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