• Thiruvananthapuram Car Loan

    In case you reside in Thiruvananthapuram and wish to buy a car, a car loan can be availed from various lenders. You can avail a car loan at an attractive interest rate in Thiruvananthapuram. The repayment tenure of the car loan ranges up to 84 months.
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    Car Loan in Thiruvananthapuram – Overview

    Thiruvananthapuram, also known as Trivandrum, is the capital city of Kerala. The city contributes up to 55% of the software export from the state and is one of Kerala’s biggest Information Technology hub. Thiruvananthapuram is also called the ‘Evergreen city of India’.

    Earlier, it was very difficult for many individuals to buy a car. However, with various banks offering car loans at attractive interest rates, it is possible for every individual to buy their dream car. Almost all banks and Non-banking Financial Companies (NBFCs) in Thiruvananthapuram offer car loans at attractive interest rates. Various offers are also provided on car loans during the festive season.

    Car loans are provided on used cars as well. The loan amount that can be availed will depend on the make, model, and car type. Car loans are also provided with flexible repayment tenures. Therefore, you can opt for a repayment tenure that best suits you.

    Interest Rate Offered by Top Lenders in Thiruvananthapuram

    Bank Interest Rate Processing Fee
    State Bank of India 8.80% to 12.05% Nil
    Axis Bank 9.05% - 11.30% Rs.3,500 – Rs.5,500
    IDBI Bank 9.20% - 9.90% -
    Allahabad Bank 8.60% - 10.85% Up to Rs.8,696
    Indian Bank 9.10% Up to Rs.10,236
    ICICI Bank 9.30% - 12.05% Rs.3,500 – Rs.8,500
    HDFC Bank 9.50% - 10.25% Rs.3,000 – Rs.10,000
    Canara Bank 8.70% - 11.30% Rs.1,000 – Rs.5,000
    Federal Bank 9.25% Rs.1,500 – Rs.2,500
    Andhra Bank 8.80% Rs.1,000 – Rs.25,000

    How to Fetch Low Interest Rates in Thiruvananthapuram

    Some of the different ways by which you can avail a car loan in Thiruvananthapuram at a low rate of interest are mentioned below:

    • Keep a low debt-to-income ratio: Having a low debt-to-income ratio is vital when you wish to avail a car loan at a low rate of interest. All banks and NBFCs will check your debt-to-income ratio before providing a loan. It is better if you clear any existing Equated Monthly Instalments (EMIs) before opting for a car loan. The car loan would be rejected or provided at high interest rates in case you have a high debt-to-income ratio.
    • Compare: It is vital that you compare car loans provided by various lenders before choosing one. Certain lenders will provide car loans at lower interest rates when compared to others. Various third-party websites such as Bankbazaar.com can be used to compare car loans from various lenders. You will need to enter basic details before car loans can be compared. Various benefits and features of the car loan can also be compared online.
    • Maintain a good credit score: Maintaining a good credit score is vital when you apply for a car loan. The loan application will be rejected, or the interest rates will be high in case your credit score is bad. Having a good credit score will show lenders that you are financially stable and will be able to pay the loan back on time.
    • Negotiate with lenders: You can apply for a loan with your existing bank before applying for one from other lenders. In case you have a good relationship with the bank, they may provide a car loan with a low interest rate. You may also be able to negotiate the interest rate. The rate of interest of the car loan can be negotiated based on several factors such as the credit score, income status, and loan tenure.
    • Choose a shorter tenure: The interest rate will be high in case you opt for a longer repayment tenure. Therefore, you can opt for a shorter tenure for low interest rates. However, the EMIs will be higher for shorter tenures.
    • Pay a high down payment: The amount of loan that is provided will be less in case you make a high down payment. Lenders offer loans at low interest rates as well since a high down payment will provide the impression that you are financially stable.

    Eligibility for Availing a Car Loan in Thiruvananthapuram

    The eligibility criteria that must be met by salaried employees and self-employed individuals are different. Depending on the lender, the eligibility criteria may vary as well. The basic eligibility criteria that must be met when applying for a car loan are mentioned below:

    • Salaried employees, self-employed individuals, partnership firms, limited companies, and sole proprietorships can apply for a car loan.
    • You must be at least 21 years old at the time of submitting the application form.
    • In case you are a salaried employee, you cannot be more than 60 years when the loan matures.
    • In case you are a self-employed individual, you cannot be more than 65 years when the loan matures.
    • Salaried employees must have a minimum work experience of two years.
    • Self-employed individuals must have an operating business for at least 2 years.

    You can check with the respective lender any other details before applying for the loan.

    Documents Required

    The documents that must be submitted will be different for salaried employees and self-employed individuals. The list of documents that must be submitted are mentioned below:

    Salaried Employees

    • Identity Proof: Any of the below-mentioned documents can be submitted as proof of identity:
      • Voter ID
      • Driving License
      • Aadhaar Card
      • Permanent Account Number (PAN)
      • Passport
    • Address Proof: Any of the below-mentioned documents can be submitted as proof of address:
      • Telephone Bill
      • Electricity Bill
      • Life Insurance Policy
      • Driving License
      • Passport
      • Aadhaar Card
      • Ration Card
    • Income Proof: Form 16 and later salary slips must be submitted.
    • Bank statements for the last 6 months must be provided.

    Self-employed Individuals

    • Identity Proof: Any of the below-mentioned documents must be submitted as proof of identity:
      • Driving License
      • Voter ID
      • Passport
      • Aadhaar Card
      • PAN Card
    • Address Proof: Any of the below-mentioned documents must be submitted as proof of address:
      • Sales Tax Certificate
      • Life Insurance Policy
      • Electricity Bill
      • Telephone Bill
      • Driving License
      • Passport
      • Aadhaar Card
      • Ration Card
    • Income Proof: The latest Income Tax Returns (ITR), audited balance sheet, and profit and loss accounts must be submitted.
    • Bank statements for the last 6 months must be provided.

    The lender will advise you in case they require any more documents.

    FAQs on Thiruvananthapuram Car Loan

    1. Can you sell the car before paying the loan?
    2. No, the car cannot be sold unless you receive a No Objection Certificate (NOC) from the lender. The lender provides the NOC only after the loan is cleared.

    3. Do you need to provide a security or collateral when availing a car loan?
    4. No, security or collateral need not be provided when availing a car loan. The car acts as security.

    5. Should you provide a guarantor when availing a car loan?
    6. No, it is not mandatory to provide a guarantor when availing a car loan. However, in case you do meet the credit criteria, the lender may request a guarantor to be provided.

    7. Can you avail a car loan on an existing car?
    8. Yes, a car loan can be availed on an existing car.

    9. What is the maximum loan amount that can be availed?
    10. Depending on the lender, the maximum amount of loan that can be availed will vary. The loan amount will depend on your credit score as well.

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