Car Loan Rates EMI 2024

Car Loan Kochi

Car Loan Kochi

Last Updated : Jan. 11, 2019, 6:06 p.m.

About Kochi

Kochi previously known as Cochin is a city of Kerala in India. It is popularly known to be the centre of the world spice trade since many centuries. Based near the Arabian Sea, Kochi displays one of the finest natural harbours in the world. It is the principal tourist attraction of Kerala. Kochi is a renowned commercial hub of Kerala and one of the fastest growing second-tier metro cities in India. The city recorded its GDP growth rate of 8.3% due to its heavy investment across the years. Kochi also houses Cochin stock exchange, the only stock exchange in Kerala. The fourth largest private sector bank, Federal Bank, situated in Aluva which is a suburb of Kochi. The city is also known as a major online trading centre in the country with a newly opened SEBI office in its realm.

About Car Loan

A Car loan is a great way to finance your dream car that suits your needs and matches your taste as well as status. Approach multiple dealers for your car and keep an eye on the offers and discount available. In the end, if the total price of your car comes down, the amount required as a loan would also decline.

Banks offer car loans at affordable rates to fulfill the dreams of their customers. Loans are available at different interest rates as per the individual needs. Low car rates are the ones which are mostly expected by the borrowers. Lower rates will give an opportunity for lower monthly payments which provide enough room for the normal customer to accomodate with their monthly budget.

Car Loan Kochi 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₹1,594-₹2,015(per lakh)

Eligibility Criteria required to get Car loan in Kochi

ParticularsSalaried IndividualsSelf-Employed IndividualPartnership FirmPrivate/Public Ltd. Company(in existence for atleast 3 years)
AgeThe applicant should be above 18 years old at time of application, and up to 70 years of age at time of maturity of the loanAny 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 atleast 2 years and current employment stability of minimum 1 yearBusiness stability should be for atleast 2 years

Documentation Required for 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: Last 6 months

Top 10 Banks Car Loan Interest Rate and Address

Banks NameMain Branch AddressRate of Interest
State Bank Of IndiaAroor - Thoppumpady Rd, Thopumpady Junction, Thoppumpady, Kochi, Kerala 682005 1800 425 38007.20% - 7.90%
HDFC BankThoppumpady, Catholic Centre, St. Joseph College Building, Kochi, Kerala 682005 0484 616 06167.95% - 8.30%
ICICI BankAmbal Building, Thoppumpady, First Floor, Near Gammon Bridge, Kochi, Kerala 6820067.90% Onwards

Axis Bank41/419, Ground Floor Chicago Plaza, Rajaji Road, Ernakulam, 6820357.45% - 14.50%
Punjab National BankStar Junction Kottukulam Road, Mattancherry, Distt. Ernakulam, Cochin, Kerala - 6820026.50% Onwards
Bank of IndiaErnakulam, At Kannankeri Estate, Shanmugham Road , Ernakulam, 682031, Kerala6.85% onwards
Bank of BarodaPb 222 Palace Road, Mattanchery (Ernakulam DT.), Cochin, 6820027% onwards
Central Bank of IndiaPb 526, 5th Main Road Willingdon Island 6820037.25% - 7.70%
Bank of MaharashtraXL/6993, B1, Devaki Krishna Towers, TD East Sannidhi Rd, Ernakulam, Kerala 6820356.40% onwards
IDBI BankDhanwatari Building Near Padma Theater, M.G. ROAD, Kochi7.50% Onwards

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