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Mr. Sharma was tired of taking a cab every day. We helped him get his own car. Explore Car Loans
Kolkata is the capital of West Bengal and one of the largest cities in India.Kolkata is the main commercial and financial hub of East and North-East India and home to India's second largest bourse, the Calcutta Stock Exchange.
About Car Finance: Personal Car Finance is a complete subsector of personal finance, with numerous different products available. These include a straightforward car loan, hire purchase, personal contract hire (car leasing) and Personal Contract Purchase. Therefore car finance includes but is not limited to vehicle leasing. These different types of car finance are possible because of the high residual value of cars and the second hand car market, which enables other forms of financing beyond pure unsecured loans.
| Interest Rate (Monthly reducing balance) | 10.5% - 12.75% |
| Processing Fees | Rs. 500 to Rs, 5,000 |
| Loan Tenure | 1 year to 5 years |
| Pre-closure Charges | 2% to 4% on outstanding loan amount |
| Guarantor Requirement | No guarantor required |
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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.
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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. 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.
| Rate of Interest (%) | Processing Fee |
| 11.50 & upwards | Rs. 3,500.00 onwards |
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.
| Rate of Interest (%) | Processing Fee |
| 10.75 & upwards | Rs. 1,500.00 onwards |
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.
| Rate of Interest (%) | Processing Fee |
| 10.70 onwards | Rs. 1,200.00 onwards |
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.
| Rate of Interest (%) | Processing Fee |
| 11% onwards | 0.50 to 2.00% of the loan amount |
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.
| Rate of Interest (%) | Processing Fee |
| 12.00 onwards | Rs. 3,500.00 onwards |
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.
| Rate of Interest (%) | Processing Fee |
| 10.45 | 0.51% of loan amount, Min. Rs.1,020.00 Max. 10,200.00. |
Salaried Individuals
Self Employed
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.
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.
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.
| Check For Latest: Gold Rate in Kolkata Or Silver Rate in Kolkata |
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