Madhyanchal Gramin Bank is a regional rural bank in India, founded in 2012. It was formed by merging three rural banks in the state of Madhya Pradesh. It is sponsored by 3 banks – the State Bank Of India, Allahabad Bank and the Union Bank of India. It is headquartered in Sagar, Madhya Pradesh. It has 454 branches and 7 regional offices spread across 13 districts in Madhya Pradesh.

• Low and attractive interest rates starting from 7.05% p.a.
• The minimum loan amount is Rs 75000.
• The maximum loan amount is 70% of the car’s on-road price.
• The loan tenure ranges from 1 year to 7 years.
• The loan can be obtained for all new passenger cars, multi-utility vehicles (MUVs) and sport utility vehicles (SUVs).
• The processing fees are up to 0.40% of the loan amount.
• The foreclosure charges are 2% of the pending principal amount.

Madhyanchal Gramin Bank Car Loan Eligibility

Madhyanchal Gramin Bank Car Loan Documents Required

Madhyanchal Gramin Bank Car Loan Approval Process

The Madhyanchal Gramin Bank Car Loan Approval Process is simple and instant –

1. Visit the official website of Madhyanchal Gramin Bank.
2. On the home screen, click on the “services” button.
3. Then, choose “vehicle loan” and click on the “apply now” option.
4. Fill the bank’s application form.
5. The bank’s loan representative would get in touch with you.
6. Submit your documents for verification purposes.
7. If the eligibility criteria are met, the bank approves the loan.
8. Then, the amount is deposited in the borrower’s account.

A borrower can also choose to apply for a car loan offline by going to the bank’s branch office.

FAQs on Madhyanchal Gramin Bank Car Loan Approval Process

✅ What documents do I need to submit for a car loan?

Generally, banks and financial institutions require the borrower’s identity proof, income proof, residential address proof and a driving license to issue a car loan.

✅ Where can I check my car loan eligibility?

Most banks and NBFCs provide the eligibility criteria for a car loan on their website and a borrower can gain information bout the same by visiting the bank’s branch office. Visit Dialabank for more information.

✅ What is the maximum tenure of a car loan?

Banks and financial institutions, usually, offer a car loan tenure of up to 7 years.