Kolkata City

1. Basic details of car loan schemes

Looking for your joy ride in the city of joy – Kolkata? A car loan is all you need when you want to buy a new car and provide the comfort of 4-wheeler to your family. Car loans come under secured loans, where banks consider your car against loan as the collateral and pays to the car dealer. If you fail to repay the bank on time, then the bank can seize your car and recover its money by putting it on auction. Therefore, to avoid any hassle of missing your repayments you can choose longer loan tenure, this way you can pay in smaller installments at lower interest rates.

2. The advantages of car loan schemes

By applying for a car loan in Kolkata, you eliminate the burden of paying the whole car amount at once. With the loan money, you can choose the best suitable car for your comfort and pay the bank in small installments.  

A Kolkata car loan has monthly mode of payments, therefore it makes planning for your finances a lot better.

3. What should you know before taking this loan?

It is strongly advised that you do a detailed research before applying for your loan. First, you need to get insight into needed documents and conditions, and second, to check your own financial situation. You should always know how much loan is enough for you and what shall be the interest rate at which you have to repay. To understand better about your loan amount and the interest rate you can use our free tools at our Paisabazaar.com website – Car Loan Eligibility Calculator and Car Loan Interest Rate Calculator.

There are various good banks that offer car loan scheme in Kolkata. The interest rates for car loan in Kolkata vary with different conditions. However, they never go too high, starting at 9.35% of the loan amount. Below are the banks that provide good Interest rates for car loan in Kolkata:

  • Bank of India: Interest Rate is 9.70% onwards
  • Allahabad Bank: Starts from 9.80%
  • Central Bank of India: Interest rate is 10.10%
  • Indian Bank: 9.95%

Car loan schemes that you can avail from Kolkata banks and NBFCs:

You can find different car loan schemes in Kolkata:

1. HDFC Bank:

  • HDFC Bank which starts from 9.50%
  • Processing fee up to Rs 2,587
  • Rs 1.00.000 is the minimum amount that you can apply for

2. Canara Bank:

  • Interest rate starts at 9.80%
  • Processing fee 0.25% of the loan amount
  • No pre closure charges
  • Maximum loan tenure is 7 years

3. State Bank of Hyderabad:

  • Interest rate is 9.95% onwards
  • Processing fee is 0.25% of the loan amount
  • No Pre closure charges

4. State Bank of Patiala:

  • Interest rate is 9.95%
  • Processing fee is 0.51%
  • Maximum loan tenure is up to 7 years

4. How to apply for a car loan?

Now, Applying for a car loan in Kolkata will take less than a minute. You simply need to log in to our Paisabazaar.com website and provide the required details like your personal details, new or a used car, car models, car price range, your city and then choose your preferred bank for a loan. 

5. What are the car loan documentations?

You will be required to submit the following documents after providing your required details to complete your loan application:

  1. Income proof
  2. ID proof, such as passport, ration card, Voter ID card, driving license
  3. Age proof
  4. Address proof, such as bank statement, utility bills
  5. Passport-sized photographs
  6. Form 16

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