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Get car loans that are best matched to your credit profile
Being the major commercial, cultural and educational hub of East India, Kolkata is located on the east bank of the river Hooghly. The city is the third most productive metropolitan area in India. Still retaining the colonial-era charm contrasting with newly built commercial establishment, Kolkata is a perfect blend of tradition and modernity. While most of the population are self-employed, small-scale industries are facing a rapid growth in the city.
Kolkata is home to some of the leading banks and other NBFCs in India. Are you looking for a car loan in Kolkata and wondering what your options are? You have reached the right place. Read on!
You can get the following benefits on the car loans in Kolkata
1. Makes it easy to buy a car – Buying a car is not easy nor is it possible for everyone. A car loan is a good way for people to buy a car and pay back the money at a tenure they are comfortable with while enjoying the vehicle.
2. Loans for pre-owned cars – Many banks provide loans for used cars. The loan amount will depend on the car type, make and model but it still eases out the financial situation of a borrower.
3. Flexi loans – Most banks provide loans at flexible tenures 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.
Car loans are provided by banks and other private lenders to buy a car of the borrower's choice. Car loans can be repaid in Equated Monthly Installments (EMI). Based on the eligibility criteria of the borrower, the lender determines the loan amount, interest rate and other items on the loan.
Following are the fees and charges levied on car loans provided by various lenders in Gurgaon.
Loan processing charges : vary 1% to 3% of the loan amount
Documentation charges : 0.5% to 3% of loan amount
Pre-payment charges : 1%-3% at any given point in the loan cycle
There could also be pre-payment charges based on the repayment cycle
No Due Certificate : will vary with bank
EMI Late payment penalty : 1% to 3% Per Month on the Unpaid Installment
Stamp duty : as levied by the state government
Cheque bounce / EMI return charges : Rs.100 to Rs 500/-
Loan cancellation charges: : Varies from bank to bank
Legal, repossession & incidental charges : At actuals
Duplicate NOC : viz. The cost to issue another NOC by the lender: Rs 500
PDD collection charges : Up to Rs.450/-
Cheque/ECS swapping charges : Rs 250/- onwards
Amortization schedule charges : Rs 200/- onwards
Special NOC charges : Rs 250/- onwards
Loan rebooking/reschedule charges : Rs 500/- onwards
There many ways one can apply for a car loan in Kolkata
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 itself. You can enquire about the terms and conditions before choosing the lender available there.
2. Bank/NBFC website
You can go online and visit any 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 the best way to get an instant eligibility check.
3. Bank/NBFC Branch
This a type of offline mode where the borrower can visit any bank or NBFCs branch in Kolkata 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.
4. 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.
Important documents to be submitted while applying for car loans in Kolkata
You can follow the steps given below while choosing a car loan
There are many leading banks and NBFCs which offer car loans in Kolkata 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
To get a better understanding of your loan requirement and how much EMI you will pay, you can use the EMI calculator available on CreditMantri website and on the bank/NBFC website. By inputting the tenure, interest rate and loan amount you will get to know how much EMI you will pay. You can vary the inputs for various scenarios and know the EMI in each case. This will help you plan for the loan you want.
1. Where can I get the cheapest car loan interest rates in Kolkata?
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. 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.
3. 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.
4. How to apply for a car loan in Kolkata?
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 Kolkata 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.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf.