The capital city of the state of Tripura, Agartala has come a long way in terms of development in the recent past. There is increased accessibility to Agartala from neighbouring cities and there has also been a rise in the tourism industry.Among the many areas of development in the state, the construction and development of roads is one that is worth mentioning. As a result of these improvements, there has also been an increase in demand for cars and bikes. While owning a car is on everyone’s list of big purchases, financing it out of one’s own pocket is not always a viable option. If you reside in Agartala and are looking for financing options for a car loan the list below should provide a clearer picture of what to expect with regard to interest rates.
| Bank | Interest rates | Minimum income | Processing fee |
|---|---|---|---|
| State Bank of India | 9.25% - 9.75% | Rs.2.5 lakh p.a. | Up to Rs.1,000 + GST Nil up to 30 April 2019 |
| Axis Bank | 9.25% - 11.50% | Rs.2.4 lakh p.a. | Rs.3,500 – Rs.5,500 |
| Punjab and Sind Bank | 8.9% - 9.05% | Rs.1,000—Rs.15,000 | |
| ICICI Bank | 8.89% to 14.50% | As per lender’s terms | Rs.3,500 – Rs.15,000 |
| IDBI Bank | 9.30% - 9.90% | Rs.2.4 lakh p.a. | Rs.1,000 + taxes |
| Punjab National Bank | 8.50% - 8.95% | Rs.2 lakh p.a. | Rs.1,000 to Rs.1,500 |
| Bank of Baroda | 8.90% onwards | As per lender’s terms | Rs.1,000 + GST to Rs.2,500 +GST |
| Syndicate Bank | 9.1% - 9.35% | Rs.2 lakh p.a. | Rs.1.25 per Rs.1,000 of loan amount to Rs.200 per lakh |
| Bank of India | 9.5% | As per lender’s terms | Rs.500 |
Before applying for a car loan, it is important to check your CIBIL score in order to determine your eligibility for a car loan in addition to giving you an idea of the interest rate that you are likely to be charged. A number of banks and lending agencies examine a loan applicant’s CIBIL score and repayment history before determining the interest rate. In many instances, banks usually charge higher interest rates for customers who have a low credit score and a history of default payments.
The interest rates charged on car loans differ according to the loan repayment schedule that you choose. The longer the loan tenure, the higher the amount paid in interest. If you are looking for lower interest rates, it is advisable to choose the shortest loan tenure that you can afford.
When looking for financing for a car, it is advisable to apply for a loan from the bank that you have an existing relationship with. Banks usually offer better rates for applicants who already hold accounts with them.
Before applying for a loan, it is advisable to choose a car dealer that has a tie-up with your bank. If the dealer that you choose has a relationship with your bank, you may be able to receive better rates on your loan in addition to a few perks and discounts. Most banks will have a list of car dealers that they are partnered with, so you can have a clearer picture of the rates and charges before you apply for a loan.
It is possible to negotiate the price of your car when consulting with your dealer. Additionally, you can also evaluate the prices offered by various dealers and choose the lowest price or the one with the most discounts. This, in turn, will reduce the loan amount that you need to borrow.
In order to apply for a car loan in Agartala, you have to typically meet the following criteria. The list given below might vary across lenders:
| Criteria | Self-employed | Salaried |
|---|---|---|
| Age | 21 years | 21 years |
| Income | Rs.2 lakh to 2.4 lakh p.a. | Rs.1.8 lakh to Rs.2 lakh p.a. |
| Employment experience | 1 year of continuous employment | 3 years of continuous employment |
Get your brand new set of wheels through a car loan that offers affordable interest rates, quick application, and pocket-friendly repayment structures.
Most lenders offer up to 90% of the car’s price as the loan amount. However, there are a number of lenders that also offer 100% financing for a car. The amount for which you are eligible will also depend on the cost of the car, the model, and year of manufacture.
With a fixed interest rate, the rate of interest charged on the loan amount remains the same throughout the loan tenure. A floating interest rate is subject to change based on the changes made by the lender.
Since car loans are secured loans, the car purchased with the loan amount serves as collateral for the loan.
Most lenders permit prepayments on the loan amount following the completion of 6 to 12 months of EMI payments.
Yes, interest rates on car loans can be negotiated provided the lender offers car loans on a floating interest rate.
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