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Madhya Pradesh Gramin Bank Car Loan

Madhya Pradesh Gramin Bank Car Loan Key Features –

About Madhya Pradesh Gramin Bank Car Loan

Madhya Pradesh Gramin Bank was established in 2012. And its headquarters is located in Chhindwara. It has over 240 branches in the state. It provides services like Savings deposit, Fixed deposit and NEFT and Loans like personals loans, car loans, home loans and gold loans. The Interest rates for these Car loans is 10.20% to 13.20%.

Advantages of Madhya Pradesh Gramin Bank Car Loan

Advantages of car loan

Madhya Pradesh Gramin Bank  Car Loan Eligibility

Salaried Individual
Age – 21 years to 60 years
Net Monthly Income – Minimum ₹ 20,000
Employment Duration – 1-year minimum
Income Eligibility – Based on Form 16 and salary slip
Self-Employed Individuals
Age – 21-65 years of age
Minimum ITR – Rs.2 lakh
Employment Duration – Minimum 3 years
Income Eligibility – Depends on the latest Income Tax Returns
Self-Employed Non-Individuals (Company/Partnership)
Minimum ITR – Rs. 2 lakh
Employment Duration – 3 years minimum
The applicant has to present IT returns and audited financials of 2 years with Calculated Income.
Priority Customers
At least 6-month vintage
Average Quarterly Balance – 2 quarters balance at a minimum of Rs.1 lakh
Maximum Loan Amount – 3 times the Average Quarterly Balance of the last 2 Quarters

Madhya Pradesh Gramin Bank Car Loan Interest Rate, Fees, and Charges

Charges New Car Loan Used Car Loan
Interest Rate 7.05% per annum 11.80% p.a. to 13.80% p.a.
Car loan Processing fees 0.004 0.004
Issuance of Duplicate Repayment Schedule Charges Around Rs.500 Around Rs.500
Foreclosure Charges 0.06 0.06
Penal Interest 2% PM 2% PM
Car loan Part Payment charges 6% of the amount 6% of the amount
Cheque/Instrument Swap Charge Around Rs.500 Around Rs.500
Documentation Charge Around Rs. 500 Around Rs. 500
Issuance of Duplicate No Dues Certificate Charges Around Rs. 500 Around Rs. 500
Registration Certification Collection Charge Around Rs. 200 Around Rs. 200
Cheque Bounce/Instrument Return Charges Around Rs. 500 Around Rs. 500
Issuance of Duplicate Statement Charges Around Rs. 500 Around Rs. 500
Loan Cancellation/Re-booking Charges Around Rs. 1000 Around Rs. 1000
Issuance of Credit Report Around Rs. 50 Around Rs. 50

How to Increase Your Eligibility for Madhya Pradesh Gramin Bank Car Loan

  • To increase the Madhya Pradesh Gramin Bank Car Loan eligibility, you need to use some of the terms like short tenure, low amount, credit score, and low debt to income ratio.
  • If you can avail of the temporary assignment, then you will get high term. This shows the banks that you can pay high tenures, and they can help you in availing of the car loans.
  • And the credit score is another important thing in car loans. If the credit score is between 650-750, you can easily avail of Car Loans. Based on the credit scores, you can help with car loans. 
  • If you can avail of the low debt to income ratio, you can avail of the car loans. If the income is high and debts are low, then you can avail of the car loans.
  • The Low amount is also used for the Car loans. And if the loan amount is low, then banks can quickly help you in availing the loans.

Factors Affecting Madhya Pradesh Gramin Bank Car Loan Eligibility

  • The Car Loan Eligibility factors are the credit scores, low amount, income, and repayment systems. 
  • Credit scores are between 650-750 for car loans, and these credit scores are essential for car loan eligibility. The payment is also necessary for car loans. If the income is high, then you can avail of the high car loans. Madhya Pradesh Gramin Bank Car Loan
  • Then the repayment systems. These repayments are short tenure repayment systems. Then only banks can help the car loans. Otherwise, banks don’t avail the car loans.
  • The low amount is also essential for car loans. If the loan amount is low, then you can be eligible for car loans. These are some of the factors that affect car loans.

Madhya Pradesh Gramin Bank Car Loan Processing Fees

  • Paschim Banga Gramin Bank has a non-refundable processing fee. 
  • These Processing fees may range from 5000-10,000 rupees. 

New Car Loan: Pre-owned car Loan & Loan against Car

Pre Owned Car Loan: You can take Car Loans in the Paschim Banga Gramin Bank, and you can avail of various benefits in it. You can help with up to 85% of the car loan amount in pre-owned car loans.

Loan against Car: You can take a loan against a car if you are in financial need. And you can avail of up to 50% of the car loan amount in the loan against the vehicle.

Madhya Pradesh Gramin Bank Car Loan Customer Care – Toll-Free Number

You can contact customer care if you have any queries or doubts. They will help you in knowing about car loans. The customer care numbers for these Car loans are 07162245241, 07162-245530 and 07162-245569.

Madhya Pradesh Gramin Bank Car Loan Interest Rates and Charges

Madhya Pradesh Gramin Bank Pre-Owned Car Loans Other Charges

Madhya Pradesh Gramin Bank Car Loan Documents Required

Salaried Individual

Category
Documents Required
Identity Proof (Any 1) Passport
Voter ID
Aadhar Card
Driving License
Address Proof (Any 1) Aadhar Card
PAN
Driving License
Electricity Bill
Date of Birth Proof(Any 1)
Passport
Birth Certificate
High School Marksheet
Driving Licence
Signature Proof(Any 1)
PAN
Bankers Verification
Passport
Income Proof
Salary Slip and latest Form No.16
Bank Statement
Last 6 month Bank statement
Employment Continuity Proof
Job card by NREGA
ITR of Form no. 16
Salary Slip mentioned with joining date
Letter of Appointment

 

Self-Employed Individuals

Category
Documents Required
Identity Proof (Any 1) PAN Card
Passport
Voter ID
Aadhar Card
Address Proof (Any 1) PAN Card
Voter ID
Passport
Electricity Bill
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1)
PAN
Bankers Verification
Passport
Bank Statement
Bank statement of last 6 months
Employment Continuity Proof
Latest ITRs
Shop & Establishment Act Certificate
Shop & Establishment Act Certificate
Sales Tax or VAT Certificate
Business Proof
Registration Certificate
Telephone Bill/Electricity Bill
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate

 

Self-Employed Non-Individuals:

1. Partnership Firms/Societies

Category
Documents Required
Identity Proof (Any 1) Driving Licence
PAN Card
Aadhar Card
Passport
Address Proof (Any 1)
Electricity Bill/Telephone Bill
Aadhar Card
Driving License
Voter ID
Income Proof
Audited Balance Sheet
P&L Account
ITR for the previous 2 years
Bank Statement Last 6 month
Business Continuity Proof
Company ITR of the last 2 years
Audited Balance Sheet
TAX registration Certificate
Current Account Statement
Additional documents
Letter of Authority or PAN Card

 

2. Private Limited/Limited Companies

Category
Documents Required
Identity Proof
The latest copy of MOA and AOA
Copy of Incorporation
Address Proof (Any 1)
SSI/MSME Registration Certificate
Telephone Bill
Electricity Bill
Shop & Establishment Act Certificate
Sales Tax Certificate
Income Proof
Audited Balance Sheet
P&L Account and ITR for the previous 2 years
Bank Statement Previous 6 Months
Business Continuity Proof
P&L account and
ITR of the Company of the past 2 years
Audited Balance Sheet
Shop & Establishment Act Certificate
Additional documents
List of Shareholding partners and Directors
Board Resolution
PAN Card
Certificate of Commencement of Business for Ltd. Co.

Madhya Pradesh Gramin BankCar Loan EMI Calculator

By using the address below, you can avail of the Car Loan EMI Calculator:

Car Loan EMI Calculator

Madhya Pradesh Gramin Bank Car Loan Types

In Madhya Pradesh Gramin Bank, there are various types of car loans. These include the new car loan, Used car loan and loan against the car. In new car loans, you can use the new vehicle for availing of the car loans, and the loan amount you can avail is 1 lakh with a tenure time of 7 years. And in a Used car loan, the loan amount is 1 lakh and tenure time of 5 years. And in a Loan against the car, you can avail of various car loans.

How to Apply for Madhya Pradesh Gramin Bank Car Loan?

  • You can apply for the Madhya Pradesh Gramin Bank by Dialabank.
  • Then you can fill in the details, and the manager will contact you.
  • Then they will explain all the details related to the Car loans.
  • By using dialabank, you can avail these car loans easily.

 Tips for deciding the right amount of EMI

  • The loan amount is one of the critical factors. It would help if you told the banks about the loan amount you are taking. 
  • The Expenses and the debts are also used for the right amount of the EMI.
  • And You should know the eligibility of the car loans.
  • And the multiplier based calculations are also used.

Madhya Pradesh Gramin Bank car loan EMI – EMI changes in case of prepayment

  • You can prepay the loan by using some of the penalties.
  • The penalties may include from 2-5%, depending on the car loans.
  • If you don’t want to repay the loan, you need to increase the loan amount and decrease the EMI.
  • Or else you can increase the EMI and reduce the amount of the loan.

How to Calculate Madhya Pradesh Gramin Bank Car Loan EMI

Madhya Pradesh Gramin Bank calculates the Car Loan by using the formula:

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

E is the EMI, r is the interest rates, Pis the Principal amount and n is the number of years of tenure.

Compare Madhya Pradesh Gramin Bank Car Loan With Other Banks In India

FAQs for Paschim Banga Gramin Bank

✅ What is the formula for calculating the EMI of Car Loans?

The Formula for calculating the EMI of Car Loans is of E = P*r*[(1+r) ^n/((1+r) ^n-1)].

✅ How can you get a Car Loan in Madhya Pradesh Gramin Bank?

You can avail a Car Loan by using Dialabank.

✅ What is the Car Loan Interest Rates in the Madhya Pradesh Gramin Bank?

The Car Loan Interest Rates is 7%.

✅ How many loans can avail of for a Used Car Loan?

The Loan amount you can avail of is 1 lakh rupees.

News about Car loan

Banks net profit is increased to Rs. 979 crores.

The banks are increasing the net profit by Rs.979 crores. These banks net profit is raised based on various factors like the fixed deposit, savings deposit and the NEFT and the loans. Based on all these you can avail of the car loans. These car loans net profit has been increased to 979 crores.

 

 

 

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