Karnataka Bank Car Loan
Last Updated : June 16, 2017, 12:57 p.m.
About Karnataka Bank Car Loan
Owning your dream car is not that too hard than it was in earlier times. With so many car loan lenders in the market willing to arrange appropriate car loans at flexible interest rates for you so that you can drive away your dream car in no time. In today’s time, when salaried don’t fit in your monthly budget withdraw you from achieving your dream car. But don’t be too harsh on yourself when it comes to securing car loans. Especially when Karnataka Bank is by your side. Karnataka Bank is one such bank which offers car loan product according to your line of expectations so that your special individual needs get fulfilled within specified time.
The bank offers car loans for purchase of a new vehicle or second-hand vehicle not exceeding 5 years from the date of its registration. With minimal documentation processes and flexible monthly options help the customers of Karnataka Bank to quickly repay their car loans at ease. However, the customers need to check their eligibility criteria which ascertain them how fast they will get quick approval on their car loans.
Karnataka Bank Car Loan Eligibility Criteria
The following applicants are eligible to apply for Karnataka Bank Car Loan:
The applicant should be an income tax assessee.
Agriculturists are also eligible to apply, provided they should own agricultural properties.
A company/firm/trust/association/societies getting the loan in their name or in the name of their executive// managing director / managing partner/managing trustee/president/secretory are eligible to apply.
Non-resident individuals are also eligible to apply for Karnataka Bank Car Loan.
The age limit of the applicants should be 21 years and above.
An applicant can include third party guarantee while applying for car loans
Karnataka Bank Car Loan Interest Rates
| Particulars | Description |
|---|---|
| Interest Rate | New cars: 7.50% Onwards |
| Loan Amount | Upto ₹ 75 lakhs for new cars & Upto ₹ 20 lakhs for used cars |
| Tenure | New cars : 7 years Used cars : 2 years 8 months |
| Age Limit | 21 years and above |
| Processing Fees | 0.25% of the loan amount / Minimum of ₹ 250 . In addition, an asset verification or inspection charge of ₹ 1000.00 will also be levied. |
| Foreclosure Charges | 1% of the outstanding principal balance. |
| Loan Margin | New cars : 15% Used cars : 25%-30% |
Karnataka Bank Car Loan EMI Calculator
Use Karnataka Bank car loan EMI calculator for estimating your car loan monthly installments which you need to pay every month towards your car loan. The car loan EMI is further categorized into three components -principal amount, interest rate and tenure.
For example : Anita has applied for a 7-year car loan of ₹ 10 lakhs with an interest rate 9.90% per annum subject to her eligibility criteria. She takes the help of Karnataka Bank EMI Calculator to ascertain the detailed computation of her EMI, interest outgo and the total amount(EMI+Interest) which she needs to repay each year towards her car loan.
Table showing EMI, interest outgo and total amount payable on your car loan
| Loan Amount (in | Loan Tenure(in years) | Interest Rate (in % p.a.) | EMI (in ₹) | Total Interest Outgo(in ₹) | Total Amount(EMI+Interest) (in ₹) |
|---|---|---|---|---|---|
| 1000000 | 1 | 9.90% | 87869 | 54433 | 1054433 |
| 1000000 | 2 | 9.90% | 46099 | 106371 | 1106371 |
| 1000000 | 3 | 9.90% | 32220 | 159929 | 1159929 |
| 1000000 | 4 | 9.90% | 25315 | 215100 | 1215100 |
| 1000000 | 5 | 9.90% | 21198 | 271872 | 1271872 |
| 1000000 | 6 | 9.90% | 18475 | 330232 | 1330232 |
| 1000000 | 7 | 9.90% | 16550 | 390163 | 1390163 |
Amortization Table
| Year | Principal(in ₹) | Interest(in ₹) | Balance Amount(in ₹) |
|---|---|---|---|
| 1 | 104245 | 94355 | 895755 |
| 2 | 115047 | 83553 | 780708 |
| 3 | 126969 | 71631 | 653739 |
| 4 | 140126 | 58474 | 513613 |
| 5 | 154645 | 43955 | 358968 |
| 6 | 170670 | 27930 | 188298 |
| 7 | 188433 | 10248 | 0 |
Features of Karnataka Bank Car Loan
Speedy processing of Karnataka Bank Car loans
Hassle-free documentation processes
Clear terms and conditions
Flexible repayment period
Hypothecation of vehicle to be purchased
Documentation Required for Karnataka Bank Car Loan
| Proofs | Salaried Professional | Self-employed |
|---|---|---|
| Age Proof | Passport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate | Passport/PAN Card/ Voter ID card, Photo Driving License with birth date/Photo ration card with DOB/Employer certificate/ID/School/College Leaving Certificate |
| Identity Proof | PAN Card/ Voter ID/Passport/Driving License, photograph | PAN Card/ Voter ID/Passport/Driving License, photograph |
| Income Proof | Salary slips for the last 3 months, latest Form 16, bank statement of last 6 months showing credit of salary in the account, | CA-certified balance sheet for the last 3 financial years, ITR for the last 3 years, 6 months bank statement of the main account |
| Address Proof | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID | Latest Telephone Bill/ Electricity Bill/Property Tax Receipt/Passport/ Voter ID |
| Sign Verification Proof | Driving License/Passport copy/PAN Card | Driving License/Passport copy/PAN Card |