Car Loan Thrissur
We are here to help you in getting the car loan quickly and easily with amazing offers and benefits. You can choose any car across the various options and can get a loan as per your eligibility criteria. Don’t think much and grab the best deal now.
What is the Eligibility Criteria for a Car Loan in Thrissur?
- A borrower must be an Indian resident
- Minimum Income of Rs 15,000 per month
- Minimum 1 year Residential stability is mandatory
- Minimum 21 years of age is mandatory
- Minimum 1 year of employment stability is must
What documents are required to apply for a Car Loan in Thrissur?
When you apply for a Car Loan, these are the documents which are commonly required, so keep them handy.
- Income proof: Need to submit your salary slips for the last three months and the statements of your bank account for last six months. For self-employed people, the requirement is to submit the audited bank account statements for last six months.
- Employment Proof: Need to submit a copy of the appointment letter and a certificate of employment issued by your company. For self-employed individuals, the partnership deed or business establishment documents need to be submitted.
- Tax Proof: Need to submit the IT return or Form 16 documents for the last two years.
- Address Proof: Any government sanctioned KYC document can be submitted as proof of residence.
- Age Proof: Any government sanctioned KYC document can be submitted as proof of age.
Factors that affect Car Loan Interest rates in Thrissur
- Credit history: The interest rate depends on the credit history you have built in past years, the high cibil score will not only help you in getting a loan but will also empower you with a strong bargaining power.
- Income level: Higher the income better are the chances for the approval of higher loan amount.
- Amount of down payment: Higher the down payment made lesser will be the amount that the bank will have to lend you. As a result, the bank’s risk will go down. Also, it shows that your financial position is sound. You may get loan at a lower interest rate from the bank.
- Tenure of the loan: Car loan is generally available for tenure of up to 7 years. It is generally seen that banks charge a higher interest rate for a loan of the shorter time period and vice versa. Longer tenors will enhance repayment capacity.
- Car model and age: It is necessary for the bank to consider the car model in deciding the interest rate as on sale every model may not fetch the expected price. New cars are more easily financed than used cars; a high-end model will be expensive which means the borrower has to be able to pay the required down payment.
A Little About Thrissur: Thrissur is a city in the south Indian state of Kerala. It’s known for sacred sites and colorful festivals. In the center is Vadakkumnathan Temple, dedicated to Lord Shiva and adorned with murals. The ornate, Indo-Gothic Our Lady of Dolours Basilica is nearby. To the north, Thiruvambady Temple is home to several elephants. Sakthan Thampuran Palace houses an archaeology museum with bronze statues and ancient coins.