Car Loan Kannur

Car Loan Kannur

I have read the Privacy Policy & Agree to Terms & Conditions and authorize Dialabank & its partner institutions to Call or SMS me with reference to my application.

Best Banks for Car Loan in Kannur

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 Kannur Features

Cars have become a necessary part of our life, but only a few people have the capability to buy it. A Car Loan is an option that can provide you the funds required to purchase a car. It is a finance scheme that can be utilized for buying a new, as well as used car, according to the requirement.

Car Loan Kannur Interest Rate

Car loan interest rates change every time, again and again, so it’s important to monitor them. Your loan’s interest rate impacts the amount you’re going to pay for the month to month.

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

Apply for a Car Loan

Car Loan Kannur Documents Required

Documents required for car loan are as followed:

For salaried individuals:

Passport copy, PAN Card, Voters ID Card, Driving license is required
Two passport-sized photos are required
Income proof- Latest 3-month salary slip with form 16
Ration card/ Passport Copy/Telephone Bill/Electricity Bill/ Life Insurance Policy is required to apply for the loan
Last 6 months bank statement

For self-employed individuals:

Passport copy, PAN Card, Voters ID card, Driving License are required
Two passport-sized photos are required
Income proof- Latest Income Tax Returns required
Ration Card/ Passport Copy/ Telephone Bill/Electricity Bill/Life Insurance Policy is required to apply for the loan
Last 6 months bank statement

Car Loan Kannur Eligibility Criteria

The car loan eligibility requirements are as followed:

For Salaried:

Firstly, the minimum age of the applicant should be not less than 21 years.
Further, the maximum age should be 65 for loan maturity.
Minimum employment: At least 1 year in current employment and a minimum of 2 years of employment.
Minimum Annual Income: It should be Rs 1,00,000 net annual income.
Also, the contact number is required.

For Self Employed:

Firstly, the minimum age of the applicant should be 30 years or above.
The maximum age should be 60 at loan maturity.
In this, minimum employment should be at least 2 years in business
Furthermore, the minimum annual income should be Rs. 60000 p.a for standard cars and Rs.100000 p.a. for a mid-sized and premium cars.

For Partnership Firms

First, the minimum income should be Rs. 60000 p.a for standard cars and Rs.100000 p.a. for mid-sized and premium cars.
Likewise, the minimum turnover should be not less than Rs. 4.5 lakh.

Processing Fees & Prepayment Charges on Car Loan Kannur

Click here for the processing Fees and Prepayment charges on a car loan.

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
Prepayment Charges	>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 Kannur

Apply for a Car Loan CIBIL score plays a key role while getting the loan. If your Cibil score is between 750-900. then you will get the quick loan approvals. If the Cibil score is less than 700 then your application will be pending. so, check your Cibil score before you apply for the loan. If you pay your EMIs in time then your Cibil score will be increased. If you do not repay your EMI your Cibil score will be reduced. The applicant has to pay monthly EMIs according to there schedule of the bank.

Car Loan Kannur Contact Number

For instant help and any more queries, you can call 9878981166.

Pre Calculated EMI Table for Car Loan Kannur

Click here of Pre calculated EMI table for a car loan.

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

Car Loan EMI Calculator

About Kannur

Kannur is a coastal city in the south Indian state of Kerala. It was once an ancient trading port.

FAQs about Car Loan Kannur

✅ Can I get a loan to purchase a used car in Kannur?

Yes, you have to use your credit history and previous arrangement with the prospective bank or any other lender in Kannur to negotiate the interest rate on your car loan. Regularly paying your past loans/credit cards EMI with your prospective bank or any other lender will help you get a car loan with a lower interest rate.

✅ What is the typical tenure of a car loan in Kannur?

A car loan can last anywhere between one to five years. The higher the EMI, the shorter your loan term, and the opposite is valid for longer car loan terms. Currently, only limited lenders are offering car loans on terms of up to seven years in Kannur.

✅ Do I need a loan guarantor or co-borrower in Kannur?

If you are unable to meet the lending institution’s eligibility standard, such as monthly salary, age, or credit score, a loan guarantor or co-borrower is required. You can even apply for a car loan of your own.