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Karnataka Bank Car Loan

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Karnataka Bank Car Loans

The utility of cars is plenty. From commuting to office to going on a vacation with your family and friends, a car provides the ultimate comfort for travel. To buy a car, one must have a huge amount of money. What if you do not have enough cash? You can still buy your favorite car with a car loan.

From a period, where owning a car itself was difficult, we have moved to what type of car and brand should we choose. Not everyone can choose the car they want and pay in a single check. This is where a car loan from Karnataka Bank can help you.

Introduction to Karnataka Bank Car Loan

Karnataka Bank, one of the popular banks in India, provides car loans to eligible individuals to purchase a car of their choice. The repayment can be done in Equated Monthly Instalments (EMIs) until a specific tenure chosen by the borrower. The bank offers the best interest rates to their customers. If you are looking for a car loan, Karnataka Bank could be the right option.

Key Features on Karnataka Bank Car Loan

Purpose: To purchase new cars or buy pre-owned cars not older than 5 years

Loan Amount: The loan amount is determined by the income and employment. The borrower can get up to 85% of the value of the vehicle + road tax + Insurance + Registration charges subject to maximum loan amount of INR 75 Lakhs. For used cars, the maximum loan amount is up to INR 20 Lakhs.

Tenure: 7 years for salaried individuals and for self-employed professionals, it could vary depending on the income and repaying capacity.

Margin: Minimum of 15% of road price of the vehicle for new cars and for old cars, the margin ranges between 25% to 30%.

Karnataka Bank Car Loan Eligibility

The borrower must have the following eligibility criteria to get car loans for the purchase of new and used cars.

AGEThe applicant should be 18 years old and above.
Salary RequirementIncome requirement depends on the loan amount and repaying ability.
Employment statusShould be in the current employment for a consistent period
Residential StabilityYou should have proof of residence to show whether you live in a rented or owned or parental accommodation.

Karnataka Bank Car Loan Interest Rates and Other Charges

The interest rate is fixed at the sole discretion of the bank. It starts from 9.10% onwards, however, existing Karnataka Bank customers can get at the rate of 9%.

Prepayment Charges: No charges are levied as foreclosure fees.

Who Can Get Car Loans from Karnataka Bank?

Generally, an individual who has a better repaying ability can get a loan from Karnataka Bank. The following eligibility criteria are highly preferred

  • All individuals 18 years old and above
  • Agriculturists having agriculture properties
  • Non-Resident Indians
  • Company, firm, trust, association, societies etc. The loan can be availed in the name of their executive, trustee, managing director, employee etc.

Documents required for Karnataka Bank Car Loan

The following are the documents required for Karnataka Bank car loan

  • Age proof
  • ID proof
  • Application form
  • Photograph
  • Residence proof
  • Income proof
  • Bank statement
  • Signature verification proof
  • Pro-forma Invoice or Rate List
  • Aadhar card copy

The following documents are further required in case of pre-owned cars loans

  • Signature verification proof
  • Car Valuation report
  • RC copy in case of refinance
  • Insurance copy

Karnataka Bank Car Loan Eligibility Check

Before a person applies for a Karnataka Bank car loan it is best to do an eligibility check which is available on the Karnataka Bank website and at CreditMantri.com This way your credit score will not be affected as the bank will only soft pull your credit score and compares with other internal criteria to make sure you are eligible.

Car Loan EMI Calculator

Customers can use the car loan EMI calculator to know how much EMI they will be paying each month. Customer can make use of the CreditMantri Car Loan EMI calculator and the Karnataka Bank Car Loan EMI calculator.

The importance of this is that customers will know how much EMI they will have to pay based on their loan requirement. This helps them to plan far ahead.

CreditMantri’ s Car Loan EMI Calculator and Karnataka Bank Car Loan Calculator are among the best and probably the easiest ways to compare various car loan offers and choose the loan best suited to your requirements. Using the Car Loan EMI Calculator, you get a simple and quick way to accurately compare the various loans and determine what your EMI will be with the different lenders.

Karnataka Bank Car Loan – FAQ

1. Do I have to provide any security to avail a Karnataka Bank car loan?

Karnataka Bank car loan is a form of secured loan where your car will act as a collateral.

2. Can I sell my vehicle before I repay the entire car loan taken from Karnataka Bank?

You cannot enter a transaction with any seller without a 'No Objection Certificate' (NOC) from Karnataka Bank. The NOC can only be obtained after foreclosure or after you have paid off your loan.

3. What is maximum loan amount for Karnataka Bank car loan?

The loan amount is determined by the income and repaying ability of the borrower.

4. What is the maximum tenure for Karnataka Bank car loan?

The maximum loan tenure is up to 7 years for the purchase of new cars.

5. What type of cars do Karnataka Bank provide car loans for?

Karnataka Bank offers auto loans for most passenger cars, multi-utility vehicles and sports-utility vehicles that are available in India and are bought for personal use.

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