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Mizoram Rural Bank Car Loan

Mizoram Rural Bank Car Loan Key Features –

About Mizoram Rural Bank Car Loan

Mizoram Rural Bank Car LoanMizoram Rural Bank was located in 1983. Its headquarters is located in Aizwak. It has over 79 branches in the state. It provides services like Savings account, Fixed deposits, loans and NEFT. These are some of the services offered by the banks. Apart from these, the car loan has interest rates of 13-15%.

Advantages of Mizoram Rural Bank Car Loan

Advantages of car loan

Mizoram Rural Bank 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

Mizoram 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 Mizoram Rural Bank Car Loan

  • To increase Mizoram Rural Bank Car Loan eligibility, you need to know various things like the short tenure, credit scores, low debt to income ratio, and the Low amount. These are some of the things which you need to know to increase eligibility.
  • Short tenure: If you can choose the short term, you can avail yourself of the high interest rates. Based on these, you can help with car loans. If you can pay high interest rates, you can be eligible for car loans.
  • Credit scores: Based on the credit scores, you can avail of car loans. The credit score should be between 650-750. 
  • Low debt to income ratio: If you can avail of the shared obligation to income ratio, you can avail of the Car loans. If you can get a high income with low debt, you will be eligible for Car loans.
  • Low Amount: If you can get a low amount, you can avail yourself of Car Loans. These Car loans are of high rates. So if you take the soft money, then you can help with the car loans.

Factors Affecting Mizoram Rural Bank Car Loan Eligibility

  • The factors that affect the Mizoram Rural Bank Car Loan Eligibility is Income, Low loan amount, repayment systems and the loan amount.
  • Income: If your income is high, you can avail the of high, which can help the high Car loans. Based on the payment, the car loan amount is used. In this way, you can avail of car loans.
  • Low Loan amount: If you can help with the soft loan amount, you can avail of the Car loans. Banks can avail the car loans if you can have a low loan amount. In this way, car loans are availed.
  • Repayment systems: Based on the repayments systems, the car loans are availed. If you can choose the short term repayment system, then you can help with car loans.
  • Credit score: If the credit score is between 650-750, then you can avail the Car loans. If the credit score is above 750mthen, you will be eligible for car loans.

Mizoram Rural Bank Car Loan Processing Fees

  • Manipur Rural Bank processing fee is non-refundable. 
  • 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 use preowned car loans, which have up to 85% of the car loan amount. And if you can apply for the pre-owned car loan in Manipur rural bank, you can easily avail of the car loans. 

Loan against Car: A loan against a car is used when you are in financial need. You can avail of the Loan against the vehicle in Manipur Rural bank, and then you can help with lots of benefits.

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

If you don’t know how car loans work and about car loans, then you can contact Mizoram Rural Bank customer care. They can help in learning about the customers and how it works. The customer care number for these car loans is 0389-2346388.

Mizoram Rural Bank Car Loan Interest Rates and Charges

Mizoram Rural Bank Pre-Owned Car Loans Other Charges

Mizoram 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.

Mizoram Rural Bank Car Loan EMI Calculator

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

Car Loan EMI Calculator

Mizoram Rural Bank Car Loan Types

Mizoram Rural Bank has various types of car loans. These include the New Car Loan, Used Car Loan and Loan against the car. In a New Car loan, the amount you can avail of is 1 lakh with a tenure time of 7 years. In these New car loans, the new cars are considered. In the Used car loans, the loan amount is 1 lakh with five years. A loan against a car is used based on the car loans amount. Based on the vehicle it can avail.

How to Apply for Mizoram Rural Bank Car Loan?

  • If you want to apply for the Mizoram Rural Bank Car loan, you can use it through Dialabank.
  • You can fill in your details in the dialabank.
  • Then our manager will contact you shortly, and then they will explain about the car loans.
  • By applying through dialabank, you can avail the best car loans.

Tips for deciding the right amount of EMI

  • The tips for deciding the right amount of EMI are the amount of the Loan. Based on the amount of the Loan, you can avail of the EMI. If your amount is high, then the EMI is high.
  • And the Expenses, Debts an all needs to know so that you can avail the right amount.
  • Car loan eligibility is also one of the essential things in Car loans.
  • Multiplier based calculations are also used in car loans.

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

  • There will be some penalties if you want to repay the Loan.
  • The prepayments penalties may be between 2-5%.
  • And if you’re going to take penalties, you can increase the loan amount and decrease the EMI.
  • Or else you can reduce your EMI and increase the loan amount.

How to Calculate Mizoram Rural Bank Car Loan EMI

Mizoram 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 Mizoram Rural Bank Car Loan With Other Banks In India

FAQs for Mizoram 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 Mizoram Rural Bank?

You can avail a Car Loan by using Dialabank.

✅ What is the Car Loan Interest Rates in the Mizoram Rural 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 has been increasing these days to 34%.

Banks net profits are increasing these days and these are based on a savings account, loans like car loans, home loans and gold loans. Based on these loans also banks net profit has increased to 34%.