Find details of karnataka bank car loan through karnataka Bank EMI calculator. Just enter the loan amount of car you want to get financed and rate of interest. karnataka Bank EMI calculator automatically calculates the installment on reducing balance and it does not have any other processing fee.
karnataka Bank avails you with host of services and facilities online with which you can get car loan approval in an easier way. The customers who are dreamt of owning their desired car will turn their dream into reality via the golden opportunity provided by karnataka Bank. The eligibility criteria set by the bank that any individual having minimum gross income of Rs. 1.00 lakh per annum erases the hindrance that only silver-spooned can purchase the latest available cars. The bank even churns out the repaying capacity of an individual who had applied for loan by extending the tenure up to 8 years for new car while it is 5 years for used cars. Vicky. in proves to be the powerful tool through the provision of accurate information on processing fee, documentation charges, EMI amount of such banks
Loan Eligibility Calculator
Karnataka Bank Car Loan eligibility, Interest Rate, documents and process
Eligibility:
Individuals who are residents of India.
Salaried persons aged 21 years and above. They should be in confirmed service in the present employment and must have total regular employment for a minimum period of 3 years and a minimum gross monthly salary of Rs. 6000/-.
Businessmen / Professionals / self employed persons aged 21 years and above. Further, the period of loan plus age of the borrower should not exceed 70 years. They should be in business for a minimum period of 3 years and a minimum gross annual income of Rs.60,000/-.
Purpose:
Construction / purchase of house / flat.
Renovation / remodeling / repair to existing house / flat.
Amount of Finance:
60 times the last drawn monthly take home (net) salary in case of salaried persons Or
5 times the latest annual net income + depreciation provided, if any, as per Profit & Loss A/c in case of traders / professionals / self employed persons Or
Rs.50 lakh whichever is lower.
For renovation / repairs:
Upto Rs.10 lakh or 40% of the value of the house / flat, whichever is lower.
Period of Loan:Up to 15 years. Repayment holiday up to 18 months considered.
Margin:
20% for construction of a house on a land already owned.
25% of the total cost in the case of a house / flat not older than 5 years.
30% of the total cost in the case of a house / flat over 5 years old but not older than 20 years.
30% of the cost for renovation / repair, subject to maintaining 40% margin on the value of the house / flat.
