offer a car loan to suitable applicants who fulfill all the needed eligibility criteria and documentation work. You can not only secure a loan for buying a new or old car but even take a loan against your car. You just have to pay some amount in advance and then pay the rest in installments each month till the loan matures.

Car Loan Chennai in a nutshell

Interest Rate7.45% - 14.01%
Processing Fee₹500-₹5500; 0.25%-0.50% of the loan amount
Pre-payment/Part-payment ChargesPre-payment charges- 5% of the principal outstanding+service tax as applicable

Part-payment charges- 5% of the part payment amount+service tax as applicable
Tenure/Repayment1-7 years
Lowest EMI/Lakh₹1,594-₹2,015

Eligibility Criteria required to get a Car loan in Chennai

ParticularsSalaried IndividualsSelf-Employed IndividualPartnership FirmPrivate/Public Ltd. Company(in existence for at least 3 years)
AgeThe applicant should be above the age of 18 years while applying for a car loan and up to 70 years of age when the loan maturesAny proprietor, partner, professional or director above 18 years but below 70 years at the time of the loan maturity.
IncomeMinimum gross annual income of at least ₹ 1,80,000/-Minimum gross annual income of at least ₹1,80,000/-Firm should have a minimum PAT (profit after tax) of ₹2.00lakhsMinimum PAT (profit after tax) of ₹2.00 lakhs
Job StabilityThe total employment stability should be for at least 2 years and current employment stability of minimum 1 yearBusiness stability should be for at least 2 years

Documentation required for a Car Loan

  • Proof of Identity : Passport copy, PAN Card, Voters Id card, driving license( Laminated, Recent, Legible)
  • Proof of Address : Ration card/Driving license/Voters card/passport copy/telephone bill/ electricity bill/Life insurance policy
  • Proof of Income : Latest salary slip with form 16 / Audited balance sheet, Profit & Loss Account for latest two years/ Have a minimum turnover of ₹ 4,50,000 per annum / Audited balance sheet, Profit & Loss Account for latest two years and the latest 2 years IT returns of the company / Latest ITR
  • Bank Statement of the last 6 months

Top Banks offering a Car loan in Chennai

BankMain Branch AddressCar Loan Interest Rate
State Bank of IndiaDhandeeswaram main road, Dhandeeswaram nagar, Velachery, Chennai Tamil Nadu 6000427.20% - 7.90%
ICICI BankP. B. No. 1610, Dare House, Annexe 44, Moore Street, Chennai Tamil Nadu 6000017.90% Onwards
HDFC Bank759, ITC Center, Anna Salai, Chennai Tamil Nadu 6000027.95% - 8.30%
Axis Bank82 Dr. Radhakrishnan Salai Mylapore, Chennai, Tamil Nadu 6000047.45% - 14.50%
Punjab National Bank17, Rajaji Salai, Chennai Tamil Nadu 6000016.50% Onwards
Bank Of Baroda252 A, Ttk Road, Alwarpet, Chennai Tamil Nadu 6000187% onwards
Bank Of IndiaChennai Main, 17 Errabalu Chetty Street, Chennai, Tamil Nadu 6000016.85% onwards
IDBI BankP.M.Towers 37, Greams Road, Chennai, Tamil Nadu7.50% Onwards
Bank Of MaharashtraShree Gujarati Mandal Bldg 116, Broadway, Chennai, Tamil Nadu 6001086.40% onwards
Central Bank of IndiaMehta Mansion, 27, Bunder street, Chennai, Tamil Nadu 6000067.25% - 7.70%

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