Madhyanchal Gramin Bank Car Loan

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Madhyanchal Gramin Bank Car Loan

Madhyanchal Gramin Bank Car Loan Key Features – Jun 25 2022

Madhyanchal Gramin Bank Car Loan Interest Rate

7.35% per annum

Min Loan Amount ₹ 75,000
Max Loan Amount
(Loan to Value)
Loan up to 70% of the sale price
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 1,526
Minimum Net Monthly Income ₹ 20,000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 21 years to 70 years
Self Employed: 21 years to 75 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs) and Sport Utility Vehicle (SUVs).
Processing Fee Up to 0.40% of the loan amount
Foreclosure Charges 2% of the principal outstanding
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation

About Madhyanchal Gramin Bank Car Loan

Madhyanchal Gramin Bank is a gram-based bank in India established on 01-11-2012. It has its headquarters in Sagar and the address is Opposite Mahila Polytechnic College, Poddar Colony, Tili Road, Sagar – 470 001. It has 453 branches nationwide.

It provides all financial services to its customers such as deposit deposit, fixed deposit, repeat deposit, cash loan, mortgage loan, netbanking, RTGS, NEFT, IMPS, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana and many more.

Madhanchal Gramin Bank Car Loan Prices, Car Loans 10.50% to 17.25% Updated on 21 Jan 2021. Apply for a Car Loan Online. Find out the loan objectives of Madhyanchal Gramin Bank Car, Eligibility, Margin, Car Loan Repayment, Security, Required Car Loan Documents listed below.

Madhyanchal Gramin Bank offers Car Loans at affordable rates of interest to the customer for purchasing a car either new or second hand. A car loan is easily available which can be got who have a good credit/CIBIL score.

Advantages of Madhyanchal Gramin 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

Madhyanchal Gramin Bank Car Loan

Madhyanchal Gramin Bank Car Loan Eligibility

Salaried Individual
  • Age – 21-70 years of age
  • Net Monthly Income – should be a minimum ₹ 20,000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 21-75 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

Madhyanchal Gramin Bank Car Loan Interest Rate, Fees and Charges

Charges New Car Loan Used Car Loan
Interest Rate

7.35% per annum

Starts@11.20%
Processing fee 0.40% of the loan amount 0.40% of the loan amount
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges 2% of the principal outstanding 2% of the principal outstanding
Penal Interest 2% per month 2% per month
Part Payment charges Rs. 250 – Rs. 950 per month Rs. 250 – Rs. 950 per month
Cheque/Instrument Swap Charge NIL NIL
Documentation Charge Rs.500 per instance Rs.500 per instance
Issuance of Duplicate No Dues Certificate Charges NIL NIL
Registration Certification Collection Charge NIL NIL
Cheque Bounce/Instrument Return Charges Rs. 350 Rs. 350
Issuance of Duplicate Statement Charges Rs.100 per statement Rs.100 per statement
Loan Cancellation/Re-booking Charges NIL NIL
Issuance of Credit Report Rs.50 per instance Rs.50 per instance

Madhyanchal Gramin Bank Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof Birth Certificate
Passport
Driving Licence
PAN
Signature Proof 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 Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof Birth Certificate
Passport
Driving Licence
PAN
Signature Proof 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:

Partnership Firms/Societies

Category Documents Required
Identity Proof Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof Driving Licence
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

Private Limited/Limited Companies

Category Documents Required
Identity Proof Copy of Latest MOA
Copy of Incorporation
Copy of Latest AOA
Address 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
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 Madhyanchal Gramin Bank Car Loan

  • Opt for a shorter tenure – When you opt for a shorter tenure to repay the money, the EMI that you will pay each month will be higher. This will indicate 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 an Madhyanchal Gramin 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 an Madhyanchal Gramin 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 Madhyanchal Gramin 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 an Madhyanchal Gramin Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for an Madhyanchal Gramin Bank car loan, your yearly income should be at least Rs.3 lakh.
  • Loan amount – Your eligibility for a car loan from HDFC 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 Madhyanchal Gramin 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, Madhyanchal Gramin Bank offers instant car loans to their existing customers through the feature which allows Madhyanchal Gramin Bank customers to can 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.

Madhyanchal Gramin Bank Car Loan Customer Care – Toll-Free Number

Madhyanchal Gramin Bank 24*7 customer care toll-free number all your general enquiries is For Ahmedabad / Bangalore / Chennai / Delhi & NCR / Hyderabad / Kolkata / Mumbai / Pune dial 07582-236588. For Chandigarh / Cochin / Indore / Jaipur / Lucknow dial 07582-236588.

Madhyanchal Gramin Bank Car Loan EMI Calculator

An applier has the choice to check the EMI’s before availing a Car Loan. So, you can easily check through the link below:

Car Loan EMI Calculator

Madhyanchal Gramin Bank Car Loan Types

Madhyanchal Gramin Bank offers 3 types of car loans to its customers. You have the option of selecting the offer which suits your need the best. It offers the following types of Car Loans from Madhyanchal Gramin Bank:

  1. New Car Loan –  If you want to purchase a new car, this is the scheme for you. You can avail a Car Loan from Madhyanchal Gramin Bank for a minimum of Rs. 75,000 and a minimum tenure of 7 years.
  2. Used Car Loan – If you wish to buy a used car then you can select offers a minimum loan of Rs. 75,000 and a minimum tenure of 5 years.
  3. Loan Against Car – You can opt this scheme if you need urgent funds where you can keep your cars as security with the bank.

Madhyanchal Gramin 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 Madhyanchal Gramin Bank Car Loan?       

  1. Visit Dialabank and fill a form online.
  2. Our Relationship Manager will contact you and assist you throughout the process.
  3. You can compare various offers from banks and opt according to your suitability.
  4. So, you can easily apply for a Car Loan with Dialabank and enjoy best 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 Madhyanchal Gramin Bank car loan eligibility: Your eligibility is an assessment of your repayment capacity based on your monthly income. Madhyanchal Gramin 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 – Madhyanchal Gramin Bank also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating a 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 – Madhyanchal Gramin 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. Madhyanchal Gramin 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, I issued a small penalty. Prepayment in Madhyanchal Gramin Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Madhyanchal Gramin 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 Madhyanchal Gramin Bank Car Loan EMI

Before you avail of a car loan from Madhyanchal Gramin Bank, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly installments 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.

Madhyanchal Gramin Bank Car Loan for Top Selling Cars

Compare Madhyanchal Gramin 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 Madhyanchal Gramin Bank Car Loan

✅ What is Madhyanchal Gramin Bank Car Loan?

Madhyanchal Gramin Bank Car Loan is a car loan offered to you for purchasing a car whether a new or used.

✅ How can I get Car Loan from Madhyanchal Gramin Bank?

You can get a car loan from Madhyanchal Gramin Bank by visiting the nearest branch of Madhyanchal Gramin Bank. You will get satisfaction to apply from anywhere.

✅ How does Madhyanchal Gramin Bank Car Loan work?

Madhyanchal Gramin Bank works on providing the funds at attractive interest rates. You can avail a car loan easily and quickly. Madhyanchal Gramin Bank provides a flexible loan tenure period.

✅ What is the Car Loan Interest Rate in Madhyanchal Gramin Bank?

The interest rate in Madhyanchal Gramin Bank for a car loan starts at

7.35% per annum

.

✅ How to Check Car Loan status in Madhyanchal Gramin Bank?

You can visit the Madhyanchal Gramin Bank branch to check your car loan status. Also, you can use the net-banking facility of Madhyanchal Gramin Bank and get to know your car loan status.

✅ How to Calculate Car Loan interest in Madhyanchal Gramin Bank?

For the calculation of your car loan interest in Madhyanchal Gramin Bank, the following information is required:

  • Loan tenure
  • Loan amount
  • Rate of Interest 

To calculate your car loan interest and EMI in Madhyanchal Gramin Bank through the EMI calculator.

✅ What is the maximum loan amount I can avail on Car Loan from Madhyanchal Gramin Bank?

The maximum loan amount that can be availed by you for a car loan from Madhyanchal Gramin Bank is up to 70% of car Price.

✅ What is the loan tenure of Madhyanchal Gramin Bank Car Loan?

The loan tenure of Madhyanchal Gramin Bank for a car loan is up to 7 years.

✅ Can I get 100% Car Loan from Madhyanchal Gramin Bank?

No, you can not get 100% car loan from Madhyanchal Gramin Bank. You can get 70% car loan from Madhyanchal Gramin Bank.

✅ How much processing fee is applicable on Madhyanchal Gramin Bank Car Loan?

The processing fee applicable on Madhyanchal Gramin Bank is up to 0.40% of the loan amount for getting a car loan.

✅ What are the EMI options available on Madhyanchal Gramin Bank Car Loan?

The EMI options available on Madhyanchal Gramin Bank car loan are Step-up and Balloon EMI.

✅ What are the charges for Prepayment in Madhyanchal Gramin Bank Car Loan?

The prepayment charges in Madhyanchal Gramin Bank is 2% of the principal outstanding for availing a car loan.

✅ Can I get a top-up loan on my existing Madhyanchal Gramin Bank Car Loan?

Yes, you can get a top-up loan on your existing Madhyanchal Gramin Bank car loan. Also, you can get a top-up car loan by visiting the online platform of Dialabank.

✅ Do I need to provide a guarantor to avail a car loan from Madhyanchal Gramin Bank?

No, there is no need to provide a guarantor to avail a car loan from Madhyanchal Gramin Bank. You can avail a car loan without any guarantor.

✅ How to get a Madhyanchal Gramin Bank Car Loan Statement?

To get a car loan statement of Madhyanchal Gramin Bank, you can use Madhyanchal Gramin Bank’s mobile banking app. Also, visit the nearest Madhyanchal Gramin Bank branch to know your car loan status.

✅ How to pay Madhyanchal Gramin Bank Car Loan interest online?

You can pay your car loan interest through the net-banking services of Madhyanchal Gramin Bank. If you want a low-interest car loan, you must visit Dialabank online.

✅ What if I can’t pay the interest on Madhyanchal Gramin Bank Car Loan for 3 months?

If you don’t pay the interest on Madhyanchal Gramin Bank Car Loan for 3 months, then it will put on to the outstanding loan amount and repayment charges will reframe.

✅ How can I apply for EMI Moratorium on Madhyanchal Gramin Bank Car Loan?

You can apply for EMI Moratorium on Madhyanchal Gramin Bank through visiting the nearby branch of Madhyanchal Gramin Bank or you can submit a request through an email. Also, if you want relief for the balance duration, you must apply through Dialabank.

✅ What is the number for Madhyanchal Gramin Bank Car Loan agent?

The number for Madhyanchal Gramin Bank Car Loan agent is 9878981166.

✅ Can I close Madhyanchal Gramin Bank car loan online?

You can close your car loan from Madhyanchal Gramin Bank by using the net-banking page of Madhyanchal Gramin Bank. You have to log in using your details on the net-banking page and pay your car loan.

✅ What is Madhyanchal Gramin Bank Car Loan Customer Care Number?

The customer care number of Madhyanchal Gramin Bank for car loan queries is 9878981166.

✅ How can I get NOC from Madhyanchal Gramin Bank for a car loan?

You can get a car loan NOC from Madhyanchal Gramin Bank when you pay your loan amount of car loan.

✅ What is the Madhyanchal Gramin Bank Car Loan closure procedure?

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

✅ What is the Madhyanchal Gramin Bank Car Loan preclosure charges?

Madhyanchal Gramin Bank Car Loan preclosure charges are 2% of the principal outstanding.

✅ What is the Madhyanchal Gramin Bank Car Loan maximum tenure?

The Madhyanchal Gramin Bank Car Loan maximum tenure is 7 years.

✅ What is the Madhyanchal Gramin Bank Car Loan minimum tenure?

The Madhyanchal Gramin Bank Car Loan minimum tenure is 1 year.

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