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Car Loan in Agra
What is a car loan?
There are a lot of cars to choose from say like a sedan, SUV, XUV passenger car and many more. A car loan can be defined as a credit product which is given by leading banks to borrowers, the loan generally structured as installment loans which the borrowers will repay in the form of Equated Monthly Installments (EMI). The borrower must meet the lending criteria of the borrower to
In the state of Uttar Pradesh lies Agra, which has been mentioned from the times of the Mahabharata; now getting international fame due to the presence of one of the wonders of the world: the Taj Mahal, a UNESCO World Heritage Site, it has also been an important city from Mughal times. With the growing economy, Agra too has seen a rise in car sales and many of them prefer to take loans for cars.
Eligibility: car loan in Agra
To get a car loan in Agra and to drive home your dream car you need to meet the eligibility criteria of the banks and also have the necessary documentation
Age of the applicant should be between 21 and 75 years, the applicant should be an Indian national. In terms of salary should have a minimum of 10,000 INR and the employment type of the applicant can be salaried or self-employed.
To get the best car loan offer in Agra, most banks also look into the credit score of the applicant, as per general guidelines any score on any credit bureau above 750 is considered a very good and creditworthy by the banks.
Tenure: Car loans usually are shot terms loans starting from as a short as even one year and extending up to five years.
Do check for the exact eligibility criteria from the lenders directly however you can check your credit health and get an idea about eligibility on CreditMantri by creating a credit profile.
Car Loan in Agra: Features
Let us look at some of the common features of the car loans which are given in Agra,
Makes it easy to buy a car – a cost of the car is such that most cannot afford it by downpayment and a loan could be that tool that would help in attaining the goal
Flexi loans – Tenures are not fixed and can be chosen as per the applicant's requirements hence making it easy
No collateral – no additional guarantor or collateral is required for the car loan in the city of Agra
Loans for used cars – Sometimes you may be looking at options to buy a used car, banks provide options for these requirements too
Car Loan in Agra: Documents Required
Important documents to be submitted while applying for car loans in Agra
- Completed loan application
- 3 Passport size photographs
- Statement of Bank Account/ Pass Book for last six months
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
- Proof of identify (photo copies of Voters ID card/ Passport/ Driving license/ IT PAN card)
- IT returns for the three years for self-employed professionals
- Form 16/IT returns for the last two financial years for salaried employees
Fees and Charges: car loan in Agra
| Loan processing charges | 1% to 3% of loan amount |
|---|---|
| Documentation charges | 0.5% to 3% of loan amount |
| Pre-payment charges | Will vary from bank to bank for example Fixed Prepayment charges Prepayment at any given time – 1% to 3% (or) Varying prepayment Charges based on repayment cycle
|
| No Due Certificate / No Objection Certificate (NOC) | Will vary from bank to bank mostly NIL |
| EMI Late payment penalty | 1% to 3% Per Month on the Unpaid Installment |
| Stamp duty | At actuals as levied by respective State Govt. |
| Cheque bounce / EMI return charges | Rs.100 to Rs 500/- |
| Loan cancellation charges: | Varies from bank to bank |
| Duplicate NOC | Rs. 500/- onwards |
| PDD collection charges | Up to Rs.450/- |
| Cheque/ECS swapping charges | Rs 250/- onwards |
| Amortization schedule charges | Rs 200/- onwards |
| Special NOC charges | Rs 250/- onwards |
| Loan rebooking/reschedule charges | Rs 500/- onwards |
| Legal, repossession & incidental charges | At actuals |
How to apply for car loan in Agra?
There many ways one can apply for a car loan in Agra
1. Applying for a car loan Through CreditMantri
On the CreditMantri website, you can create your credit profile for free by a simple registration and verification through mobile. The CreditMantri credit profile gives a comprehensive view of your credit health along with information about your past borrowings, it also comes with your credit score and details as to how you have handled credit.
Based on your credit profile you will be matched to relevant car loans from lenders in the Agra area. When we say matched, these are credit products using the data in your current credit profile and hence chances of rejection on these loans are less.
How to choose a car loan in Agra
The loan selection process can be split into steps
Understand your requirement, then choose the car from the multiple car lenders.
Get to know the price of the car you can then know how much you afford to pay using your own finances, and the amount required.
Armed with the amount required you can check on the amount that lenders are willing to provide and choose the best lender
Which Is the Best Bank for car loan in Agra?
From what we have seen the best bank is the one that gives you maximum benefit in the form of tenure, interest rate and loan amount and banking services. Such an ideal bank is based on how you have borrowed before which is essentially your credit profile. If you do not have a credit score too then banks might be unwilling to lend to you. You must start building your credit history to get best offers from lenders of your choice.
Car loan EMI Calculator
Give the inputs of the tenure, interest rate and loan amount and you will instantly get to know how much EMI you will pay. You can also use the EMI calculator on the CreditMantri site
Car Loans in Agra FAQs
1. what car loan interest rates in Agra?
Banks and NBFCs determine the interest rates for car loans in the city of Agra, do check with your lender for the latest interest rates. You can check for the interest rates for your car loan when you apply for a product at CreditMantri.
2. How to get instant e-approval on car loans?
Some banks provide instant approval on car loans in Agra, the Instant approval is heavily dependent on the applicant include credit worthiness and document preparation of the applicant, if all things are in order
3. Where can I find a car loan interest calculator?
A loan interest calculator can be found on CreditMantri. The user needs to input some details such as interest rate, tenure and loan amount and can instantaneously look at the EMI amount to be paid
4. What are the banks that provide car loans in Agra?
All the major banks have their presence in Agra, some of which are
- Allahabad Bank
- Andhra Bank
- HDFC Bank
- UCO Bank
- IndusInd Bank
- Yes Bank
- Axis Bank
- ICICI Bank