Kolkata, the capital of West Bengal, is a bustling center of commerce and culture. Backed by a rich heritage, the city of joy is one of the oldest and prominent hubs of eastern geography in the country. The flourishing economy has elevated the spending power of denizens residing in urban centers. One of the key indicators of a thriving lifestyle is owning cars.
With choking traffic and crowded public transport systems, the average citizen is exploring personal means of transport such as cars. Loans are a critical part of financing this purchase. Almost all national and private banks provide car loans in Kolkata. Car manufacturers and dealerships also extend seasonal loan offers on specific models at low interest rate.
|Name of the Bank||Interest Rate||Processing Fee|
|State Bank of India||8.80% to 12.05%||Nil|
|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|
|HDFC Bank||9.50% to 10.25%||Rs.3,000 to Rs.10,000|
|IDBI Bank||9.20% to 9.90%||-|
|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|
|Federal Bank||9.25%||Rs.1,500 to Rs.2,500|
|Indian Bank||9.10%||Up to Rs.10,236|
|Andhra Bank||8.80%||Rs.1,000 to Rs.25,000|
The eligibility for availing a car loan in Kolkata may vary from lender to lender, but the generic criteria have been listed below:
|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 check the eligibility criteria with individual lenders before you apply for a car loan.
To avail a car loan, you may be required to furnish the below-given documents:
|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|
Please note that the documents required may vary from lender to lender.
Answer: The amount of EMI you need to pay on your car loan will depend on the loan amount, tenure, and the interest rate charged by the lender. If you wish to know the EMI amount, you can use the EMI Calculator tool by entering the loan amount, tenure, and interest rate. Also, the lowest EMI that you may have to pay for a car loan, considering that you take a loan of Rs.5 lakh for a maximum tenure of 7 years, and at an interest rate of 9% is Rs.8,044.
Answer: If you have decided on a lender for a car loan, you can check for the eligibility criteria on the official website of the lender. You can also know your eligibility by visiting the nearest branch of the lender or call their customer care number.
Answer: Yes, the option to foreclose a car loan is offered by most lenders but you may be charged a penalty for that and this will vary from lender to lender.
Answer: Failing to make your EMI payments on time will affect your credit scores which, in turn, may affect your chances of securing a loan in the future. Also, if you miss paying your EMIs more than 6 consecutive times, the bank has the authority to seize your vehicle and auction it to recover the outstanding loan amount.
Answer: There are multiple ways by which you can apply for a car loan in Kolkata. The first way is through BankBazaar which allows you to explore and compare the benefits offered by various lenders. Once you decide the lender, you can apply for the same on the BankBazaar website. The second way to apply for a car loan is by visiting the official website of the bank or its nearest branch. You can also call the customer care number of the bank to apply for a car loan.
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