• Kanpur Car Loan

    At interest rates starting from 9.05%, you can avail a car loan in Kanpur from top lenders in the country and repay it in a maximum of 84 months. Processing fees ranging between zero and Rs.25,000 will apply on these loans that are quickly approved and require minimal documentation.

    Kanpur Car Loan – Overview

    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.

    Interest Rate Offered by Top Lenders in Kanpur

    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

    How to Fetch Lower Interest Rates in Kanpur

    • Maintain a healthy credit score – Though 750 is the minimum credit score that most lenders look for, having a credit score of around 800 can fetch you lower interest rates. This is simply because a high credit score indicates a high repayment capacity. To keep your credit score healthy, you should check it regularly. Doing so will let you approach the lenders with confidence if you find it above 750 or let you take corrective steps in case you find it to be below the required limit.
    • Opt for a shorter tenure – Apart from helping you save on the interest, opting for a short repayment tenure will aid in you getting a lower interest rate on your car loan. This is because a shorter tenure ensures the loan to be paid off quicker, which is what lenders want and why they are likely to offer you a lower interest rate.
    • Ensure a low debt-to-income ratio – A low debt-to-income ratio means that even after taking care of your monthly debt obligations, you have enough left of your earnings to be able to pay the EMI on your car loan. Hence, if your debt-to-income ratio is low, the chances of the lender offering you a lower interest rate are high.
    • Check out all the options and compare – Most of us, perhaps, have the habit of exploring all the options before you pick a product/service. This is a good habit even in case of car loans as it helps you compare the options and make an informed decision. You can simply pick the lender that offers you the lowest interest, if that’s the only thing you are looking for. However, it is a good idea to consider other factors as well.
    • Negotiate with the lender – Having a good credit score and higher income, choosing a shorter tenure, etc., can fetch you lower interest rates if you negotiate with the lender. The likelihood of your existing lender offering a lower interest rate is higher than that of a new lender simply because your existing lender is aware of your past transactions. So, before you approach other lenders, it is a good idea to negotiate for lower rates with your existing lender.

    Eligibility Criteria to Avail a Car Loan in Kanpur

    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
    Maximum Age
    • Salaried – 60 years at the end of the loan tenure
    • Self-employed – 65 years at the end of the loan tenure
    Minimum Annual Income Rs.3 lakh
    Business or Job Stability
    • Salaried – Worked for at least 2 years out of which 1 year should be with the current employer
    • Self-employed – Should be in the same line of business for at least 2 years
    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.

    Documents Required to Avail a Car Loan in Kanpur

    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:

    Documents Salaried Self-employed
    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

    FAQs on Car Loans in Kanpur

    1. Can students get a car loan in Kanpur?
    2. Answer: Unfortunately, no. To be eligible for a car loan, you need to have a regular flow of income.

    3. Will my eligibility for a car loan be impacted by my credit score?
    4. 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.

    5. What will happen if I miss out on paying my EMIs?
    6. 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.

    7. Can I sell my car before I finish repaying my loan?
    8. 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.

    9. I am a Non-Resident Indian (NRI). Can I get a car loan in Kanpur?
    10. 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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