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Car Loan in Agartala

What is a car loan?

A car loan is one which is used to buy any type of car be it a sedan, hatchback, SUV etc. for own or commercial purposes. They are generally structured as installment loans which the borrowers will repay in Equated Monthly Installments (EMI). These car loans can be got from any bank and NBFCs who are willing to provide the service based on their eligibility criteria.

From the north east corner of India, lies Agartala, the capital city of the state of Tripura; with a population of 5,22,000 as per the census, it is also the second biggest urban center in the north east after Guwahati. The urbaneness of the city attracts lots of businesses and helps thrive the economy. With the extension of the National Highway 44, the city too has increased connectivity and has seen a growth in cars of different kinds on the streets of Agartala city.

Features: car loan in Agartala

Let us look at some of the common features of the car loans which are given in Agartala,

Makes it easy to buy a car – a cost of the car is such that most cannot afford it by downpayment and a loan could be that tool that would help in attaining the goal

Flexi loans – Tenures are not fixed and can be chosen as per the applicant's requirements hence making it easy

No collateral – no additional guarantor or collateral is required for the car loan in the city of Agartala

Loans for used cars – Sometimes you may be looking at options to buy a used car, banks provide options for these requirements too

Eligibility: car loan in Agartala

To get a car loan in Agartala and to drive home your dream car you need to satisfy certain eligibility criteria

The applicant should be between the age 21 -75 years, should be an Indian national. The employment type of the applicant can be salaried or self-employed but must have a minimum salary of 10,000 INR.

To get the best car loan offer in Agartala, most banks also look into the credit score of the applicant, as per general guidelines any score on any credit bureau above 750 is considered ery good and creditworthy by the banks.

The car loans are not long tenure loans and stretch between one year (12 months) to five years (60 months).

The eligibility criteria changes from bank to bank and it is best to check from the specific bank, however you can check your credit health and get an idea about eligibility on CreditMantri by creating a credit profile.

Fees and Charges: car loan in Agartala

Loan processing charges1% to 3% of loan amount
Documentation charges0.5% to 3% of loan amount
Pre-payment charges

Will vary from bank to bank for example

Fixed Prepayment charges

Prepayment at any given time – 1% to 3% (or)

Varying prepayment Charges based on repayment cycle

  • Within 4 months to 6 months from the 1st EMI – 10% of principal outstanding
  • Within 7 months to 12 months from the 1st EMI - 6% of principal outstanding
  • 13-24 months from 1st EMI - 5% of principal outstanding
  • Post 24 months from 1st EMI - 3% of principal outstanding
No Due Certificate / No Objection Certificate (NOC)Will vary from bank to bank mostly NIL
EMI Late payment penalty1% to 3% Per Month on the Unpaid Installment
Stamp dutyAt actuals as levied by respective State Govt.
Cheque bounce / EMI return chargesRs.100 to Rs 500/-
Loan cancellation charges:Varies from bank to bank
Legal, repossession & incidental chargesAt actuals
Duplicate NOCRs. 500/- onwards
PDD collection chargesUp to Rs.450/-
Cheque/ECS swapping chargesRs 250/- onwards
Amortization schedule chargesRs 200/- onwards
Special NOC chargesRs 250/- onwards
Loan rebooking/reschedule chargesRs 500/- onwards

Documentation: car loan in Agartala

Important documents to be submitted while applying for car loans in Agartala

  • Completed loan application
  • 3 Passport size photographs
  • Statement of Bank Account/ Pass Book for last six months
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Proof of identify (photo copies of Voters ID card/ Passport/ Driving license/ IT PAN card)
  • IT returns for the three years for self-employed professionals
  • Form 16/IT returns for the last two financial years for salaried employees

How to apply for car loan in Agartala?

There many ways one can apply for a car loan in Agartala

1. Applying for a car loan Through CreditMantri

On the CreditMantri website, you can create your credit profile for free. The credit profile comes with your credit score and details as to how you have handled credit. After creating the profile then you will be matched to car loans that would be right for you from top lenders. When we say matched, these are credit products using the data in your current credit profile and hence chances of rejection on these loans are less. You should also have the required documents while you apply for the loan on CreditMantri

How to choose a car loan in Agartala

Understand your requirement, then choose the car from the multiple car lenders. On knowing the price of the car you can then know how much you afford to pay using your own finances, and the amount required.

Armed with the amount required you can check on the amount that lenders are willing to provide and choose the best lender

Which Is the Best Bank for car loan in Agartala?

From what we have seen the best bank is the one that gives you maximum benefit in the form of tenure, interest rate and loan amount and banking services. Such an ideal bank is based on how you have borrowed before which is essentially your credit profile. If you do not have a credit score too then banks might be unwilling to lend to you. You must start building your credit history to get best offers from lenders of your choice.

Car loan EMI Calculator

Give the inputs of the tenure, interest rate and loan amount and you will instantly get to know how much EMI you will pay. You can also use the EMI calculator on the CreditMantri site

Car loan in Agartala – FAQs

1. what car loan interest rates in Agartala?

The interest rate for car loans in the city of Agartala is determined by the banks and NBFCs and are varying based on the applicant's credit profile and standing

2. How to get instant e-approval on car loans?

Instant approval is based on many factors which include credit worthiness and document preparation of the applicant, if all things are in order

3. Where can I find a car loan interest calculator?

A loan interest calculator can be found on CreditMantri, an interest calculator is a tool that can be used by the loan seeker to know how much he/she will be paying every month. The user needs to input some details such as interest rate, tenure and loan amount and can instantaneously look at the EMI amount to be paid

4. What are the banks that provide car loans in Agartala?

Some of the banks that are operational in the city of Agartala are

  • Allahabad Bank
  • Andhra Bank
  • HDFC Bank
  • UCO Bank
  • IndusInd Bank
  • Yes Bank
  • Axis Bank

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