Car Loan Kolkata
Last Updated : Jan. 20, 2017, 7:23 p.m.
About Kolkata
Kolkata is the capital in of India’s West Bengal state and is known for its grand colonial architecture, art galleries and cultural festivities. Other than the beauty, Kolkata is one of the affordable city in India. The cost of living is very low as compared to the other cities especially the metro cities. Another noticeable thing about Kolkata is that it has managed to board all-India bandwagon of buzzing economic sectors like Information Technology (IT) and Business Process Outsourcing (BPO) along with a good pace of development matching all India average with the liberalization of the Indian economy.
About Car Loan
The moment a new car lands into the market, it is quite normal to try if you can own it or not. Gone are the days when buying a car was only for elite class since the availability of car loans. A car loan is a medium that makes it possible for people to get a car as per their affordability by making small down payment and clearing off the rest in a small amount. Car loan s are available at attractive interest rates and flexible tenure generally up to 7 years for salaried as well as self-employed customers.
Car Loan Kolkata 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 | ₹1,594-₹2,015(per lakh) |
Eligibility Criteria required for Car loan in Kolkata
| 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 18 years at the time of application, and up to 60 years of age at the time of maturity of the loan | Any proprietor, partner, professional or director above 18 years but below 65 years at the time of the loan maturity. | ||
| Income | Minimum gross annual income of at least ₹2,50,000/- | Minimum gross annual income of at least ₹2,50,000/- | Firm should have a minimum turnover of ₹2.50 lakhs | Minimum turnover of ₹2.50 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 on Required for Car Loan
Proof of Identity: Passport copy, PAN Card, Voter 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/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 Banks Car Loan Kolkata Interest Rate and Address
| Banks Name | Main Branch Address | Car Loan Interest Rate (p.a.) |
|---|---|---|
| State Bank Of India | Pankhoo, Tehsil: Didihat Pithoragarh, kolkata | 7.20% - 7.90% |
| HDFC Bank | Stephen house, 4 b.b.d. bag - east, Kolkata - 700001 | 7.95% - 8.30% |
| ICICI Bank | 22, R N Mukherjee Road, Kolkata, 700001 | 7.90% Onwards |
| Axis Bank | 126A, Bidhan Sarani Shyam bazar, 700004 | 7.45% - 14.50% |
| Punjab National Bank | 1/1A & 1/1B, Tollygunge, Circular Road, Kolkata, 700033 | 6.50% Onwards |
| Bank of India | Kolkata Main, 23A - B, Netaji Subhas Road, Kolkata, 700001 | 6.85% onwards |
| Bank of Baroda | Alipore Branch, 38/1/E, Gopal Nagar Road, Kolkata, 700027 | 7% onwards |
| Central Bank of India | 157 A, Rash Behari Avenue, Ballygunge, Kolkata | 7.25% - 7.70% |
| Bank of Maharashtra | 60C, Chowringee Road, Kolkata- 700029 | 6.40% onwards |
| IDBI Bank | Sidhha point, Ground Floor, 101, Park Street, Kolkata | 7.50% Onwards |