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  • Coimbatore Car Loan

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  • Want to buy a car but wondering if you can afford a Coimbatore car loan? End the guesswork now as BankBazaar gives you all the information you need on the latest eligibility criteria, interest rates, processing fees, and more. Get instant quotes and approvals when you apply through BankBazaar and cut short your loan process to get your dream car.
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    Coimbatore, the second-largest city in Tamil Nadu, is a city renowned for its diverse range of industries. It is also one of the major contributors to the state’s GDP. Due to this, the city has plenty of institutions providing financial services to its citizens. If you wish to get a car loanin Coimbatore, you can reach out to any of the major lenders operating in the city. In addition to public and private sector banks, many non-banking financial corporations also operate in this city.

    Lowest Car Loan Interest Rates in Coimbatore

    The following list of top lenders provide car loans in Coimbatore:

    Bank Interest rates Minimum income Processing fee
    Axis Bank 9.25% p.a. to 11.50% p.a. Rs.2.40 lakh p.a. Rs.3,500 to Rs.5,500
    Oriental Bank of Commerce Male borrowers – 9.25% p.a. Female borrowers – 9.15% p.a. Rs.30,000 p.m. 0.5% of the loan amount subject to a minimum of Rs.500 and a maximum of Rs.7,000
    Bank of India 9.5% p.a. Contact the bank for details Rs.500 per application
    Central Bank of India Fixed – 9.00% p.a. Floating – 1-year MCLR + 0.40% p.a. Rs.2.40 lakh p.a. Contact the bank for details
    IDBI Bank From 9.30% p.a. onwards (varies based on credit score of the borrower) Rs.2.4 lakh p.a. Rs.1,000 + GST
    Canara Bank From 8.95% p.a. onwards Rs.3 lakh p.a. 0.25% of the loan amount subject to a minimum of Rs.1,000 and a maximum of Rs.5,000
    State Bank of India 9.30% p.a. to 9.80% p.a. Salaried – Rs.2.5 lakh p.a; Self-employed – Rs.3 lakh p.a; Agriculture workers – Rs.4 lakh p.a. Nil
    HDFC Bank 9.75% p.a. to 10.60% p.a. Rs.3 lakh p.a. 0.4% of the loan amount subject to a minimum of Rs.3,000 and a maximum of Rs.10,000
    Punjab National Bank From 9.05% p.a. onwards Rs.20,000 p.m. Rs.1,000 for loans under Rs.6 lakh Rs.1,500 for loans over Rs.6 lakh
    Jammu and Kashmir Bank Fixed – 11.25% p.a. with monthly rests Floating – Base rate + 1% p.a. with monthly rests Rs.3 lakh p.a. 0.5% of the loan amount subject to a minimum of Rs.500
    Andhra Bank 1-year MCLR + 0.70% Rs.1 lakh p.a. 1% of the loan amount subject to a minimum of Rs.1,000 and a maximum of Rs.25,000
    Bank of Maharashtra 8.95% p.a. Rs.3 lakh p.a. 0.25% of the loan amount subject to a minimum of Rs.1,000 and a maximum of Rs.15,000
    ICICI Bank 9.30% p.a. to 12.85% p.a. Contact the company for more details Rs.3,500 to Rs.8,500 (depending upon vehicle type)
    Federal Bank From 9.20% p.a. onwards Rs.20,000 p.m. N/A
    IndusInd Bank From 10.65% p.a. onwards Salaried - Rs.2.50 lakh p.a. Self-employed – Rs.2 lakh p.a. net profit 0.5% of the loan amount subject to a minimum of Rs.2,500
    United Bank of India From 9.15% p.a. onwards Rs.25,000 p.m. 0.59% of the loan amount subject to a minimum of Rs.600 and a maximum of Rs.11,800
    Bank of Baroda 1-year MCLR + strategic premium + 0.25% p.a. Contact the company for details Rs.1,000 to Rs.2,500 + GST
    Syndicate Bank 1-year MCLR + 0.50% p.a. Rs.2 lakh p.a. Rs.125 per lakh
     

    How to get the Lowest Interest Rates for Car Loans in Coimbatore?

    When people opt for loans from banks, they wish to get the lowest possible interest rates. Banks use various factors to determine the risk profile of an individual before setting the interest rate. Though car loans are secured through the value of the vehicle, lenders still consider it risky to lend money to certain individuals. Hence, interest rates are likely to be high for these individuals. If you are wondering about how you can reduce the interest rate charged for your car loan, the following tips will help you:

    • Maintain a good credit score: The credit score of an individual is based on his/her credit repayment history. Lenders use this score to assess the risk profile of a potential borrower. If you have maintained a credit score above 750, you are likely to have a good repayment history and you can get car loans with low interest rates. On the contrary, individuals with poor credit score will have to shell out more due to high interest rates.
    • Have a stable employment: Most lenders look at the job stability of the borrower before approving a loan application. Job stability is a reflection of the borrower’s ability to repay the loan installments on time. This is the reason why it is difficult for people without a steady income to get loans.
    • Compare and shop around: There are plenty of banks and non-banking financial corporations operating in India. The interest rates charged by these lenders vary significantly. You need to compare the rates of different players before coming to a decision. Loan aggregators like BankBazaar can help you in comparing the interest rates of all lenders instantly and applying for the right one.
    • Maintain a low debt-to-income ratio: If you are already paying too much for other loans, it is not a good idea to get a new loan. Lenders check out the percentage of income you are spending on loan repayments before approving a loan. If your debt-to-income ratio is too high, lenders consider it to be of high-risk and set high interest rates.
    • Increase your down payment: There are many lenders in the market that provide 100% financing for auto loans. However, you can get competitive interest rates by increasing your down payment share. Since you are investing a lot of money in the vehicle, lenders consider you to be at a low risk of defaulting.
    • Negotiate with the lender: If you have already followed the above tips, you can bring down the interest rate further by negotiating with the lender. You can check a bank official about the different ways in which you can lower your interest rate.
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    Get a Car Loan Instantly!

    Finance the purchase of your dream car through a car loan from BankBazaar. Quick application, unbeatable interest rates, and easy repayment structures.

     

    Who is Eligible for a car Loan in Coimbatore?

    Coimbatore residents who meet the following eligibility criteria can apply for a car loan with various lenders:

    Criteria Salaried individuals Self-employed individuals
    Age 21 years 21 years
    Income Rs.15,000 to Rs.20,000 p.m. As required by the lenders
    Income stability At least one year in the current job At least one to three years of business vintage
     

    Documents Required

    Applicants must provide the following list of documents to get a car loan in New Delhi:

    • Identity proof (PAN, Aadhaar, Voter ID, Driving License, etc.)
    • Residential proof (Aadhaar, Ration Card, Utility Bill, Rental Agreement, etc.)
    • Photographs
    • Salary slips (for at least 6 months)
    • Business continuity proof (for one to three years)
    • IT returns (for self-employed individuals)
    • Bank statement (for at least 6 months)

    FAQs

    What is the maximum amount I can avail under a car loan?

    Lenders have their own maximum limits for a loan amount. However, you may not always be eligible to get the maximum loan amount. Most lenders in the market provide loans up to 3 times your annual income. If you need more, you may have to provide some additional collateral for the loan.

    Can I use car loans for style modifications to my car?

    No. Lenders provide car loans based on the on-road price of the vehicle. Here, the loan amount includes the ex-showroom price of the vehicle, insurance costs, road tax, and registration charges. The lender will not pay for any additional expenses you need. If you are going to make style modifications, you need to pay for the expenses on your own.

    Is it possible to modify the loan term during the middle of the loan tenure?

    No. Once you have taken the loan, the loan tenure cannot be modified. You need to plan this carefully by considering your monthly income and affordability. If you wish to get out of the loan, you may use the prepayment option to pay off the loan amount in full along with some additional penalty charges.

    Can I take a loan from more than one lender to finance my car?

    No. It is not possible in car loans. Till you pay the loan amount in full, the vehicle will be hypothecated to the lender. Hence, it is not possible to get loans from more than one lender to finance the same car. There are lenders who provide 100% of the on-road price of the car. You may take loans from such lenders if you cannot pay the down payment for your vehicle.

    Is there a possibility of car loan applications getting rejected?

    If you do not meet the eligibility criteria outlined by the lender, your car loan application is likely to get rejected. Typically, car loan applications get rejected due to low credit score, inadequate income, too many existing loans, defaults on other loans, etc. You need to check the eligibility requirements before you apply for a loan with a specific lender.

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