Chennai formerly known as Madras, this 369-year-old city is the capital of the southern state of Tamilnadu and is India's sixth-largest city in terms of population.It serves as one of the main gateways to South India and has a thriving local culture and art scene and is one of the major destinations for medical tourism. It is considered as one of the world's fastest growing cities.
About Car Finance: Personal Car Finance is a complete subsector of personal finance, with numerous different products available. These include a straightforward car loan, hire purchase, personal contract hire (car leasing) and Personal Contract Purchase. Therefore car finance includes but is not limited to vehicle leasing. These different types of car finance are possible because of the high residual value of cars and the second hand car market, which enables other forms of financing beyond pure unsecured loans.
You’re probably eligible for an Chennai Car Loan if you are
At least 21 years old
Less than 67 years old
Salaried / Self – Employed
with regular income
Earn more than the minimum
Your Chennai Car Loan amount eligibility is based on these factors
Minimum income required Rs.2,40,000 per annum
Loan capped @
85% Ex-Showroom price
EMIs of other loans lower
Increase your eligible Chennai Car Loan amount by these steps
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Documentation needed to apply for an Chennai Car Loan
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary – slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Chennai Car Loan Interest RatesUpdated on 27 Nov 2015
|Interest Rate (Monthly reducing balance)||10.5% - 12.75%|
|Processing Fees||Rs. 500 to Rs, 5,000|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||2% to 4% on outstanding loan amount|
|Guarantor Requirement||No guarantor required|
Chennai Car Loan
With its scorching southern humidity, deafening traffic and scarcity of outstanding sights, the atmospheric capital of India has always been considered on the dreary side when compared to other metros of the country. Hugging the coast of Bay of Bengal, Chennai is home to a strapping populace of 6.9 million people. Real estate progression and traffic bedlam threaten to consume Chennai’s fascinating amalgam of Asian pace and spiritual grace. But the chaotic yet strangely synchronized growth of cosmopolitan charm never fails to refine the general standard of living. The city’s soaring economy owes aplenty to its well-established automobile business and hence the sobriquet ‘Indian Detroit’. Statistics show that Chennai had over 12 million 2 and 4-wheeled automobile registrations in 2008.
Owning a vehicle nowadays is a necessary luxury. And almost everyone depends on car loans to make the dream real. It is predicted that this 2015 is going to be big for car deals in Chennai since the price of funding one have become much cheaper and less hectic. Cheaper doesn’t translate to reduced costs. Car loans have become unavoidable assistants in making that dream car your own. The financiers keep terms and conditions of auto loans competitive for enticing as many aspirant car owners as possible including the utmost parsimonious. Chennai car loan market is quite tough and they come up with attractive offers every now and then. Whether you are looking to finance a new or used car, loans that suit wallets of all shape and size.
From a chronological perspective, car loan rates have nearly reached rock-bottom. Ironically, buying a new car seems a cheaper option than getting a used car. Banks used to classify customers applying for car loans as ‘risky customers’. This is because even though car loan was a tenable debt, if the customer ceased to repay the money, they could seize the collateral but might find it difficult to resell it while a dealer can easily resell it. Big banks had personal loans and credit card users that earned them bucks. Hence the race between moneylenders was quite aggressive until recently. This trend is undergoing a paradigm shift and now banks too are after that piece of dessert.
If you are a potential car purchaser, their loss is your profit since it is one of the few sectors of the loaning industry where the demand will only increase. When you apply for car financing in Chennai, you will have to produce a number of related documents. Duplicate copies of photo-bearing national identity cards, current and permanent residential address proofs, employment references, monthly income proofs (salary slips) and your previous debt obligations if any will be required. The dealers/ banks can also access information regarding legal steps that may have been taken against you (if any) using your given account details.
The chosen dealer or bank might provide you with manufacturer discounts, such as lesser interest rates or even cash back on any particular make. These ads and offers might slip your notice as they are often seasonal. Ensure that you ask them specifically if the model you are seeking has such offers. An informed decision almost always means less regret.
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