1. Car loans
Car loans are a type of secured loan wherein the bank will lend you money to buy a car that it will hold as collateral till the time you pay off the loan completely. Car loans can be taken to buy new and used cars. You will have to repay the loan in equated monthly installments or EMIs over a period of 5 to 7 years. You can calculate the loan amount and EMI value you can support using our online Car Loan EMI calculator.
You can avail a car loan in Agra from any of the leading banks in India. Every bank in Agra offers a car loan scheme which can be customized according to your budget.
2. The benefits of taking a car loan
The biggest advantage of a car loan is that you can buy a car without having to cough up the entire amount in one go. This way your savings are secure and you get to pay a big amount in small portions as EMIs over a course of 5-7 years.
Car loans in Agra allow you to pay for your vehicle in monthly installments. Thus, paying for your car using a car loan in Agra is a lot easier. You just need to ensure you submit adequate documentation for a car loan in Agra when you apply. It includes submitting your id and address proofs, such as Voter’s card, ration card, driving license and passport. You will also have to submit your income proofs which will the lender the confidence that the money lent will be paid off timely.
While applying for a car loan in Agra you can choose the loan tenure period.
3. Things to know about car loan
People are a bit doubtful when it comes to secured loans because in case of failure of repayments, you might lose your car. However, if you are financially disciplined, then you need not worry about such a situation. The amount of loan that you will get depends on your credit history and the loan tenure.
4. Interest Rates that you can find in Agra
Interest Rates on car loans in Agra are different in each bank, but usually start from 9.35%.
Banks in Agra that can offer good Interest Rates are:
- HDFC Bank: Anywhere between 9.25% to 11.25%
- Dena Bank: Has floating interest 9.95% onwards
- Allahabad Bank: Floating Interest Rate from 9.80%
- Bank of Maharashtra: Floating Interest Rate of 10.10%
5. Banks that offer good car loan schemes in Agra
A great variety of banks offer car loan schemes in Agra. You just have to see which option is the best for you:
1. ICICI Bank:
- Interest Rate is always between 10.75% to 12.75%
- No guarantor required
- Processing fee up to Rs 6,153
2. Axis Bank:
- Floating Interest Rate between 9.65% to 15%
- Maximum tenure can be 7 years
- Processing fees up to Rs 5500
- No guarantor required
3. HDFC Bank:
- Bank offers car loans with Interest Rate 9.50% onwards
- Processing fees and service taxes up to Rs 2.250
- Up to 7 years tenure. No pre-closure fees
To apply for a car loan in Agra, click here. Just enter your key details, such as name, phone number, annual income, address, and employment details, along with the loan amount that you are seeking. In a matter of seconds you will be able to view all the offers matching your profile, choose any one by clicking apply. Our team will contact you soon after for the requisite documents and you will get your loan approved within days without having to follow up with the bank regarding your application.