Now, let's see how much maximum AGI car loan defense personnel can take for buying cars. Like AGI home loan, car loan also have certain amount limitation as per rank of the applicant. Officers of the defense personnel, upon joining, can take a maximum loan of up to 20 lakhs for new cars, whereas those in other ranks can take a loan of up to 10 lakhs. For old cars, officers can take a loan of up to 10 lakhs, while others can take a loan of up to 5 lakhs.

Repayment period 

Regarding the repayment period, if defense personnel take a first-time loan for a new car, they will get a maximum of 96 months for repayment of new cars and 72 months for old cars. If they are taking a loan for the second time for an old or new car, they will get a repayment period of 72 months.

AGI car loan interest rate

Now, let's discuss the interest rate. The interest rate will be 8.25% annually. For example, if a defense personnel takes a loan of 1 lakh, with a maximum repayment period of 6 years, the EMI will be around 1766 rupees per month. As the loan amount increases, the monthly installment will also increase. The interest rate keeps revising. Therefore check in advance before applying for a car loan through AGIF.

Required Documents

Now, let's talk about the documents required to apply for a car loan. Firstly, for new cars, you need an application form, quotation, monthly slip, and driving license. If you have a learner license, that will work too. 

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

For old cars, you'll need the same documents along with a copy of the registration certificate (for old cars only)  and insurance cover note (for old cars only). All these documents need to be attached to the application form.

• Application form
• Quotation
• Monthly pay slip
• Driving license (learner license also acceptable)
• copy of the registration certificate (for old cars only)
• insurance cover note (for old cars only)

AGI car loan form PDF download

As mentioned above, AGI car loan application form is manadatory documents. It is available at AGIF Bhawan Delhi and can be ordered by contacting AGIF Bhawan. In case, you want to download AGIF car loan application form in PDF format, you can download the form in PDF format for the AGI car loan by clicking here.

Important points to remember while taking a loan

Now, let's discuss some important points to remember while taking a car loan from the Army Group Insurance Fund (AGIF):

1. Make sure you have provided your mobile number and email ID for correspondence.
2. Defense personnel can apply for loans through the Army Post Service (APS).
3. Defense personnel can take loans three times from AGI, including 2 four-wheelers and one two-wheeler.
4. Officers, JCO’s and other ranks can take a loan for two vehicles together, including a four-wheeler and a two-wheeler.
5.  If a loan is already ongoing, defense personnel can apply for a new loan only after the full payment of the previous loan.
6. Second-hand cars that you will purchase after taking a loan should be at most 6 years old.
7. Loans should not be taken for second-hand cars with any existing loan.
8. There's no need for defense personnel to keep their cars' papers as collateral.
9. Once a loan is sanctioned, the loan amount and EMI won't change.
10. The loan application form will be signed by IO officers for officer-rank defense personnel and by CO/OC for JCO/ORs ranked defense personnel.
11. You can call (Help desk - 011-26143693) numbers to get the application form, and it will be delivered to your home for a fee of 200 rupees.
12. If the amount of monthly EMI was not deducted from the affected month by CDA (OR) or PAO (OR), then defense personnel can pay EMI to AGI issued through demand draft, multicity check, or NEFT in favor of CA A/C AGIF immediately.
13. If your EMI defaults due to any reason, then you'll have to pay an extra 2% on the monthly EMI.

Frequently Asked Questions - FAQs

What is the interest rate of the AGI car loan?

The interest rate of AGI car loans is 8.25%.

What is the AGI Car Loan contact number?

This is the Help Desk number - 011-26143693, you can call this number for any kind of loan-related queries.

Who is eligible for an AGI car loan?

Only Serving defense personnel are eligible for car loan, AGI home loan and computer loans from the AGI fund.

What will happen if my EMI gets defaulted?

If your EMI defaults then you have to pay 2% extra of the monthly EMI installment. 

How can I get the AGI car loan application form?

To get the AGI car loan application form, eligible person need to contact the AGIF Bhawan or can be donwloaded in PDF format from the link provided above.