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Karur Vysya Bank Car Loan

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Karur Vysya Bank Car Loans

Everyone must have dreamed about owning a car since our childhood. Movies and games have kindled that interest in cars for many of us. A car could be used for many purposes – going on a family trip, going on a long trip with friends, saving you from the rain or the hot sun when commuting to office or for those car lovers who would like to take the car for a drive just as a stress reliever. A single car could mean different things to different people. India is also a growing market for automobiles, the passenger car market has showed growth double digit growth over the years. The growth is seen across car categories which include compact car, sedan and utility leading to the breaking of a long-held belief that India is an economic and small car market place. International car manufacturers have also made their presence felt by creating cars for the Indian soil.

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 Karur Vysya Bank can help you.

What Is a Car Loan?

A car loan is the finance provided by public and private banks to purchase a car. The borrower will have to get the quote from the manufacturer or dealer and submit it to the bank to get the loan. Some banks even provide funding for up to 100% of the on-road price of the vehicle. The interest rates and other terms and conditions are informed to the applicant beforehand. Once the loan details are acknowledged after the approval, it will be disbursed to the borrower’s bank account.

What Is the Advantage of Taking Karur Vysya Bank Car Loan?

On discovering that many people are interested in buying a car for either comfort, safety or any other reason. Knowing the increasing demand for the loan, Karur Vysya bank offers doorstep services to their customers. The loan is provided for the purchase of new and pre-owned cars not older than 5 years.

The funding to purchase a car is provided to all eligible customers who has a good repaying ability. The loan can be repaid in monthly installments known as EMI until a specific period comfortable to the borrower.

Karur Vysya 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 age eligibility is determined by the income and repaying capacity.
Salary RequirementDepends on the loan amount the car purchase
Employment statusShould be in the current employment for a consistent period of time
Residential StabilityYou should have proof of residence to show whether you live in a rented or owned or parental accommodation.

Key Features of Karur Vysya Bank Car Loan

Purpose: To purchase new and used cars not older than 5 years

Loan Amount: The loan amount is determined based on the income and repaying ability of the borrower.

Tenure: For new vehicles, the repayment period is up to 84 months and for old cars, the tenure is up to 60 months.

Margin: Ranges between 15% of the cost of the vehicle and for used vehicle the margin is 40% of the cost of the vehicle.

Security: The car is a form of collateral and it will be hypothecated in case of continuous defaults. In certain cases, LIC policies, bank deposits, land, buildings etc. are also considered as collateral.

Guarantor: A guarantor is accepted with suitable income or net worth

Insurance Policy: Coverage available to the extent of the loan amount with BAGIC, it is payable by the borrower as per the convenience

Karur Vysya Bank Car Loan Interest Rates and other Charges

The interest rate for a new vehicle is one-year MCLR + 1.35% and for old vehicle, the interest rate is one-year MCLR + 3.60%.

Processing fees:

INR 2000 + GST for loans up to INR 10 Lakhs and INR 4000 + GST for loans above INR 10 Lakhs are charged as processing fees.

Documents required for Karur Vysya Bank Car Loan

The following are the documents required for Karur Vysya 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

Karur Vysya Bank Car Loan Eligibility Check

Before a person applies for a Karur Vysya Bank car loan it is best to do an eligibility check which is available on the Karur Vysya 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 Karur Vysya 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 Karur Vysya 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.

Karur Vysya Bank Car Loan – FAQ

1. What is maximum loan amount for Karur Vysya Bank car loan?

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

2. What is the maximum tenure for Karur Vysya Bank car loan?

The maximum loan tenure is up to 84 months for new vehicles and 60 months for old cars.

3. What type of cars do Karur Vysya Bank provide car loans for?

Karur Vysya 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.

4. Can I sell my vehicle before I repay the entire car loan taken from Karur Vysya Bank?

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

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