Karnataka Bank Car Loan

Overview of Car Loans from Karnataka Bank

A car is a reliable asset which helps you save money in the long-run since it is more affordable than paying for a rented car, hiring a cab or even using public transport systems. A car offers you and your family convenience and luxury compared to travelling in a congested bus or auto. It is also reliable in terms of ease of access, especially in times of emergency. With the availability of various car loan schemes from multiple banks and financial institutions in India, owning a car has become much easier.

Karnataka Bank is a leading scheduled commercial bank in India, which was established in 1924. It currently has 684 branches spread across India and a customer base of 6.7 million people. One among it's wide portfolio of financial products and services, is the KBL car finance. This car loan scheme provides loans for both new and used cars and is available at an affordable interest rate and various other exclusive features.

Karnataka Bank Car Loan Interest Rates

Why choose Karnataka Bank Car Loans?

Karnataka Bank car finance is offered to an eligible individual, for the purchase of new cars/ used cars at affordable interest rates. It has no hidden charges, lower fees and charges, flexible loan repayment options, etc., which makes it a much sought-after loan option.

Features of Car Loans from Karnataka Bank

1. The loan amount for a new car loan is maximum 85% of the on-road price of the vehicle (includes cost of vehicle, Road Tax, motor insurance, and registration charges), subject to a maximum of Rs.75 lakh.
2. The loan amount for a used car loan is maximum of Rs.20 lakh.
3. The maximum loan tenure applicable on purchase of a new vehicle is a period of up to 84 months (7 years) and 34 months for a used vehicle.
4. Margin requirement of Karnataka Bank new car loan is 15% of the on-road price of the vehicle and for an old car loan is 25-30% of the value of the second-hand vehicle.
5. The security that has to be offered to the Bank in order to avail the car loan is the hypothecation of vehicle to be purchased or a third party guarantee/co-obligation.

Eligibility Criteria for Karnataka Bank Car Loan

1. The age limit for borrowers is 18 years and above.
2. Applicants must be an income tax assessee.
3. Agriculturists with properties can apply for a car loan from the bank.
4. In addition to salaried and self-employed individuals, companies, firms, trusts, societies, and associations can avail a car loan from the bank in the name of the business or its managing directors, partners, trustees, executives, and presidents.
5. Non-Resident Indians (NRIs) are also eligible for a car loan from the bank.

Karnataka Bank Car Loan Eligibility Calculator

To find out whether you meet the eligibility criteria for a car loan from Karnataka Bank, use the free online car loan eligibility calculator. Visit the bank website and click on the 'Apply Online' tab. You will be directed to a page with the eligibility calculator. Fill an online form with details such as type of loan, resident type, name, occupation, income, gender, date of birth, purpose of the loan, etc. Click on the 'Get Loan Quote' button and find out how much car loan you are eligible for from Karnataka Bank. Checking car loan eligibility beforehand can help you avoid loan rejection which in turn, can affect your credit score.

Document required to apply for Karnataka Bank Car Loan

Applicants are required to submit the duly-filled and signed application form along with the following documents to the bank in order to complete the application process for a Karnataka Bank car loan:

1. Photo ID proof (PAN Card, Aadhaar Card, Passport, Voter ID, Driving License)
2. Address Proof (Utility bills, Ration Card)
3. Last 2 years' Income Tax Return, Form 16
4. Salary slips of 1 year in the case of salaried applicants
5. Quotation from the authorized showroom

🚗 How to Apply for a Karnataka Bank Car Loan (Online & Offline)

🖥️ Online Method

• Visit karnatakabank.com
• Go to Loans > Vehicle Loans
• Click “Apply Online”
• Fill in details & upload documents
• Submit – approval in 2–4 working days

🏦 Offline Method

• Visit your nearest Karnataka Bank branch
• Collect and fill out the car loan application form
• Submit it along with ID, address, income proof & vehicle details
• Bank official will guide you through next steps

How to calculate EMI on Karnataka Bank Car Loans?

By calculating your equated monthly installments (EMIs) in advance, you can make important decisions about your available car loan options as well as execute a good financial plan/ budget for yourself. Since it is very hard to manually calculate your repayment options and amortization schedule, a potential borrower can use the online car loan EMI calculator offered by BankBazaar.com. This tool can be found under the 'Finance Tools' section on BankBazaar's main page. The next few steps involve keying-in vital information such as the desired amount of car loan, interest rate, tenure and processing fee, either manually or by using the sliders and then clicking on "Calculate". Within a few seconds you can access your EMI details as well as your amortisation schedule. This tool is available to all users free of charge and can be used multiple times to arrive at an EMI value that suits your budget. Ultimately, a car loan EMI calculator assists a customer to choose the right car loan option for himself/ herself.

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