TATA Tiago NRG car is a popular choice among Indians. Made by Tata, this affordable 5-seater crossover hatchback car is trustworthy on Indian roads. It has an 1199 cc engine that meets the BS6 emission standards.
The Tiago NRG offers two transmission options, manual and automatic. It is available in petrol and CNG engine options in India.
Almost all banks offer attractive car loans in India. With so many options available, choosing the right one for your needs is tricky. Hence, when getting a loan for a TATA Tiago NRG, compare different banks for the best terms, interest rates, and repayment plans.
Here are some features:
Loan amount: You can get a car loan for up to 100% of the car's ex-showroom price.
Repayment tenure: A repayment tenure is usually of up to 7 years.
Interest rate: The interest rate is usually fixed and can range from 7% to 10%.
Down payment: An initial down payment is usually 10-20% of the car's ex-showroom price.
Prepayment charges: Some lenders may charge prepayment fees if you decide to pay off your loan before the tenure ends.
Processing fees: Lenders may charge processing fees of up to 2% of the loan amount.
Credit score: Your credit score will be crucial in determining your eligibility for a car loan and the interest rate you'll be offered.
Collateral: Your car will be collateral for the loan. So the lender can seize the vehicle if you default on payments.
Here are some benefits:
Affordable payments: Car loans are affordable as they allow you to purchase a vehicle without paying the entire amount upfront.
Flexibility in loan amount: Lenders offer various loan amounts that suit your budget and requirements.
Credit building: A timely car loan payment can help you build your credit score.
Tax benefits: The interest paid on the car loan is tax-deductible.
Both the features and benefits vary for different car loan providers. So it is best to check all the details thoroughly before making the final decision.
Individuals must meet specific eligibility criteria to get Tata Tiago NGR car loans. These criteria can vary based on the lender, but some general parameters are:
Age: You must be 18 years old to get a car loan. The maximum age limit varies from 60 to 70 years, depending on the lender's policies.
Income: To be eligible for a car loan, you must have a stable and regular income source.
Credit Score: Generally, you need a credit score above 750 to get a car loan.
Employment Stability: You must have a stable employment history of at least one year if you're a salaried individual and three years if you are self-employed.
Residential Status: You must be an Indian citizen to get a car loan in India.
Residency: When opting for a car loan, you should have lived at least one year at the address you provide.
Meeting these eligibility criteria ensures you get a TATA Tiago NRG car loan quickly.
You will need the following documents:
Identity proof: PAN card, Aadhaar card, passport, driving license, etc.
Address proof: Voter ID card, passport, utility bills, etc.
Age proof: Birth certificate, 10th or 12th mark sheet, passport, etc.
Income proof: Salary slips, bank statements, income tax returns, Form 16, etc.
Employment Proof: Appointment letter, employment contract, etc.
Passport-size photographs: A few recent passport-size photographs for the loan application.
Bank Statement: You need to provide your 3-6 months' bank statement
The exact list of documents may vary depending on the lender's requirements and the applicant's profile.
A Tata Tiago NGR car loan EMI calculator is a tool that quickly calculates the monthly instalment amount you need to pay for your car loan. It considers the loan amount, interest rate, and loan tenure to provide an estimate of your monthly financial obligation. It helps you plan your budget and make informed decisions about your car loan.
The Equated Monthly Instalment (EMI) is a sum of the principal amount and interest. To calculate your TATA Tiago Car loan EMI, you can use the below formula:
P x R x (1+R) ^N / [(1+R)^N-1]
P = Principal amount of the loan
R = Rate of interest
N = Number of monthly instalments
You can calculate with this formula or use any available car loan EMI calculator online.
The interest rates, fees, and charges for a TATA Tiago NRG car loan in India may vary depending on the lender. However, here are some general rates:
Interest rates: The interest rate for a car loan may range from 6.80% to 11.5% per annum.
Processing fees: Banks and other financial institutions charge processing fees for a car loan, which usually range from 0.5% to 4% of the loan amount.
Foreclosure charges: If you want to prepay your car loan before the end of the loan tenure, some lenders may charge a foreclosure fee ranging from 2% to 7% of the outstanding loan amount.
Late payment charges: If you miss a car loan payment deadline, lenders may charge a late payment fee, which usually ranges from 1% to 4% of the overdue amount.
Other charges: Apart from these charges, lenders may levy other additional charges such as documentation charges, stamp duty, etc.
Usually, to get a car loan, you must pay a down payment. In general, you need to pay a down payment of 10% of the car's on-road value. It depends on the individual's eligibility to repay the loan.
Depending on your credit score and other factors, you can get a Zero down payment car loan for your TATA Tiago NRG Car. For example, ICICI Bank provides car loans up to 100% of the car's on-road price.
Here are the steps to get a TATA Tiago NRG Car Loan
Eligibility criteria: Your eligibility for the car loan depends on factors like income, credit score, and employment status.
Select a lender: Research and compare different lenders to find the best that suits your requirements.
Submit the application: Fill out the car loan application form and submit it to the lender.
Submit required documents: Provide necessary documents like identity proof, income proof, address proof or more to the lender.
Verification and approval: After verifying the documents and checking your credit score, the lender will approve your loan application.
Down payment: Pay the initial down payment per the lender's terms and conditions.
Disbursement: After the initial down payment, the lender will disburse the loan.
Repayment: Repay the loan in Equated Monthly Installments (EMIs) for the tenure agreed upon with the lender.
TATA Tiago NRG Car Loan FAQs
What is the minimum and maximum age required to apply for a car loan for TATA Tiago NRG?
The minimum age is 21, and the maximum age is 65.
Can I take a joint car loan for TATA Tiago NRG?
Yes, you can take a joint car loan with a co-applicant who is a family member.
How much loan amount can I get for TATA Tiago NRG?
Typically, you get up to 85% of the car's on-road price.
What is the loan tenure for the TATA Tiago NRG car loan?
The loan tenure can vary from 1 year to 7 years, depending on the bank's terms and conditions.
What is the interest rate on a car loan for TATA Tiago NRG?
The interest rate on car loans for TATA Tiago NRG can range from 6.80% to 12.50%.
Can I prepay my TATA Tiago NRG car loan?
Yes, most banks allow you to prepay your car loan.
Can I get a car loan for a used TATA Tiago NRG?
Yes, some banks offer used car loans for TATA Tiago NRG, subject to certain conditions and eligibility criteria.
How much down payment is required for a TATA Tiago NRG car loan?
The down payment required can vary from bank to bank but typically ranges from 10% to 25% of the car's on-road price.