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  • Agartala Car Loan

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  • Wondering if you are eligible for Agartala car loan? Find out all about the eligibility criteria, latest interest rates and processing fees, repayment tenure and loan amounts, all at your fingertips right here on BankBazaar. Get instant quotes and approvals within minutes through BankBazaar for your dream car right now. Make the right choice with the right information.
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    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.

    Lowest Car Loan Rates in Agartala

    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
     

    Tips to get a Car Loan in Agartala with a Low-Interest Rate

    • Checking your CIBIL Score

    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.

    • Loan tenure

    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.

    • Relationship with the lender

    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.

    • Choosing the right car dealer

    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.

    • Negotiating the price of your car

    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.

    Eligibility for applying for a car loan in Agartala

    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 a car Loan Instantly!

    Get your brand new set of wheels through a car loan that offers affordable interest rates, quick application, and pocket-friendly repayment structures.

     

    Documents Required

    • Car loan application form
    • Bank statement
    • Proof of Income
    • KYC documents

    FAQs

    What is the maximum loan amount that I will be eligible for?

    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.

    What is the difference between a fixed interest rate and a floating interest rate?

    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.

    Is collateral required for a car loan?

    Since car loans are secured loans, the car purchased with the loan amount serves as collateral for the loan.

    Do banks allow prepayments on a car loan?

    Most lenders permit prepayments on the loan amount following the completion of 6 to 12 months of EMI payments.

    Are the interest rates on car loans negotiable?

    Yes, interest rates on car loans can be negotiated provided the lender offers car loans on a floating interest rate.

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