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Car Loan in Cochin

Cochin is a major port city on the south-west coast of India in the state of Kerala. A major tourist spot famous for its exquisite greenery, Cochin is often referred as 'Smart City' of India owing to the huge investment in information technology. Cochin is also home for the Cochin Stock Exchange, International Pepper Exchange, industries like HMT, Cyber City, Kinfra Hi-Tech Park, major chemical industries and electrical industries.

With the growing demand for automobiles, more number of people in Cochin are opting for auto loans to get their favourite cars.

Cochin is home to some of the leading banks and other NBFCs in India. Are you looking for a gold loan in Cochin and wondering what your options are? You have reached the right place.

What is a car loan?

A car loan is provided by the banks and NBFCs for the purchase of cars ranging from economical vehicles to high-end cars for own or commercial purposes. These loans are generally structured as installment loans which the borrowers will repay in Equated Monthly Installments (EMI). These car loans can be got from any bank and NBFCs who are willing to provide the service based on their eligibility criteria.

Features: car loan in Cochin

Let us look at some of the common features of the car loans which are given in Cochin,

1. Tenure – Buying a car could be a difficult thing for few people. A car loan is a good way for people to buy a car and pay off the loan at a tenure they are comfortable with while enjoying the vehicle.

2. Loans for pre-owned cars – Most of the banks and private lenders provide loans for used cars. The loan amount will depend on the car type, resale value and model but it still eases out the financial situation of a borrower.

3. Flexi loans – The lenders provide loans at flexible loan terms which the borrower can choose making it easier for the them to repay the loan.

4. No collateral – car loans are a form of secured loan as the car purchased acts as the collateral. No additional collateral or guarantor is required in most cases.

Benefits of Car Loans in Cochin

Cochin is home to both leading banks and automobile manufacturers. Having these two combinations, it works in the customer's favour to get a car at cheapest price from both the parties. With online facilities, the borrower can easily apply online for a car loan and select a comfortable repayment option based on the credit profile.

Eligibility: car loan in Cochin

To get a car loan in Cochin and to drive home your dream car you need to meet the eligibility criteria of the banks and also have the necessary documentation

Age of the applicant should be between 21 and 75 years, the applicant should be an Indian national. In terms of salary should have a minimum of 10,000 INR and the employment type of the applicant can be salaried or self-employed.

To get the best car loan offer in Cochin, most banks also look into the credit score of the applicant, as per general guidelines any score on any credit bureau above 750 is considered a very good and creditworthy by the banks.

Tenure: Car loans usually are shot terms loans starting from as a short as even one year and extending up to five years.

Do check for the exact eligibility criteria from the lenders directly however you can check your credit health and get an idea about eligibility on CreditMantri by creating a credit profile.

Fees and Charges: car loan in Cochin

Documentation charges0.5% to 3% of loan amount
Loan processing charges1% to 3% of loan amount
Pre-payment charges

Will vary from bank to bank for example

Fixed Prepayment charges

Prepayment at any given time – 1% to 3% (or)

Varying prepayment Charges based on repayment cycle

  • Within 4 months to 6 months from the 1st EMI – 10% of principal outstanding
  • Within 7 months to 12 months from the 1st EMI - 6% of principal outstanding
  • 13-24 months from 1st EMI - 5% of principal outstanding
  • Post 24 months from 1st EMI - 3% of principal outstanding
No Due Certificate / No Objection Certificate (NOC)Will vary from bank to bank mostly NIL
EMI Late payment penalty1% to 3% Per Month on the Unpaid Installment
Stamp dutyAt actuals as levied by respective State Govt.
Cheque bounce / EMI return chargesRs.100 to Rs 500/-
Loan cancellation charges:Varies from bank to bank
Legal, repossession & incidental chargesAt actuals
Duplicate NOCRs. 500/- onwards
PDD collection chargesUp to Rs.450/-
Cheque/ECS swapping chargesRs 250/- onwards
Amortization schedule chargesRs 200/- onwards
Special NOC chargesRs 250/- onwards
Loan rebooking/reschedule chargesRs 500/- onwards

Documentation: car loan in Cochin

Important documents to be submitted while applying for car loans in Cochin

  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Completed loan application
  • 3 Passport size photographs
  • Statement of Bank Account/ Pass Book for last six months
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving license/ IT PAN card)
  • IT returns for the three years for self-employed professionals
  • Form 16/IT returns for the last two financial years for salaried employees

How to apply for car loan in Cochin?

There many ways one can apply for a car loan in Cochin

1. The Dealer

Most showroom owners or car dealers have tie ups with lots of NBFCs and Banks whose representatives you can meet at the showroom where you are planning to purchase the vehicle. The dealers can also guide you through the process and the documents required to get the loan.

2. Bank/NBFC website

Visit the official website of the banks or NBFC that provide car loan and apply for it. You will need to fill up the necessary details asked on the website. A bank/NBFC representative will come to your home to collect the necessary documents. The loan amount will be disbursed after document verification. This is one the easiest ways to get the car loan instantly.

3. Customer care

A potential borrower can also call a bank/NBFC customer care with whom they can get the details and apply for the car loan. A bank/NDFC representative will come and collect the necessary documents from your home. Once the verification process is completed your loan will be disbursed.

4. Bank/NBFC Branch

This a type of offline mode where the borrower can visit any bank or NBFCs branch in Cochin to meet with a representative who will give all the details of their car loan scheme. You can also ask any queries you might have to get a complete understanding of what you are agreeing to in taking their loan.

Which Is the Best Bank for car loan in Cochin?

There are many leading banks and NBFCs which offer car loans in Cochin like HDFC, ICICI, SBI etc. The best lender is one where you can get the loan amount you want at an interest rate that is comfortable for you and who can disburse the funds as early as possible. It is always better to compare the car loans from different lenders and then look to apply for one that suits all requirements like interest rates

How to choose a car loan in Cochin

When choosing a car loan in Cochin, a person first needs to understand their current financial situation. Next, he/she needs to check their credit score. A credit score will only be available if the borrower had taken loans before or if they own a credit card. If the credit score is low the person needs to improve it before applying for the loan to make sure they get the best offer.

Then the customer needs to zero in on the car of their choice. After choosing the car, you need to decide how much you are going to pay and how much loan amount you are going to take. Never take a loan beyond your means. Choose a loan and EMI which you can pay comfortably.

Car loan in Cochin – FAQs

1. Where can I get the cheapest car loan interest rates in Cochin?

The interest rate depends on your salary, the loan amount you require, credit score and the tenure you opt for. You can negotiate for good terms with a good credit score.

2. Where can I find a car loan interest calculator?

You can visit CreditMantri website or the lending bank website where you will find the option of EMI calculator. Input various interest rates to get the respective EMIs. The interest rate can be obtained by applying for the loan where you will submit basic information like salary, company and job experience details based on which interest rates will be displayed.

3. How to apply for a car loan through CreditMantri?

You can check your eligibility and apply for a car loan by signing up with CreditMantri. By creating their free credit profile on CreditMantri, the user would be matched to car loan lenders in Cochin based on their credit profile. This eases the process of application as the user can at one place get to see the list of lenders to which they can apply and have a higher chance of car loan approval.

4. How to get instant e-approval on car loans?

You need to visit the website of lenders be it banks or NBFCs and apply on their website. After inputting the details asked the bank will immediately give you an update if your loan application is approved or not.

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