Car loans in Kolkata

Kolkata, the third most populous city in India 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. Flourishing economy has elevated the spending power of denizens residing in urban centers. One of the key indicators of thriving lifestyle is owning cars. The capital city of West Bengal is not far behind in catching up with this trend.

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.

Car Loan Offerings In Kolkata

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 rates. Do inquire about such plans with relevant contacts. Let us present to you, the most prominent and appealing car loan offers in Kolkata.

Axis Bank: Formerly known as UTI bank, Axis is the third largest private sector bank in India. Founded in 1994, this Mumbai headquartered bank provides a gamut of banking and financial services to a large customer base.

HDFC Bank: The largest private bank in terms of market capitalisation is a popular bank in Kolkata. Car loans are one of the foremost retail loan offerings of HDFC. Just like its private banking counterparts, car loans are easily accessible with this bank.

ICICI Bank: One of the “big four”banks in India, ICICI is a widely networked bank with a strong overseas presence. The bank partners with many car manufacturers and dealers to offer tailor made car loans.

IndusInd Bank: Part of the Hinduja group, IndusInd was founded in 1994 and specialises in retail banking space. Consumer loans is one of the key offerings of this Mumbai headquartered banking and financial services institution.

Magma Fincorp: A NBFC (Non banking financial corporation) based in Kolkata. Traded on both NSE and BSE, Magma is primarily a finance company specialising in loan products.

State Bank of India: The largest bank in India in terms of assets and revenue, State bank as it is popularly known, is a banker to every Indian. This public sector Govt. of India owned bank has over 17,000 branches which includes 190 offices across the globe.

Documents Required for Car Loan Application in Kolkata

Salaried Individuals

• Pan Card
• Address Proof (Voter’s id, Aadhar card, Driver’s license, Passport, Utility Bills)
• Latest salary slips(last three months)
• Form 16 and ITR (last two years)
• Bank Statement of salary account
• Company id proof
• Passport sized photographs

Self Employed

• Pan card
• Address Proof (Voter’s id, Aadhar card, Driver’s license, Passport, Utility Bills)
• ITR for the last two or three years
• Bank statement of current account
• Business registration certificate (optional)

The list above is a standard set of documents required by all banks. During the application, banks may ask for additional documentation. Representatives of business concerns & corporations are advised to check with the bank with regards to the required documentation.

Compare Online Before Buying

Almost all banks and NBFCs provide car loans at competitive terms and rates. As a vigilant consumer, you must compare loan products and choose a loan offer that meets your requirements. The checklist below should be part of your homework before choosing a car loan.

1. Compare Online: Use resources available on car loan comparison websites to weigh pros and cons of various offers from different banks. Neutral marketplaces assist you in comparing terms and rates. Some of these portals also let you apply for a car loan online at attractive terms.
2. Use an EMI calculator: Its very important to understand the financial impact of car loan EMIs on your monthly budget. Use an all inclusive online EMI calculator to compute EMI breakup. This helps you to plan the loan tenure and ascertain total costs incurred towards the car loan.
3. Check Eligibility: An applicant may not qualify for a car loan from all banks, keeping in mind the variation in eligibility requirement from each bank. Applying randomly may also have a negative impact on your credit score as banks make an inquiry with credit bureaus when you apply. This may bring your score down.

To dodge this risk, read the relevant literature available on the web portals of various bank before applying. The eligibility criteria is generally detailed under the car loan menu. You can also refer to neutral comparison sites which help you determine eligibility for various banks, under one roof.