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Karnataka Bank has gained popularity among the Indian masses and offers car loans at very competitive interest rates. It offers the flexibility of repayment in EMIs and a choice of tenure to the applicant. Borrowers can apply for a car loan with Karnataka Bank online instead of going through the hassle of physical application. It is a very convenient and easy process to apply for a car loan.
About Karnataka Bank Car Loan Eligibility
Here is the list of eligibility criteria that have to be fulfilled to apply for a car loan with Karnataka Bank.
Applicants need to submit duly-filled as well as signed application form along with the below mentioned documents to avail car loan from Karnataka Bank.
Karnataka Bank offers a lot of convenience when it comes to loan application process. Applicant can visit the bank website and apply for a car loan online from the comfort of home or office. As a first step, the applicant needs to check his or her car loan eligibility before proceeding with the application. After ensuring that they meet the eligibility criteria set by the bank, applicants can click on the 'Apply Online' tab on the right-hand side of the official page. Applicants should submit a duly-filled car loan application form online. The necessary documents relating to age, identity, income, and address proof need to be uploaded online. It takes approximately 2-4 days for the bank to process applications and disburse the car loan.
Some of the key factors that tend to influence the eligibility of a car loan include:
Income – Applicants who have a steady source of income can easily qualify for a car loan from Karnataka Bank. Karnataka Bank mandates applicants to fall under the income tax bracket to further qualify for a car loan.
Credit Score – Before approving a car loan, the bank verifies an applicant’s credit score. Applicants who have higher credit score tend to have regular repayment patterns and also fewer liabilities. This is why they can easily get car loan approval from Karnataka Bank. Applicants who have had erratic payment patterns could be either rejected by the bank or have difficulty in getting a car loan approval.
Profession – Karnataka Bank also focuses on an applicant’s profession to determine his or her eligibility for a car loan. The profession reflects an individual’s capability to have a steady income and thereby a repayment capacity.
An applicant can take appropriate measures to improve eligibility for a car loan. This way, he or she can have better chances of getting a car loan easily. Here are some of the tips that can be followed.
Enhanced Loan Tenure – Choosing a longer loan tenure is the most popular method to increase car loan eligibility. Longer loan term results in lower monthly instalments without any change in interest rate and principal loan amount. Borrowers can easily meet lower monthly instalment requirements and this helps in increasing their credit standing and thereby loan eligibility.
Improve Credit Score – A poor credit history or any outstanding loans could affect car loan eligibility. Borrowers can improve their credit score by ensuring credit card bill payments are made on time and debts are significantly reduced.
Combining Incomes – The car loan eligibility can be improved by combining incomes of family members including spouses, parents, or children. This can be especially helpful while applying for a larger amount loan. Banks focus on the borrower’s ability to repay loans and this can be improved by displaying more income on a regular basis.
Step-up loan – In a step-up loan, a borrower has to pay lower monthly instalments in the initial years and in the second half of the loan term the payments increase. Generally, banks and other car financing companies focus on the initial years’ lower EMIs to calculate the eligibility for loan.
Perks – Borrowers should try and compute their variable income such as performance incentives, bonuses, etc. These variable earnings can be added to the regular income to project an overall higher income. This can help in significantly enhancing individual loan eligibility.
(1) What is the maximum loan tenure offered by Karnataka Bank for car loans?
The maximum tenure offered by Karnataka Bank for car loans is 7 years for salaried as well as self-employed professionals.
(2) Do I need to provide any security to avail a car loan from Karnataka Bank?
No. The car loan offered by Karnataka Bank is a secured loan and the car purchased by you with the help of such a loan acts as a collateral.
(3) Which type of cars can I buy with this Karnataka Bank car loan?
Karnataka Bank offers car loans for any kind of passenger cars, multi-utility vehicles and sports-utility vehicles that are offered in India and are bought purely for personal use.
(4) Are there any prepayment charges on Karnataka Bank car loan?
The bank does not charge any prepayment charges on car loans.
(5) How does the bank decide my loan eligibility amount?
Karnataka Bank determines your car loan eligibility mainly basis your income and repayment capacity. Other important factors that are considered include your age, number of dependents, qualification, your family’s income (if any), savings history, assets & liabilities, and the stability & continuity of occupation.
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