When you need to buy something as grand as a car, buying a car loan becomes a necessity. So if you are looking for car finance, J & K Bank is here to provide you with the most suitable car loans, adjusting to your needs with the interest rates starting from as low as 7.20% p.a., And a repayment duration of up to 7 years and more. For the ease of the customers, they can take a loan for 90 or even 100% of the on-road price of the car from J & K Bank.
Banks Offering Premium Car Loan Interest Rates 2021
|Bank Name||Car Loan Interest Rates||Processing Fee|
|Bank of Baroda Car Loan||From 7.00% p.a.||Rs.1,500 (plus GST)|
|Canara Bank Car Loan||From 7.30% p.a.||0.25% of the loan amount, ranging from a minimum of Rs.1,000 to a maximum of Rs.5,000|
|Axis Bank Car Loan||From 7.45% p.a.||Ranging from Rs.3,500 to Rs.7,000|
|Federal Bank Car Loan||From 8.50% p.a.||Contact the bank|
|SBI Car Loan||From 7.20% p.a.||New Car: Nil (offer valid until 31 January 2022)|
|ICICI Bank Car Loan||From 7.90% p.a.||0.5% of the loan amount|
J & K Bank Car Loan Eligibility Criteria
- A minimum gross monthly income of Rs. 25,000 is required for a salaried person by Jammu & Kashmir Bank
- An IT assessee is a must for a businessman or a self-employed person.
- For retired individuals to take a car loan <bank-name> Bank, they must have a monthly pension of Rs. 15,000 and above.
- A company or organization should have been in profit for the past 2 years and the net profit and cash flow should be enough to repay the Jammu & Kashmir Bank car loan.
- The applicant should be a permanent employee, and the Jammu & Kashmir Bank car loan must be paid off at least three months before the applicant's retirement date.
- Firms and organizations should have been in existence for at least 2 years.
Documents Required For J & K Bank Car Loan Application
- Photo ID and Age Proof
- Signed Application Form With Photograph
- Residence Proof
- Previous 6 Month Bank Statement
Know More About Documents Required for a Car Loan
Documentation for Salaried People:
- Previous 3 Months’ Salary Slip
- Form 16 or Income Tax Returns
Documentation for Self-Employed Applicants:
- Previous 3 years Income Tax Returns with computation of Income
- Previous 3 years CA Certified/Audited balance sheet and Profit and Loss Account
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