• Agra Car Loan

    Comparing interest rates from different banks and understanding the latest eligibility criteria and how to increase your chances of getting approved for a car loan is easier than ever now with BankBazaar. Get instant quotes and even approvals within 30 minutes when you explore car loans from more than 25 different banks.

    Agra is one of the major cities in the state of Uttar Pradesh. Agra is a major hub with plenty of financial activities thanks to its prominence as a top tourist destination in the country. India’s top banks and non-banking financial corporations have operations there in the city. If you want to get a car loanin Agra, you can reach out to any of these top lenders and file an application. You may compare the offerings of various lenders in the market using the BankBazaar app and apply for one that suits your needs.

    Lowest Car Loan Interest Rates in Agra

    The interest rates charged by various lenders in Agra are listed as follows:

    Bank Interest rates Minimum income Processing fee
    Axis Bank 9.25% p.a. to 11.50% p.a. Rs.2.40 lakh p.a. Rs.3,500 to Rs.5,500
    Oriental Bank of Commerce Male borrowers – 9.25% p.a. Female borrowers – 9.15% p.a. Rs.30,000 p.m. 0.5% of the loan amount subject to a minimum of Rs.500 and a maximum of Rs.7,000
    Bank of India 9.5% p.a. Contact the bank for details Rs.500 per application
    Syndicate Bank 1-year MCLR + 0.50% p.a. Rs.2 lakh p.a. Rs.125 per lakh
    IDBI Bank From 9.30% p.a. onwards (varies based on credit score of the borrower) Rs.2.4 lakh p.a. Rs.1,000 + GST
    Canara Bank From 8.95% p.a. onwards Rs.3 lakh p.a. 0.25% of the loan amount subject to a minimum of Rs.1,000 and a maximum of Rs.5,000
    State Bank of India 9.30% p.a. to 9.80% p.a. Salaried – Rs.2.5 lakh p.a; Self-employed – Rs.3 lakh p.a; Agriculture workers – Rs.4 lakh p.a. Nil
    HDFC Bank 9.75% p.a. to 10.60% p.a. Rs.3 lakh p.a. 0.4% of the loan amount subject to a minimum of Rs.3,000 and a maximum of Rs.10,000
    ICICI Bank 9.30% p.a. to 12.85% p.a. Contact the company for more details Rs.3,500 to Rs.8,500 (depending upon vehicle type)
    Federal Bank From 9.20% p.a. onwards Rs.20,000 p.m. N/A
    IndusInd Bank From 10.65% p.a. onwards Salaried - Rs.2.50 lakh p.a. Self-employed – Rs.2 lakh p.a. net profit 0.5% of the loan amount subject to a minimum of Rs.2,500
    Punjab National Bank From 9.05% p.a. onwards Rs.20,000 p.m. Rs.1,000 for loans under Rs.6 lakh Rs.1,500 for loans over Rs.6 lakh
    Jammu and Kashmir Bank Fixed – 11.25% p.a. with monthly rests Floating – Base rate + 1% p.a. with monthly rests Rs.3 lakh p.a. 0.5% of the loan amount subject to a minimum of Rs.500
    Andhra Bank 1-year MCLR + 0.70% Rs.1 lakh p.a. 1% of the loan amount subject to a minimum of Rs.1,000 and a maximum of Rs.25,000
    Bank of Maharashtra 8.95% p.a. Rs.3 lakh p.a. 0.25% of the loan amount subject to a minimum of Rs.1,000 and a maximum of Rs.15,000
    Central Bank of India Fixed – 9.00% p.a. Floating – 1-year MCLR + 0.40% p.a. Rs.2.40 lakh p.a. Contact the bank for details
    United Bank of India From 9.15% p.a. onwards Rs.25,000 p.m. 0.59% of the loan amount subject to a minimum of Rs.600 and a maximum of Rs.11,800
    Bank of Baroda 1-year MCLR + strategic premium + 0.25% p.a. Contact the company for details Rs.1,000 to Rs.2,500 + GST

    Best ways to get Lowest Interest Rates for Car Loans in Agra

    If you are looking for a car loan, it is best to apply for it online. This way, you can check out the different offers in the market and make the right decision. Getting the lowest possible interest rate is a priority for most loan applicants. However, you must also focus on other factors like additional charges, service quality, loan tenure, etc., before choosing a lender. Though the other factors are important, interest rates still play a major role in bringing down the overall cost of car loans. The tips listed here can help you find car loans at a reasonable interest rate:

    • Credit score: Credit score is one of the most important factors considered by lenders while taking a loan. Even if the loans are secured, the credit score of the applicant is still an important factor to determine the risk associated with a loan. Lenders prefer individuals with a credit score of 750 and above. If you have a good credit score, you can easily find the best loan products at reasonable interest rates.
    • Steady income: All the top lenders in the market provide loans to their customers only after verifying their income. This applies to both salaried and self-employed individuals. Salaried applicants must be employed in their current job for at least one year. According to lenders, borrowers with a steady income are at low risks of defaults.
    • Debt-to-income ratio: This refers to the percentage of monthly income spent on paying EMIs. If this is significantly high, the risk of default is high for the lender. This is the reason why lenders offer low interest rates for people with a low debt-to-income ratio.
    • Income level: Most banks offer interest rate discounts for people with high monthly income. High-income earners typically have a great loan repayment potential. Hence, it is possible for these individuals to get loans at competitive interest rates.
    • Loan tenure: There are many lenders in the market who consider the loan tenure chosen by the borrower while determining the interest rates. This criterion varies among the lenders in the market. Some lenders offer low interest rates for high loan tenure. However, you need to choose your options carefully while applying for such loans as there is a chance of paying more in overall EMIs.
    • Vehicle model: If there is a default, banks have to recover the vehicle to get back their loan amount. Hence, they consider the vehicle model before setting interest rates for a borrower. Vehicles from a reputed manufacturer have a higher resale value, and lenders charge a lower interest rate for these models.

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    Who can apply for a car loan in Agra?

    The eligibility criteria for car loans vary among lenders in the market. However, some of the most common criteria are given as follows:

    Criteria Salaried individuals Self-employed individuals
    Age 21 years 21 years
    Income Rs.15,000 to Rs.20,000 p.m. As required by the lenders
    Income stability At least one year in the current job At least one to three years of business vintage

    Documents Required

    The following documents must be submitted by applicants while applying for a car loan:

    • Identity proof (Aadhaar, PAN, Post Office ID card, Voter ID, Driving License, etc.)
    • Address proof (Aadhaar, Ration Card, Utility Bill, Passport, etc.)
    • Bank statement (for 6 to 12 months)
    • Salary slips (for 3 to 6 months)
    • IT returns for about 3 years (for self-employed individuals)
    • Photographs


    How can I keep track of my car loan application?

    If you have applied online, you can visit the website of the bank and use the application number to check the status instantly. You may also apply for a loan through the BankBazaar website or mobile application. Here, you can keep track of your car loan application status simply by visiting the website or mobile application.

    Is it possible to make part pre-payment of my car loan?

    There are only some lenders in the market who allow part pre-payment of car loans. You may have to check with the lender to know whether you can prepay part of your car loan amount.

    Can I take a car loan to buy a used car?

    Yes. Most banks in the market provide loans for the purchase of used cars. The interest rate, however, will be significantly higher when it comes to used cars. This is mainly because used cars have already depreciated a lot in market value, and they carry a higher risk for lenders.

    Do I need to provide any security for getting a car loan?

    No. Car loans are secured against the hypothecation value of the vehicle. Hence, there is no need to provide any security when you take one.

    What is the best way to pay my EMIs for car loans?

    There are many different payment modes offered by lenders for the repayment of car loans. You can pay your installments in cash or use post-dated cheques to clear your payments. However, the best mode of payment is the electronic clearing service (ECS) you can use to auto-debit your payments every month.

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