Monday, April 6, 2015

Car loan options in Kolkata

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Today, more people from middle income groups in India are looking to have their own cars (both used and new cars) and thus seeking for appropriate car loans in Kolkata. This trend is especially seen in metro cities and Kolkata, the capital of West Bengal is no exception. Kolkata is one of the biggest and most densely populated cities in India. It is the chief financial and commercial hub of both East and North East India. The Calcutta Stock Exchange is the second largest bourse of India.

What is car loan?

With variety of products, the personal car finance or loan poses as a complete personal finance Subsector. The products offered are basic car loans, car leasing or hiring on personal contract, hire purchase and purchase on personal contract. So, car finance also includes the leasing of vehicles along with basic loan options. The residual values of cars are quite high and the second hand car market in Kolkata is also booming. These two factors contribute to these various types of car finance and allow financing of other types ahead of pure loans of unsecured nature.

Eligibility for car loans in Kolkata
  • Must be at least 21 years old
  • Must be less than 67 years old
  • Must have a regular income (self employed or salaried person)
  • The monthly earning must be over the thresh hold minimum

Factors on which eligibility of car loan in Kolkata depends
  • The regular income of the applicant must be 240,000 per annum or more
  • The capped loan should be 85% of the ex-showroom price
  • The eligibility is lowered if you are already giving EMI for other loans

Steps to be taken to increase your eligibility
  • Pay off the pending bills of your credit cards
  • Choose lone with longer tenure (up to 5 years)

The required documents for car loan application
  • A valid photo ID
  • Age proof certificate
  • Residence address proof
  • Last six month’s statement from the bank
  • Duly signed application form with attached photograph
  • Last three months salary slips, Income Tax Returns or the Form 16 (for salaried persons)
  • Last three years Income Tax Returns along with Income computation, last three years CA Certified / Profit & Loss Account and Audited Balance Sheet (for self employed persons)

Interest rates for car loans in Kolkata
  • The Rate of Interest i.e. the monthly reducing balance - 10.5% - 12.75%
  • The Processing Fees - Can range from Rs. 500/- Rs to around 5000/-
  • The Tenure of the Loan - 1 year to 5 years
  • Charges related to Pre-closure - 2% to 4% on the outstanding loan amount
  • Requirement of Guarantor - There is no Requirement of any guarantor

The above information may help the people of Kolkata to decide on their car loans in Kolkata. 

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