Chaitanya Godavari Grameena Bank Car Loan

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Chaitanya Godavari Grameena Bank Car Loan

Chaitanya Godavari Grameena Bank Car Loan Key Features – Jun 30 2022

Chaitanya Godavari Grameena Bank Car Loan Rate of Interest

7.35% per annum

Min Loan Amount ₹ 1,00,000
Max Loan Amount
(Loan to Value)
Loan up to 90% of On Road Price
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 1,524
Minimum Net Monthly Income ₹ 25,000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
Processing Fee 0.40% of the principal amount
Chaitanya Godavari Grameena Bank Car loan Foreclosure Charges No foreclosure charges
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement, and Car Quotation

About Chaitanya Godavari Grameena Bank Car Loans

Chaitanya Godavari Grameena Bank Car Loan rates are availed at reasonable interest rates to the consumer for buying their dream car. You can buy a new or a second-hand vehicle as per your requirements or needs. It is an accessible loan that can be acquired by anyone who has a good CIBIL score.

Advantages of Chaitanya Godavari Grameena Bank Car Loan

Loan Approval in 30 Minutes
Lowest Rate of Interest
Up to 100% on Road Loan
Minimum Documentation
Paperless Process
Flexible Repayment
Zero Foreclosure
24 x 7 Online Payment Facility
No Hidden Charges

Chaitanya Godavari Grameena Bank Car Loan

Chaitanya Godavari Grameena Bank Car Loan Eligibility

Salaried Individual
  • Age – 21-60 years of age
  • Net Monthly Income – should be a minimum of ₹25000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-65 years of age
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
  • Minimum ITR  – Rs. 4 lakh, Rs. 18 lakhs (for selected car models)
  • Employment Duration – Minimum 3 years
  • The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
  • Applicant should have a vintage of at least 6 months
  • Average Quarterly Balance – Minimum Rs.1 lakh for last 2 quarters
  • Maximum Loan Amount – 3 X Average Quarterly Balance of Last 2 quarters

Chaitanya Godavari Grameena Bank Car Loan Interest Rate, Fees and Charges

Charges New Car Loan Used Car Loan
Interest Rate

7.35% per annum

Starts@9.65%
Processing fee 0.40% of the principal amount Up to 0.25% (Max Rs. 5,000)
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges No foreclosure charges No foreclosure charges
Penal Interest 2% per month 2% per month
Part Payment charges 3% of the paid amount 3% of the paid amount
Cheque/Instrument Swap Charge NIL NIL
Documentation Charge Rs.1000 per instance Rs.1000 per instance
Issuance of Duplicate No Dues Certificate Charges NIL NIL
Registration Certification Collection Charge NIL NIL
Cheque Bounce/Instrument Return Charges Rs.750 per instance Rs.750 per instance
Issuance of Duplicate Statement Charges Rs. 10 per page Rs.10 per page
Loan Cancellation/Re-booking Charges NIL NIL
Issuance of Credit Report NIL NIL

Chaitanya Godavari Grameena Bank Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof(Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Address Proof(Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof(Any 1) Birth Certificate
Passport
Driving License
PAN
Signature Proof(Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Work Experience Certificate
ITR of Form 16
Salary Slip with Joining Date
Appointment Letter
Letter of Relieving

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving License
PAN
Signature Proof (Any 1) Passport
Bankers Verification
PAN
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last 3 months
Employment Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Business Proof Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category Documents Required
Identity Proof (Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving License
Aadhaar Card
Passport
PAN
Voter ID
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents Authority Letter/PAN cards

2. Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address Proof (Any 1)
Current Account Statement
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Income Proof Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Bank statement of last 3 months
Business Continuity Proof Shop & Establishment Act Certificate
Current Account Statement
SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Additional documents
List of Directors and Shareholding Partners
PAN Card
Board Resolution
Certificate of Commencement of Business for Ltd. Co.

How to Increase Your Eligibility for Chaitanya Godavari Grameena Bank Car Loan

  • Opt for a shorter tenure – When you opt for a shorter tenure to repay the money, the EMI that you will be paying each month will be higher. This will be an indication of your higher repayment capacity which will build a sense of confidence in you. So, if you wish to boost your eligibility for a car loan, you can opt for a shorter repayment tenure.
  • Keep your credit score in check – If you wish to increase your eligibility for a Chaitanya Godavari Grameena Bank Bank car loan, ensure that you have a credit score of over 750. You can use the Free Credit Score tool to check and maintain such a healthy credit score. Checking your credit score regularly will allow you to take corrective measures to improve it if your score is low or if it gives you the confidence to approach the bank if it is high.
  • Maintain a low debt-to-income ratio – A low debt-to-income ratio means that you have a good balance between your earnings and your spendings. Before banks decide to lend to you, they will check the percentage of your earnings that goes into paying your debts, and a low debt-to-income ratio will indicate your high repayment capacity. To enhance your eligibility for a car loan, you should ensure that you maintain a low debt-to-income ratio.
  • Apply for a loan for a lower amount – By applying for a loan for a lower amount, you can increase your eligibility for a Chaitanya Godavari Grameena Bank car loan. A lower loan amount means that the loan will be repaid faster. Therefore, the chances of you being eligible for a loan are higher.

Factors Affecting Chaitanya Godavari Grameena Bank Car Loan Eligibility

The eligibility criteria for a car loan will depend on the below-given factors:

  • Income – If your income is on the higher side, there is a good chance that your eligibility for the Chaitanya Godavari Grameena Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a Chaitanya Godavari Grameena Bank car loan, your yearly income should be at least Rs.3 lakh.
  • Loan amount – Your eligibility for a car loan from Chaitanya Godavari Grameena Bank will be higher if you apply for a lower loan amount as if the loan amount is lower, the bank knows that the loan will be paid off quicker. Hence, they will be more confident to give you the loan.
  • Repayment tenure – Choosing a longer repayment tenure can decrease your eligibility for a car loan. It might give an impression to the bank that you do not possess the ability to pay the loan. This is because longer repayment tenure results in lower EMIs and the lender will think that you cannot afford to pay higher EMIs. Therefore, the bank may be reluctant to lend to you.
  • Credit score – This is an important factor that every bank, including Chaitanya Godavari Grameena Bank, considers when finding out your eligibility for a car loan. A credit score of 750 and above is considered to be a healthy credit score by most lenders. If you have a healthy credit score, banks will be happy to offer you a car loan and your eligibility will be much higher.
  • Relationship with the bank – As stated earlier, Chaitanya Godavari Grameena Bank offers instant car loans to their existing customers. This allows Chaitanya Godavari Grameena Bank customers to avail themselves of loans instantly, at their convenience, with very few documents required for a car loan. This indicates that your relationship with the bank is an important factor while determining your eligibility.

Chaitanya Godavari Grameena Bank Car Loan Customer Care – Toll-Free Number

Chaitanya Godavari Grameena Bank 24*7 customer care toll-free number all your general enquiries is 18004256708

Chaitanya Godavari Grameena Bank Car Loan EMI Calculator

With the Chaitanya Godavari Grameena Bank Car loan interest rate calculator, the applicant has the option to check out the EMIs before getting a Car Loan. You can easily check through the link below:

Car Loan EMI Calculator

Chaitanya Godavari Grameena Bank Car Loan Types

Chaitanya Godavari Grameena Bank car loan offers different types of car loans to its customers. You can choose what type of car loan works the best for you.

  • New Car Loan –  If you are thinking to buy a new car, it is the scheme for you. You can get a Chaitanya Godavari Grameena Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
  • Used Car Loan – If you want to buy a used car then you must choose this scheme which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
  • Loan Against Car – You can choose this scheme if you require urgent funds where you can keep your cars as an assurance with the bank.

Chaitanya Godavari Grameena Bank Car Loan Pre Calculated EMI

Loan Amount 2 Years 3 Years 5 Years 7 Years
1 Lakh ₹  4,480 ₹  3,090 ₹  1,982 ₹  1,512
3 Lakh ₹  13,439 ₹  9,270 ₹  5,947 ₹  4,535
5 Lakh ₹ 22,398 ₹ 15,450 ₹  9,912 ₹ 7,559
10 Lakh ₹ 44,795 ₹ 30,900 ₹ 19,825 ₹ 15,117

How to Apply for Chaitanya Godavari Grameena Bank Car Loan online?             

  1. Visit Dialabank
  2. Fill the form available at the top of the page.
  3. Our Relationship Manager will guide you throughout the procedure.
  4. You can compare different offers of various banks and choose according to your suitability.
  5. You can easily apply for a Car Loan through Dialabank and enjoy offers.

Tips to Decide the Right Amount of EMI in Car Loan

  • Ascertain the amount you need to borrow: It is important that before approaching a bank for a loan, you inform them about the amount of loan you need to borrow. Limit your loan amount after accounting for your own available funds. Furthermore, based on the EMI you can service, try to opt for the lowest tenure of loans as long tenure loans can result in huge interest outgo.
  • Review your current obligations: Before taking a loan, it is advisable to check your expenses, including any EMI obligations that you have on your current loans. This assessment will help you to estimate the amount of EMI which you will be able to pay comfortably after taking into account other obligations. Once you arrive at the EMI, you can also decide on the right loan tenure.
  • Calculate your Chaitanya Godavari Grameena Bank car loan eligibility: Your eligibility is an assessment of your repayment capacity based on your monthly income. Chaitanya Godavari Grameena Bank provides an LTV up to 100 % of the ex-showroom price and expects the borrower to fund the remaining value of the property with their own money.
  • Multiplier-based loan amount eligibility – Chaitanya Godavari Grameena Bank also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating loan eligibility used by banks. Usually, it is 2.5 to 3 times the annual salary for salaried individuals and 6 times the annual income for self-employed professionals. The multiplier depends on the bank’s internal categorization of your company that is based on its reputation, stability, size, and growth in turnover.
  • FOIR based loan amount eligibility – Chaitanya Godavari Grameena Bank will also estimate your Fixed Income to Obligations Ratio (FOIR) to find out the maximum EMI you can service based on your current income and other monthly expenses. The bank applies a certain ratio to your income to estimate your monthly expenses and then adds your other EMI obligations to calculate your fixed obligations. The proportion of fixed income to your calculated fixed obligations gives your FOIR. Generally, banks lend up to a maximum FOIR of 0.50. Based on the FOIR, the bank will also estimate the maximum amount of EMI you can service as a borrower. Chaitanya Godavari Grameena Bank’s assessment may be different from your own assessment. Any differences in assessment may require you to readjust your loan amount requirement. You may also consider paying back other running short-term loans to improve your eligibility.

Car Loan EMI Changes in Case of Pre-payment

In case you prepay your vehicle loan, a small penalty is issued. Prepayment in Chaitanya Godavari Grameena Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Chaitanya Godavari Grameena Bank gives you two options:

  • Reduce your loan tenure and keep EMI on your car loan unchanged
  • Reduce the amount of EMI and keep your loan tenure the same

How to Calculate Chaitanya Godavari Grameena Bank Car Loan EMI

Before you avail of a car loan from Chaitanya Godavari Grameena Bank, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly instalments and it offers an easy way to repay your car loan. By calculating the EMI, you will be able to budget your monthly expenses better.

You can calculate the EMI for your car loan by using the below-given formula:

E = P*r*[(1+r) ^n/((1+r) ^n-1)]

In the above formula, E is the EMI, P the principal amount, r the interest rate, and n the number of years or tenure of the loan.

You can also calculate the EMI by using the EMI Calculator tool wherein you just need to enter the loan amount, interest rate, repayment tenure, processing fee, etc. The tool will calculate the EMI and display it to you.

Chaitanya Godavari Grameena Bank Car Loans for Top Selling Cars

Other Available Products from Chaitanya Godavari Grameena Bank

Chaitanya Godavari Grameena Bank Two Wheeler Loan Chaitanya Godavari Grameena Bank LAP Chaitanya Godavari Grameena Bank Education Loan
Chaitanya Godavari Grameena Bank Car Loan Chaitanya Godavari Grameena Bank Home Loan Chaitanya Godavari Grameena Bank Business Loan

Compare Chaitanya Godavari Grameena Bank Car Loan With Other Banks In India

Car loan Banks Interest Rates
EMI per Rs 1 lakh for 7 Years
Bank Of Baroda Car Loan 8.80% – 10.55%
Rs. 1,599 – Rs. 1,689
Canara Bank Car Loan 8.70% – 9.35%
Rs. 1,594 – Rs. 1,627
Corporation Bank Car Loan 8.75% – 9.50%
Rs. 1,596 – Rs. 1,634
HDFC Bank Car Loan 7.05% – 11.25%
Rs. 1,512 – Rs. 1,725
ICICI Bank Car Loan 8.82% – 12.75%
Rs. 1,600 – Rs. 1,806
Union Bank Car Loan 8.85% – 11.85%
Rs. 1,601 – Rs. 1,757
SBI Car Loan 8.65% – 9.70%
Rs. 1,609 – Rs. 1,645

FAQs for Chaitanya Godavari Grameena Bank Car Loan

✅ What is Chaitanya Godavari Grameena Bank Car Loan?

Chaitanya Godavari Grameena Bank Car Loan is provided to you for purchasing a new as well as a used car.

✅ How can I get a Car Loan from Chaitanya Godavari Grameena Bank?

You can get a car loan from Chaitanya Godavari Grameena Bank by visiting the nearest bank branch.

✅ How does Chaitanya Godavari Grameena Bank Car Loan work?

Chaitanya Godavari Grameena Bank car loan interest rates are reasonable. If you have the right documents, it is very easy to get the loan approval. Chaitanya Godavari Grameena Bank offers a flexible loan tenure period.

✅ What is the Car Loan Interest Rate in Chaitanya Godavari Grameena Bank?

The interest rate charged by Chaitanya Godavari Grameena Bank for a car loan starts at

7.35% per annum

.

✅ How to Check Car Loan status in Chaitanya Godavari Grameena Bank?

You can visit the Chaitanya Godavari Grameena Bank branch to check your car loan status. Also, you can use Chaitanya Godavari Grameena’s net banking services to check your car loan status.

✅ How to Calculate Car Loan interest in Chaitanya Godavari Grameena Bank?

For the calculation of your car loan interest in Chaitanya Godavari Grameena Bank, the following information is required:

  • Loan tenure
  • Rate of interest
  • Loan amount

✅What is the maximum loan amount I can avail myself on Car Loan from Chaitanya Godavari Grameena Bank?

You can get a maximum loan amount for a car loan from Chaitanya Godavari Grameena Bank is up to 90% of On Road Price.

✅ What is the loan tenure of Chaitanya Godavari Grameena Bank Car Loan?

The loan tenure duration for a car loan from Chaitanya Godavari Grameena Bank ranges from 1 to 7 years.

✅ Can I get a 100% Car Loan from Chaitanya Godavari Grameena Bank?

You can get a loan up to 90% of On Road Price for a car loan from Chaitanya Godavari Grameena Bank. Dialabank helps you get a 100% rate Car Loan.

✅ How much processing fee is applicable on Chaitanya Godavari Grameena Bank Car Loan?

Chaitanya Godavari Grameena Bank charged a processing fee is 0.40% of the principal amount for getting a car loan.

✅ What are the EMI options available on Chaitanya Godavari Grameena Bank Car Loan?

You can pay the car loan EMIs directly from your bank account. The net banking services can also be used for the same.

✅ What are the Chaitanya Godavari Grameena Bank Car Loan Prepayment charges?

Chaitanya Godavari Grameena Bank does not have any prepayment charges for availing a car loan.

✅ Can I get a top-up loan on my existing Chaitanya Godavari Grameena Bank Car Loan?

Yes, you can get a top-up loan on your existing Chaitanya Godavari Grameena Bank for a car loan. Dialabank can help you get a top-up car loan at good rates.

✅ Do I need to provide a guarantor to avail a car loan from Chaitanya Godavari Grameena Bank?

There is no need for a guarantor for getting a Chaitanya Godavari Grameena Bank Car loan.

✅ How to get a Chaitanya Godavari Grameena Bank Car Loan Statement?

For getting a car loan statement from Chaitanya Godavari Grameena Bank, you can use Chaitanya Godavari Grameena Bank’s mobile banking app. Also, you can visit Dialabank online and fill a simple form there and get offers.

✅ How to pay Chaitanya Godavari Grameena Bank Car Loan interest online?

You can pay your car loan interest through the net -banking services of Chaitanya Godavari Grameena Bank. Dialabank helps you get a low interest rate.

✅ What if I can’t pay the interest on Chaitanya Godavari Grameena Bank Car Loan for 3 months?

If you can’t pay the interest on Chaitanya Godavari Grameena Bank for Car Loan for 3 months, then it will add up to the outstanding loan amount and repayment charges will reframe.

✅ How can I apply for EMI Moratorium on Chaitanya Godavari Grameena Bank Car Loan?

You can apply for EMI Moratorium on Chaitanya Godavari Grameena bank by visiting the nearby branch of Chaitanya Godavari Grameena bank or you can submit a request through an email. Also, if you want relief for the balance duration, you must apply through Dialabank.

✅ Can I close the Chaitanya Godavari Grameena Bank car loan online?

You can close your Car loan from Chaitanya Godavari Grameena Bank by using the net-banking page of Chaitanya Godavari Grameena Bank. You have to log in with your Chaitanya Godavari Grameena bank car loan details on the net -banking page and pay your car loan.

✅ What is the Chaitanya Godavari Grameena Bank Car Loan Customer Care Number?

The customer care number of Chaitanya Godavari Grameena Bank Car loan queries is  9878981166.

✅ How can I get NOC from Chaitanya Godavari Grameena Bank for a car loan?

You can get a car loan NOC from Chaitanya Godavari Grameena Bank when you clear your car loan amount.

 What is the Chaitanya Godavari Grameena Bank Car Loan closure procedure?

  • Just go to the bank with the documents.
  • Write a letter for pre-closure of the Chaitanya Godavari Grameena Bank Car Loan account.
  • Pay the pre-closure charges as per the Bank Car Loan.

✅ What are the Chaitanya Godavari Grameena Bank Car Loan preclosure charges?

Chaitanya Godavari Grameena Bank Car Loan preclosure charges are zero.

✅ What is the Chaitanya Godavari Grameena Bank Car Loan maximum tenure?

The Chaitanya Godavari Grameena Bank Car Loan maximum tenure is 7 years.

✅ What is the Chaitanya Godavari Grameena Bank Car Loan minimum tenure?

The minimum tenure for the car loan is 1 year.

News about Car Loan

PNB Housing Finance has made a net profit of Rs 127 crore in the fourth quarter,

Retail loans such as a house, personal loan, two-wheeler, school, LAP, auto loan and doctor loans, the deposits such as fixed deposit and also recurring deposits, helped the PNB Housing Finance to report a consolidated net profit of Rs 127 crore in its Q4.

Bajaj Finserv posted a new profit of Rs.979 crore in its fourth quarter.

In the January-March month quarter, Bajaj Finserv recorded a new net profit of 979 crores, from its 194 crores in the same quarter last year. Retail loans such as home loans, personal loans, LAP, two-wheeler loans, automobile loans, and doctor loans, as well as business and mudra loans, boosted the NBFC’s profit.

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