Widely known as ‘The Leather City of the World, Kanpur is a city in Uttar Pradesh and a fast-growing city. The residents in the city feel the need of owning a vehicle for personal and work purposes which is why many top lending institutions in the country offer car loans to them. These loans can be availed at attractive interest rates and repaid in equated monthly instalments (EMIs).
If you live in Kanpur and buying a car has been on your mind for a while but you were putting it away due to financial constraints, a car loan is your solution. Taking a car loan can help you achieve your dream of buying a car without burning a hole in your pocket. Before applying for a car loan in Kanpur, you should calculate your EMIs to assess your affordability.
|Name of the Bank||Interest Rate||Processing Fee|
|ICICI Bank||9.30% to 12.85%||Rs.3,500 to Rs.8,500|
|Axis Bank||9.05% to 11.30%||Rs.3,500 to Rs.5,500|
|State Bank of India||8.80% to 12.05%||Nil|
|Indian Bank||9.10%||Up to Rs.10,236|
|HDFC Bank||9.50% to 10.25%||Rs.3,000 to Rs.10,000|
|IDBI Bank||9.20% to 9.90%||-|
|Federal Bank||9.25%||Rs.1,500 to Rs.2,500|
|Canara Bank||8.70% to 11.30%||Rs.1,000 to Rs.5,000|
|Allahabad Bank||8.60% to 10.85%||Up to Rs.8,696|
|Andhra Bank||8.80%||Rs.1,000 to Rs.25,000|
Any individual with a steady source of income and meet the below-given criteria is eligible for a car loan in Kanpur:
|Who Can Avail||Salaried, self-employed individuals and professionals of partnership firms, private and public limited companies, and sole proprietorships|
|Minimum Age||21 years|
|Minimum Annual Income||Rs.3 lakh|
|Business or Job Stability||
|Other Requirements||Should have a telephone/mobile connection|
Please note that the eligibility criteria may differ from lender to lender and hence, it is a good idea to check for the same with the lender before you apply for a car loan.
Salaried and self-employed applicants are required to furnish different sets of documents for a car loan which may also vary from lender to lender. The details of the basic documents required for a car loan in Kanpur have been given below:
|Proof of Identity||Passport/PAN Card/Aadhar Card/Driving License/ Voter’s ID||PAN Card/ Aadhaar Card/ Passport/Voter’s ID/Driving License|
|Address Proof||Ration Card/ Aadhar Card/ Passport/ Driving License/Telephone Bill/Electricity Bill/Life Insurance Policy||Ration Card/ Aadhar Card/ Passport/ Driving License/Telephone Bill/Electricity Bill/Life Insurance Policy/ Sales Tax Certificate|
|Income Proof||Form 16 and latest salary slips||Latest Income Tax Returns/Audited Balance Sheet/Profit and Loss Account|
|Others||Bank statement for the last 6 months||Bank statement for the last 6 months|
Answer: Unfortunately, no. To be eligible for a car loan, you need to have a regular flow of income.
Answer: Yes, your credit score can impact your eligibility for a car loan. Having a high credit score can fetch you a lower interest rate while having a poor score may lead to you having to pay a higher interest rate.
Answer: It is not a good idea to miss out on EMI payments as your credit score will be hit negatively and spoil your chances of securing a loan in the future. Also, the lender can seize your vehicle and auction it to recover the outstanding loan amount if you miss out on paying six EMIs consecutively.
Answer: No, you cannot sell your car before repaying your car loan. If you wish to sell your car, you will need to foreclose the loan by paying the entire loan outstanding and obtain a No Objection Certificate (NOC) from the lender.
Answer: Yes, there are a few lenders such as State Bank of India (SBI) and Federal Bank who offer car loans to NRIs but on certain conditions. For instance, NRIs can get a car loan only if they apply as a guarantor and a resident Indian be a co-applicant. Other conditions may also apply.
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