If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
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.
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 |
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.
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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 |
In order to get a car loan in Guwahati, you need to have the following documents (this may vary depending on the lender):
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.
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.
To prove your identity and address, you can provide copies of your PAN card, Aadhaar card, voter’s ID, passport, etc.
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.
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.
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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