Best Banks for Car Loan in Chennai
Feature |
HDFC Bank |
Private Bank |
Kotak Mahindra Bank |
Interest Rate |
8% - 8.4 % |
8.5 - 9.5 % |
11% |
Min Loan Amt |
Metro : 1 Lac & Non Metro: 75000 |
75000 |
75000 |
Max Loan Amt |
1 Cr |
1 Cr |
1 Cr |
Loan Tenure |
Upto 7 Years |
Upto 5 Years |
Upto 5 Years |
Processing Fee |
1999 - 4999 + Tax |
0.25% to 1.50% |
0.25% to 1.50% |
Preclosure Chgs |
2%, Nil after 24 months |
2%, Nil after 36 months |
Nil |
Loan to Value (LTV) |
Upto 100% on Ex- showroom |
Upto 95% on Ex- showroom |
Upto 90% on Ex- showroom |
Car Loan Chennai Features
The car has become an indispensable part of everybody’s life. Without it, no one can imagine life to run smoothly. But buying a car requires a large amount of financing and it is quite difficult to arrange finance with limited income. Getting a vehicle advanced in Chennai is the most ideal way and the most gainful technique to benefit money in a brief period.
Here in Dial-a-bank, we will help you to get the most affordable car loan with lesser interest rates. With some banks offering loan amounts in the lakhs, which means you are not limited in your choice of cars.
Car Loan Chennai Interest Rate
| Bank | Processing Fee |
Prepayment Charges
|
| HDFC Bank Car Loan | (1999 - 4999) + Tax |
2%, Nil foreclosure charges after 24 months
|
| Axis Bank Car Loan | 1 % to 2.50% | Nil |
| Private Bank Car Loan | 0.25% to 1.50% |
2%, Nil foreclosure charges after 36 months
|
| SBI Car Loan | 500/- to 0.50% | Nil |
| Kotak Car Loan | 1% to 2% |
2.25% of fore closure amount if closed 1 month ahead of the tenure.
|
| IIFL Car Loan | Nil | Nil |
| Muthoot Car Loan | Nil | Nil |
| Manappauram Car Loan | Nil | Nil |
| PNB Car Loan | 0.70% to 1% | Nil |
| Canara Bank Car Loan | 0.01 | Nil |
| Andhra Bank Car Loan | Nil | Nil |
To check Car Loan Interest Rate for all major banks you can visit: Car Loan Interest Rates
Car Loan Chennai Documents Required
Documents required for car loan are as followed:
- You will need any one of the Proofs of Identity like a Passport copy, PAN Card, Voters ID card, Driving License
- You must show any one of the Proofs of Income for Salaried applicant is the Latest 3-month salary slip with form 16 and for Self Employed is the Latest Income Tax Returns (ITR)
- You will need any one of the Proofs of Address like Ration card / Driving license / Voters card / Passport Copy / Telephone Bill / Electricity Bill / Life Insurance Policy /PAN Card
- Lastly, you will need 6 months of Bank Statement
Car Loan Chennai Eligibility Criteria
The car loan eligibility requirements are as followed:
1. SALARIED INDIVIDUALS
- Minimum age: 21 years
- Maximum age at loan maturity: 65 years
- Minimum employment: 1 year in current employment and a minimum of 2 years of employment.
- Lowest Annual Income: Rs 100000 net annual income.
2. SELF-EMPLOYED INDIVIDUALS
- Minimum age: 30 years
- Maximum age at loan maturity: 65 years
- Minimum employment: At least 2 years in business
- Minimum Annual Income: Net profit Rs. 60,000 Per Annum for standard cars and Rs.1,00,000 Per Annum for mid-sized and premium cars
How to Apply for Car Loan in Chennai?
- Visit us at dialabank
- Go to the loan section and click on the auto loan link.
- Fill out the form with details and submit the form.
- We will contact you in a short period of time.
- For further information please contact 9878981166.
Car Loan for Major Car Manufacturers in Chennai
TABLE WILL APPEAR
Processing Fees & Prepayment Charges on Car Loan Chennai
| Category | Details |
| Processing Charges |
1999 - 4999 + Tax
|
| Prepayment |
No prepayment is allowed until 12 EMIs are paid
|
| Preclosure |
No foreclosure is allowed until 12 EMIs are paid
|
|
Prepayment Charges
|
13-24 months: 2% of loan principal outstanding
|
|
>36 months: Nil Charges
|
|
| Stamp Duty |
As per state laws
|
| Cheque Bounce Chgs |
₹ 550/chq + GST
|
| Floating Rate of Interest | Not Applicable |
| Overdue EMI Interest |
2% p.m.(on overdue amount)
|
| Amortisation Schedule Chgs | Rs 200 + GST |
CIBIL Score Required for Car Loan in Chennai
A CIBIL score is a numeric score that describes an applicant’s ability to repay his past loans efficiently and regularly. Maintaining a good CIBIL score is essential if you want to avail of a Best Car Loan Interest Rate. Also, having a good CIBIL score increases the processing speed of your application.
Most of the banks except a 750+ score to process your car loan in Chennai but these may be higher or lower depending upon the individual requirements of the banks. The minimum CIBIL score requirement for car loan in Chennai may vary from bank to bank.
Car Loan Chennai Contact Number
Customers can contact us at 9878981166 to get exclusive car loan deals right from your home or can apply
Pre Calculated EMI Table for Car Loan Chennai
| Rate | 5 Yrs | 4 Yrs | 3 Yrs |
| 10.50% | 2149 | 2560 | 3250 |
| 11.00% | 2174 | 2584 | 3273 |
| 11.50% | 2199 | 2608 | 3297 |
| 12.00% | 2224 | 2633 | 3321 |
| 12.50% | 2249 | 2658 | 3345 |
| 13.00% | 2275 | 2682 | 3369 |
| 13.50% | 2300 | 2707 | 3393 |
| 14.00% | 2326 | 2732 | 3417 |
| 14.50% | 2352 | 2757 | 3442 |
| 15.00% | 2378 | 2783 | 3466 |
About Chennai
Chennai, on the Bay of Bengal in eastern India, is the capital of the territory of Tamil Nadu. The city is home to Fort St. George, implicit 1644 and now a gallery exhibiting the city’s underlying foundations as a British military battalion and East India Company exchanging station when it was called Madras. Strict locales incorporate Kapaleeshwarar Temple, enhanced with cut and painted divine beings, and St. Mary’s, a seventeenth-century Anglican church.
Car Loan EMI Calculator
