AGI Car Loan - Eligibility, Documents, and Interest Rate

AGI Car Loan - Eligibility, Documents, and Interest Rate

Eligibility:

• Officers: Eligible upon joining.
• JCOs: Eligible after achieving JCO rank or after 5 years of service.
• All ranks: Can apply through Army Post Service (APS).
• Can take up to 3 loans: 2 four-wheelers and 1 two-wheeler.

Maximum Loan Amount:

• Officers: New cars - up to 20 lakhs, Old cars - up to 10 lakhs.
• Other ranks: New cars - up to 10 lakhs, Old cars - up to 5 lakhs.

Repayment Period:

• First-time loan for new car: 96 months.
• First-time loan for old car: 72 months.
• Second-time loan for old or new car: 72 months.

Interest Rate:

• Annual interest rate: 8.25%.

Example:

• Loan amount: 1 lakh
• Maximum repayment period: 6 years
• Monthly EMI: Approximately 1766 rupees.

Required Documents:

• For New Cars:

  • Application form
  • Quotation
  • Monthly pay slip
  • Driving license (learner license accepted)

• For Old Cars (additional):

  • Copy of registration certificate
  • Insurance cover note

Important Points:

• Provide mobile number and email ID for correspondence.
• Apply through Army Post Service (APS).
• Loans: 2 four-wheelers and 1 two-wheeler.
• No new loan until full payment of previous one.
• Second-hand cars: Up to 6 years old.
• No existing loans on second-hand cars.
• No need for car papers as collateral.
• Loan amount and EMI remain fixed.
• Signatures: IO officers for officers, CO/OC for JCO/ORs.
• Application form delivery: Fee of 200 rupees.
• Default penalty: Extra 2% on monthly EMI.

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CG Resettlement Private Limited (CGR)

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---------------------------------

Follow Us on Social Media

CG Resettlement Private Limited (CGR)

• Download our Android App - https://tinyurl.com/5bzhm3tc
• WhatsApp Channel - https://tinyurl.com/CGR-WhatsApp
• YouTube Channel - https://www.youtube.com/@cgresettlement
• Facebook page - https://www.facebook.com/cgresettlement