Car Loan Chennai
Last Updated : Jan. 20, 2017, 1:03 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
| Particulars | Details |
|---|---|
| Interest Rate | 7.45% - 14.01% |
| Processing Fee | ₹500-₹5500; 0.25%-0.50% of the loan amount |
| Pre-payment/Part-payment Charges | Pre-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/Repayment | 1-7 years |
| Lowest EMI/Lakh | ₹1,594-₹2,015 |
Eligibility Criteria required to get a Car loan in Chennai
| Particulars | Salaried Individuals | Self-Employed Individual | Partnership Firm | Private/Public Ltd. Company(in existence for at least 3 years) |
|---|---|---|---|---|
| Age | The 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 matures | Any proprietor, partner, professional or director above 18 years but below 70 years at the time of the loan maturity. | ||
| Income | Minimum 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 ₹2.00lakhs | Minimum PAT (profit after tax) of ₹2.00 lakhs |
| Job Stability | The total employment stability should be for at least 2 years and current employment stability of minimum 1 year | Business 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
| Bank | Main Branch Address | Car Loan Interest Rate |
|---|---|---|
| State Bank of India | Dhandeeswaram main road, Dhandeeswaram nagar, Velachery, Chennai Tamil Nadu 600042 | 7.20% - 7.90% |
| ICICI Bank | P. B. No. 1610, Dare House, Annexe 44, Moore Street, Chennai Tamil Nadu 600001 | 7.90% Onwards |
| HDFC Bank | 759, ITC Center, Anna Salai, Chennai Tamil Nadu 600002 | 7.95% - 8.30% |
| Axis Bank | 82 Dr. Radhakrishnan Salai Mylapore, Chennai, Tamil Nadu 600004 | 7.45% - 14.50% |
| Punjab National Bank | 17, Rajaji Salai, Chennai Tamil Nadu 600001 | 6.50% Onwards |
| Bank Of Baroda | 252 A, Ttk Road, Alwarpet, Chennai Tamil Nadu 600018 | 7% onwards |
| Bank Of India | Chennai Main, 17 Errabalu Chetty Street, Chennai, Tamil Nadu 600001 | 6.85% onwards |
| IDBI Bank | P.M.Towers 37, Greams Road, Chennai, Tamil Nadu | 7.50% Onwards |
| Bank Of Maharashtra | Shree Gujarati Mandal Bldg 116, Broadway, Chennai, Tamil Nadu 600108 | 6.40% onwards |
| Central Bank of India | Mehta Mansion, 27, Bunder street, Chennai, Tamil Nadu 600006 | 7.25% - 7.70% |