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Car Loan in Guwahati

Rare birds, exotic wild animals, greenery and beautiful landscapes is what comes to mind when we think about Guwahati. It is the largest city in North-east India, situated in Assam. Guwahati is home to a rich cultural heritage and is given the epithet “City of Temples”. Guwahati generates a good revenue through manufacturing sectors, and petroleum refinery and tea production are notable economic activities in the city.

More number of population prefer to own a car for a comfortable travel. If you are looking for a car loan in Guwahati, the following information will help you choose the best lender.

Benefits of car loans in Guwahati

Guwahati is home to leading public and private banks. You can get the following benefits on the car loans

  • Attractive interest rates
  • Flexible tenure
  • Up to 100% financing on select models
  • Quick processing and approval

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.

Features: car loan in Guwahati

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

1. Interest rates - It is fixed based on the credit profile of the borrower.

2. Makes it easy to buy a car – Buying a car is not easy nor is it possible for everyone. A car loan is a good way for people to buy a car and pay back the money at a tenure they are comfortable with while enjoying the vehicle.

3. Loans for used cars – Many banks provide loans for used cars. The loan amount will depend on the car type, make and model but it still eases out the financial situation of a borrower.

4. Collateral – car loans are a form of secured loan as the car purchased acts as the collateral. No additional collateral or guarantor is required in most cases.

Eligibility: car loan in Guwahati

To get a car loan in Guwahati and to drive home your dream car you need to meet the eligibility criteria of the banks and also have the necessary documentation

Age criteria: Age of the applicant should be between 21 and 75 years, the applicant should be an Indian national. In terms of salary should have a minimum of 10,000 INR and the employment type of the applicant can be salaried or self-employed.

To get the best car loan offer in Guwahati, 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 a very good and creditworthy by the banks.

Tenure: Car loans usually are shot terms loans starting from as a short as even one year and extending up to five years.

Do check for the exact eligibility criteria from the lenders directly 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 Gurgaon

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 Guwahati

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

  • Completed loan application
  • 3 Passport size photographs
  • Proof of residence (photo copies of recent Telephone Bills/ Electricity Bill)
  • Statement of Bank Account/ Pass Book for last six months
  • 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 Guwahati?

Following are the ways using which you can apply for a home loan in Guwahati

  • Through a dealer at the car room
  • Car manufacturer
  • Applying online
  • At the branches of any bank
  • Through CreditMantri

How to choose a car loan in Guwahati

You can follow the steps given below while choosing a car loan

  • Analyze your current financial status
  • Check your credit score
  • Choose the car of your choice
  • Decide on the margin and loan amount
  • Choose a tenure that is comfortable for repayment

Which Is the Best Bank for car loan in Guwahati?

There are many leading banks and NBFCs which offer car loans in Guwahati like HDFC, ICICI, SBI etc. The best lender is one where you can get the loan amount you want at an interest rate that is comfortable for you and who can disburse the funds as early as possible. It is always better to compare the car loans from different lenders and then look to apply for one that suits all requirements like interest rates

Car loan in Guwahati – FAQs

1. Where can I get the cheapest car loan interest rates in Guwahati?

The interest rate depends on your salary, the loan amount you require, credit score and the tenure you opt for. You can negotiate for good terms with a good credit score.

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

You need to visit the website of lenders be it banks or NBFCs and apply on their website. After inputting the details asked the bank will immediately give you an update if your loan application is approved or not.

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

You can visit CreditMantri website or the lending bank website where you will find the option of EMI calculator. Input various interest rates to get the respective EMIs. The interest rate can be obtained by applying for the loan where you will submit basic information like salary, company and job experience details based on which interest rates will be displayed.

4. How can apply for a car loan through CreditMantri?

You can check your eligibility and apply for a car loan by signing up with CreditMantri. By creating their free credit profile on CreditMantri, the user would be matched to car loan lenders in Guwahati based on their credit profile. This eases the process of application as the user can at one place get to see the list of lenders to which they can apply and have a higher chance of car loan approval.

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