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Manipur Rural Bank Car Loan

Manipur Rural Bank Car Loan Key Features –

About Manipur Rural Bank Car Loan

Manipur Rural Bank Car Loan was established in 1981. Its headquarters is located in Imphal. It has over 30 branches in the state. It provides financial services like Savings deposit, Fixed deposit and Loan and NEFT. These are some of the services offered by the banks. For Car Loans, the Banks offers 14% Interest Rates. Apart from these, it also provides various other loans like Gold Loans and Home Loans.

Advantages of Manipur Rural Bank Car Loan

Advantages of car loan

Manipur Rural 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

Manipur Rural 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 Manipur Rural Bank Car Loan

  • To increase your eligibility for Manipur Rural Bank Car Loan, you need to know some things like the short tenure, Credit Score, Debt to Income Ratio and Low Amount.
  • When to short tenure, if you can choose a short term, you can clear the loan with high interest. This shows the bank that you can pay high-interest rates and be eligible for the loans. Otherwise, you do not qualify for the loans. If you choose a long tenure, you can’t be eligible for the loans as the long term includes low interest rates.
  • When coming to credit scores, the credit score should be above 750 so that you can avail yourself of the best Car Loans. Apart from these, Credit scores between 650-750 are also beneficial for getting Car loans. In this way, if your credit score is high, then you can avail of high Car loans.
  • Then the low debt to income ratio is also essential in Car Loans. If the Income is high and debt is low, tManipur Rural Bank Car Loanhen you can avail of the Car loans. Based on your debt to income ratio, your car loan is used.
  • If you can help with the low amount, then you can be eligible for the Car Loans. An insufficient amount means anyone can quickly repay the money.

Factors Affecting Manipur Rural Bank Eligibility

  • Many factors affect the Manipur Rural Bank Eligibility. Income is one of the high priority for Car Loans. Based on the Income, you can help with Car Loans.
  • Apart from the Income, the loan amount is also essential for the Banks. If the loan amount is low, then you can avail of the Car loans. If the loan amount is unhappy, anyone can repay the loans. So based on the amount of the loan also you can avail the loans.
  • The repayment systems is also another important thing. If the repayment system is short, then you can help with the loans. In the short term repayment system, you need to pay higher interest rates. This can show that you can pay high-interest rates. So banks can avail Car loans.
  • A credit score is also another essential thing in Car loans. If the credit score is 750 and above, then you can help with the car loans. And if the credit score is between 650-750, you can avail of the Car loans. In this way, these are some of the factors that affect the eligibility of car loans.

Manipur Rural Bank Car Loan Processing Fees

  • The processing fee is non-refundable in the Manipur Rural Bank Car Loans.
  • 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 avail of the Preowned Car loans in Manipur Car loan, and you can help with lots of benefits. You can get discounts on these Pre-owned car loans. These discounts are up to 85% of the Car. These Preowned Car loans are based on the type of car you are using as a loan.

Loan against Car: You can also avail loan against a car in Manipur Rural Bank, and you can get up to 50% of the original car amount. Manipur Rural Bank provides these loan against the Car.

Manipur Rural Bank Car Loan Customer Care – Toll-Free Number

You can contact Manipur Rural bank customer care if you have any doubts related to car loans. The customer care number for the Manipur Rural Bank is 0385-2451590. By contacting the Manipur Rural Bank, you can clarify your doubts and know about car loans.

Manipur Rural Bank Car Loan Interest Rates and Charges

Manipur Rural Bank Pre-Owned Car Loans Other Charges

Manipur Rural 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.

Manipur Rural Bank Car Loan EMI Calculator

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

Car Loan EMI Calculator

Manipur Rural Bank Car Loan Types

The most used car loan types are New Car Loan, Used Car Loan and Loan against Car when coming to car loans. These are some of the car loans available in banks.

In New Car loan, this is based on the Car. If your Car is recently bought, then you can take loans under these new car loans. In this new car loan, you can take 1 lakh for up to 7 years. When coming to used car loans. A used car is a car where it is used, and for these types of vehicles, the amount you can avail is of 1 lakh for the tenure time of 5 years. And when coming to loan against the Car. You can avail of a loan against the Car, and you can get lots of amount in these car loans.

How to Apply for Manipur Rural Bank Car Loan?

  • If you want to avail Car loan in Manipur Rural Bank, you can help yourself through Dialabank.
  • You can fill the form, and then our manager will reach to you shortly.
  • Then they will explain to you all the things related to car loans.
  • In this way, you can avail of car loans through dialabank.

Tips for deciding the right amount of EMI

  • The tips for deciding the right amount of EMI is the Number of loans. It would be best if you said to the bank before itself how much amount you are availing.
  • Then you should know all your debts, expenses, and all to help them with car loans.
  • Then you need to know the eligibility of the car loans.
  • Multiplier based calculations are also used in Car loans.

Manipur Rural Bank car loan EMI – EMI changes in case of prepayment

  • Prepayment of loans requires some penalties. These penalties may range based on the car loan amount.
  • This may range from 2-5% based on the Car loans.
  • You can skip the prepayment by lowering the amount of the loan with the same EMI.
  • Or you can increase EMI and decrease the loan amount.

How to Calculate Manipur Rural Bank Car Loan EMI

Manipur Rural 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 Manipur Rural Bank Car Loan With Other Banks In India

FAQs for Manipur Rural Bank Car Loan

✅ 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 Manipur Rural Bank?

You can avail a Car Loan by using Dialabank.

✅ What is the Car Loan Interest Rates in the Manipur Rural Bank?

The Car Loan Interest Rates is 7%.

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

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

News about Car loan

PNB Bank Car Loans profit has increased to 127 crores

The PNB Bank Car Loans Profit has been increased to 127 crores. These Banks had profits based on car loans, home loans, gold loans, fixed deposits and a lot more. Based on these only the net profit has increased and it is up to 127 crores.