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Owning a car in today’s time has become a necessity rather than a luxury. But every time you dream of owning a car, you worry about the costly EMIs or the down payment that you think you will never be able to pay. Now, it’s time to stop worrying – you can apply for a loan in a bank and get your dream car home. With the economic uplift in most cities of India, the car loan industry has got a severe boost. People are now not only dreaming about owning a car, but are actually buying it. EMI or Equated Monthly Instalments are making it easier for people to pay loans and enjoy the comfort of a car.
First, let’s understand the term, Equated Monthly Instalments or EMI – when one takes a loan, the borrower needs to pay the bank the money on monthly instalments. These instalments depend on the loan amount taken, the loan tenure and the interest rate offered by the bank. Some banks even offer EMIs based on the changing market prices. The EMI can go higher or lower based on the market shares. There are also instances when the bank allows the loan borrower to pay a huge sum as down payment so that the monthly EMIs are reduced.
Karur Vysya Bank is an exceptional bank that has been serving Indians across the country with excellent banking solutions. The bank provides you with prompt and precise services for car loans by offering excellent interest rates to car loan borrowers. If you are wondering how to finance the purchase of the car of your choice, you need not worry anymore. You can get great car loans from Karur Vysya Bank.
Apart from the car loan product, the bank also has an advanced car loan EMI calculator that will assist you in computing your loan EMIs and help you in planning your monthly expenses carefully. You will be aware of how much you can spend on each aspect of your life and avoid unpleasant financial situations. You will also get to know your loan affordability for a specific amount. CreditMantri is one such portal that will allow you to calculate car loan EMI for Karur Vyasa Bank and also help you check on the eligibility factor.
CreditMantri has a credible EMI calculator which can be help you while availing all kinds of loans from leading lenders in India. When you apply for car loan in Indian Bank, there are some eligibility factors on which basis Indian Bank approves your car loan.
The income of the loan borrower helps in determining your capacity to repay the loan. Indian Bank gives car loan to only those whose minimum net annual salary is Rs. 2 lakh. This calculator is simple and can be used by just entering details like the loan amount, interest rate and tenure. In case, your individual car loan eligibility as calculated by the car loan eligibility calculator is less than the loan you need, you can add the income of earning family members.
Once you know the EMI amount, you have a clear idea of the EMI that you need to pay each month. Also, if you have a good credit score, you will be entitled to better loan terms and save a substantial amount every month. If this is your first car loan, then it is advisable that you create a profile on CreditMantri to check if the loan is suitable for your credit profile.
While the price of the car or the interest rate of the car loan are definitely the important factors that determine which loan you must opt for, there are other factors at play as well. You must have a look at your income levels and ensure that your debt-to-income ratio doesn’t exceed 30%-50%. This ratio will enable you to repay your loan with ease.
Another very important factor is your credit score. This is a score given by the credit bureau based on three main parameters:
A good credit score can help you negotiate better car loan terms with a lender. If you have a credit score above 700, you can avail a loan with lower interest rate and save a lot of money every month.
1. What types of four wheelers can be purchased with Karnataka Bank Car Loan?
All kinds of new four wheelers can be purchased using Karnataka Bank Car Loan. Second-hand/used/pre-owned vehicles not more than 5 years from its date of registration can also be purchased with Karnataka Bank Car Loan.
2. I am planning to purchase a used vehicle with Karnataka Bank Car Loan. What is the maximum loan quantum that will be offered?
The maximum loan amount for a used car that Karnataka Bank offers is Rs.20 lakh.
3. Can NRIs apply for Karnataka Bank Car Loan?
Yes, Karnataka Bank Car Loan is offered to Non Resident Indians also.
4. How do I calculate the EMI for Karnataka Bank Car Loan?
To calculate the EMI amount for Karnataka Bank Car Loan, you can use the online car loan EMI calculator tool offered by CreditMantri. You will need to input details like principal amount, tenure and interest rates to find out the monthly instalment amount and amortization schedule.
5. Do I have to present a guarantor for Karnataka Bank Car Loan?
Yes, individual applicants must present security in form of third-party co-obligation or guarantee.
How can I apply for a Karnataka Bank Car Loan?
Customers can visit any of the nearest Karnataka Bank branch to apply for a Karnataka Bank Car Loan or contact CreditMantri. Customers will be asked to fill out an application form and present all necessary documents to proceed with the car loan process.
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