Kolkata is the capital of West Bengal and one of the largest cities in India. Kolkata is the main commercial and financial hub of East and North-East India and home to India’s second largest bourse, the Calcutta Stock Exchange.
Kolkata Car Loan Interest Rates
| Interest Rate (Monthly reducing balance) | 10.5% – 12.75% |
| Processing Fees | Rs. 500 to Rs, 5,000 |
| Loan Tenure | 1 year to 5 years |
| Pre-closure Charges | 2% to 4% on outstanding loan amount |
| Guarantor Requirement | No guarantor required |
Car loans in Kolkata
Kolkata, the third most populous city in India is a bustling center of commerce and culture. Backed by a rich heritage, the city of joy is one of the oldest and prominent hubs of eastern geography in the country. Flourishing economy has elevated the spending power of denizens residing in urban centers. One of the key indicators of thriving lifestyle is owning cars. The capital city of West Bengal is not far behind in catching up with this trend.
Car Loan Offerings In Kolkata
Almost all national and private banks provide car loans in Kolkata. Car manufacturers and dealerships also extend seasonal loan offers on specific models at low-interest rates. Do inquire about such plans with relevant contacts. Let us present to you, the most prominent and appealing car loan offers in Kolkata.
Axis Bank: Formerly known as UTI Bank, Axis is the third largest private sector bank in India. Founded in 1994, this Mumbai headquartered bank provides a gamut of banking and financial services to a large customer base.
| Rate of Interest (%) | Processing Fee |
| 11.50 & upwards | Rs. 3,500.00 onwards |
HDFC Bank: The largest private bank in terms of market capitalization is a popular bank in Kolkata. Car loans are one of the foremost retail loan offerings of HDFC. Just like its private banking counterparts, car loans are easily accessible with this bank.
| Rate of Interest (%) | Processing Fee |
| 10.75 & upwards | Rs. 1,500.00 onwards |
ICICI Bank: One of the “big four” banks in India, ICICI is a widely networked bank with a strong overseas presence. The bank partners with many car manufacturers and dealers to offer tailor-made car loans.
| Rate of Interest (%) | Processing Fee |
| 10.70 onwards | Rs. 1,200.00 onwards |
IndusInd Bank: Part of the Hinduja group, IndusInd was founded in 1994 and specializes in retail banking space. Consumer loans is one of the key offerings of this Mumbai headquartered banking and financial services institution.
| Rate of Interest (%) | Processing Fee |
| 11% onwards | 0.50 to 2.00% of the loan amount |
Magma Fincorp: A NBFC (Non-banking financial corporation) based in Kolkata. Traded on both NSE and BSE, Magma is primarily a finance company specializing in loan products.
| Rate of Interest (%) | Processing Fee |
| 12.00 onwards | Rs. 3,500.00 onwards |
State Bank of India: The largest bank in India in terms of assets and revenue, State bank as it is popularly known, is a banker to every Indian. This public sector Govt. of India owned bank has over 17,000 branches which include 190 offices across the globe.
| Rate of Interest (%) | Processing Fee |
| 10.45 | 0.51% of loan amount, Min. Rs.1,020.00 Max. 10,200.00. |
Documents Required for Car Loan Application in Kolkata
Salaried Individuals
- Pan Card
- Address Proof (Voter’s id, Aadhar card, Driver’s license, Passport, Utility Bills)
- Latest salary slips(last three months)
- Form 16 and ITR (last two years)
- Bank Statement of salary account
- Company id proof
- Passport sized photographs
Self Employed
- Pan card
- Address Proof (Voter’s id, Aadhar card, Driver’s license, Passport, Utility Bills)
- ITR for the last two or three years
- Bank statement of current account
- Business registration certificate (optional)
