If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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    Guwahati Car Loan

    If you’re looking to buy a car in Guwahati, you can make use of the financing options available in this city. There are a number of banks and non-banking finance companies that offer various car loans in Guwahati both for new cars as well as used ones.Some of these lenders include Federal Bank, Dena Bank (now Bank of Baroda), Indian Bank, and State Bank of Patiala to name a few. Read on to find out more about these lenders and the options they offer you in Guwahati.

    Lowest Car Loan Interest Rates in Guwahati

    The following table shows you the list of some of the popular banks in Guwahati that offer the lowest interest rates on vehicle loans. The minimum income they require and the processing fee they charge are also mentioned.

    Bank Interest rates Minimum income Processing fee
    Allahabad Bank New car – 8.90% p.a. to 11.15% p.a. Used car – 9.65% p.a. to 11.65% p.a. Rs.25,000 p.m. Rs.15,000 monthly pension for retired persons 0.50% of the loan amount subject to a maximum of Rs.8,696
    Bank of Baroda 8.90% p.a. onwards - 0.50% of the loan amount subject to a maximum of Rs.10,000
    Canara Bank Women borrowers - 8.95% to 9.50% p.a. Other borrowers - 9.00% to 9.60% p.a. Rs.25,000 p.m. 0.25% of the loan amount subject to a minimum of Rs.1,000 and a maximum of Rs.10,000
    Federal Bank New car – 9.20% p.a. Used car – 15% p.a. Rs.20,000 p.m. For loan amount up to Rs.5 lakh – Rs.1,500 For loan amount above Rs.5 lakh – Rs.2,500
    Oriental Bank of Commerce Female borrowers - 9.15% p.a. Male borrowers – 9.25% p.a. Rs.30,000 p.m. 0.50% of the loan amount subject to a minimum of Rs.500 and a maximum of Rs.7,000. Taxes are extra.
    State Bank of India New car – 9.30% p.a. to 9.80% p.a. Used car – 10.75% p.a. to 12.05% p.a. Rs.20,833.33 p.m. For loan of up to Rs.6 lakh – Rs.1,000 + taxes
    Vijaya Bank New car – 9.70% p.a. Used car – 11.90% p.a. - For loans up to Rs.1 lakh – Rs.500 For loans above Rs.1 lakh – 0.25% of loan amount subject to a minimum of Rs.1,500 & maximum of Rs.10,000. Taxes extra.
    Assam Gramin Vikash Bank New car – 9.50% p.a. Used car – 10% p.a. Rs.5,000 p.m. 0.50% of the loan amount subject to a minimum of Rs.500 + taxes and a maximum of Rs.10,000 + taxes
    ICICI Bank New car – 9.30% p.a. to 12.85% p.a. Used car – 14.25% p.a. - 2% of the loan amount subject to a maximum of Rs.15,000
    IDBI Bank 9.30% p.a. to 9.90% p.a. Rs.20,000 p.m. Rs.1,000 plus taxes
     

    How can I get a Car Loan with the Lowest Interest Rate in Guwahati?

    The interest rates for automobile loans in the country differ from one lender to another. When you’re thinking of applying for a loan like this, you need to look for one that charges you a relatively low rate of interest when compared to the others.

    • Check out loan aggregators: A loan aggregator is one of the easiest ways to find the loan you’re looking for. Instead of going from one lender to another, you can compare all the car loans you’re eligible for, on an online platform. By giving a few details such as your place of residence, income, etc., you will be able to find all your loan options within a few minutes.
    • Your monthly income: Your monthly income is an indicator of how much you will be able to repay every month. This helps lenders calculate the quantum of loan you are eligible for. Also, if you’re earning a good salary, lenders can rest assured that you will be able to repay your loan without any defaults.
    • The tenure of your loan: The tenure of your loan can determine the interest rate applicable to your vehicle loan. If you choose a longer loan period, your lender may offer you a lower rate of interest.But you also need to remember that you will end up paying more interest over a longer tenure. Also, you will remain indebted to your lender for a longer period of time. So, choose long tenure only if it is beneficial to you.
    • Your credit score: Your credit score is an indication of how responsible you are with your money. It shows how you have handled loans in the past. A good credit score tells lenders that you are prompt in your loan repayments and credit card bill payments. This makes you a trustworthy borrower and you may stand to gain multiple benefits such as lower interest rates, better terms of the loan, etc.
    • Current debt status: This refers to your debt-to-income ratio. This shows how many loans you have already taken and how much money you owe in comparison to how much you earn every month. If you have too many loans in your name already, lenders may think that you may not be able to repay another one as well. And they might reject your loan application or offer you a loan with a high interest rate.
    • Down payment: Making a sizeable down payment may help you get better interest rates. For example, if you put down about 20% or more of the cost of the car as down payment, chances are the lender will give you a lower rate. But when making a large down payment, make sure it does not eat into your savings too much. This may leave you cash-strapped.
    • Negotiate with the lender: The power of negotiation cannot be discounted. When you apply for a vehicle loan, make sure you negotiate well with the lender. If you’re able to convince the lender that you will pay the instalments on time, you may be able to get a good interest rate.
     

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    Eligibility Criteria for a Car Loan in Guwahati

    There are certain eligibility criteria you need to fulfil when you apply for a vehicle loan in Guwahati.

    Criteria Self-employed individuals Salaried
    Age At least 21 years old At least 21 years old
    Income As required by the lender. Usually the same as that of salaried employees. Minimum income – Rs.20,000/month
    Income stability/experience Business stability for at least 3 years 1 year of employment

    Documents Required

    In order to get a car loan in Guwahati, you need to have the following documents (this may vary depending on the lender):

    • Duly filled in application form
    • KYC documents (ID proof, address proof, age proof, photographs)
    • Signed and verified bank statements
    • Proof of income (latest salary slips, IT returns for the past 2 years, etc.)
    • Proof of ownership/business (for self-employed individuals)
    • Partnership deed (for self-employed individuals)
    • Memorandum of Association and Board of Directors’ Resolution (for self-employed individuals)

    Guwahati is the picturesque capital of the state of Assam located in the north-eastern part of India. Apart from being a beautiful tourist place in its own right, it also serves as the gateway for the rest of the seven states in this part of the country. Owning a car here is made easy given all the loan options offered by some of the most popular banks in India. Check your eligibility and apply for one right away.

    FAQs

    Is it mandatory for me to pay an amount as down payment on my vehicle loan?

    Yes, it is. Most lenders will give you a loan only up to a certain percentage of the value of the car. For example, let’s say a lender offers to finance 85% of the value of the car. This means that if the value of the car is Rs.10 lakh, you will get a loan of only Rs.8.5 lakh. You will have to bring in the rest of the money on your own. This remaining Rs.1.5 lakh is your down payment.

    What documents can I provide as address and ID proof?

    To prove your identity and address, you can provide copies of your PAN card, Aadhaar card, voter’s ID, passport, etc.

    Do I need to have an account in the bank from which I’m planning to take a car loan?

    No, you don’t need to have an account in the bank from which you’re planning on taking a loan. Most lenders don’t require you to have an account. However, you might get a few benefits if you do have an account with the bank that’s giving you a vehicle loan.

    Can I take a car loan from my existing bank?

    Yes, you can. If the bank that you’re currently banking with offers you vehicle loans, you can take one from there. As an existing customer, you may even get certain special privileges if you have a good history and relationship with them.

    What happens if I don’t pay my monthly instalments on time?

    It is of utmost importance that you pay your EMIs as and when they are due. If you miss a payment or two, your lender will call and ask you to pay the amounts at the earliest. If you keep defaulting on paying your EMIs, the lender has every right to confiscate the vehicle to make good the losses incurred by them. Apart from this, missed payments will severely affect your credit rating, making it difficult for you to get loans in the future.

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