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 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
|Lowest EMI||₹1,594-₹2,015(per lakh)|
Eligibility Criteria required to get Car loan in Kochi
|Particulars||Salaried Individuals||Self-Employed Individual||Partnership Firm||Private/Public Ltd. Company(in existence for atleast 3 years)|
|Age||The applicant should be above 18 years old at time of application, and up to 70 years of age at time of maturity of the loan||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 atleast 2 years and current employment stability of minimum 1 year||Business 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 Name||Main Branch Address||Rate of Interest|
|State Bank Of India||Aroor - Thoppumpady Rd, Thopumpady Junction, Thoppumpady, Kochi, Kerala 682005 1800 425 3800||7.20% - 7.90%|
|HDFC Bank||Thoppumpady, Catholic Centre, St. Joseph College Building, Kochi, Kerala 682005 0484 616 0616||7.95% - 8.30%|
|ICICI Bank||Ambal Building, Thoppumpady, First Floor, Near Gammon Bridge, Kochi, Kerala 682006||7.90% Onwards|
|Axis Bank||41/419, Ground Floor Chicago Plaza, Rajaji Road, Ernakulam, 682035||7.45% - 14.50%|
|Punjab National Bank||Star Junction Kottukulam Road, Mattancherry, Distt. Ernakulam, Cochin, Kerala - 682002||6.50% Onwards|
|Bank of India||Ernakulam, At Kannankeri Estate, Shanmugham Road , Ernakulam, 682031, Kerala||6.85% onwards|
|Bank of Baroda||Pb 222 Palace Road, Mattanchery (Ernakulam DT.), Cochin, 682002||7% onwards|
|Central Bank of India||Pb 526, 5th Main Road Willingdon Island 682003||7.25% - 7.70%|
|Bank of Maharashtra||XL/6993, B1, Devaki Krishna Towers, TD East Sannidhi Rd, Ernakulam, Kerala 682035||6.40% onwards|
|IDBI Bank||Dhanwatari Building Near Padma Theater, M.G. ROAD, Kochi||7.50% Onwards|