Nagaland Rural Bank Car Loan

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Nagaland Rural Bank Car Loan

Nagaland Rural Bank Car Loan Key Features – Jun 30 2022

Nagaland Rural Bank Car Loan Interest Rate

7.35% per annum

Min Loan Amount ₹ 1,00,000
Max Loan Amount (Loan to Value) Loan up to 90%-100% of Principal Road Price
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 1,517
Minimum Net Monthly Income  ₹ 20,000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 18 years to 75 years
Self Employed: 18 years to 75 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs) and Sport Utility Vehicle (SUVs), Compact Car, Premium Cars and Super Premium Cars.
Processing Fee It starts from 0.23% of the loan amount
Foreclosure Charges NIL
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement and Car Quotation

About Nagaland Rural Bank Car Loan

Nagaland Rural Bank Car Loan helps their customers get their dream car. Their car loan comes with a minimum interest rate, low processing fee and up to 100% Loan to Value. One of the significant benefits of Nagaland Rural Bank Car Loan is that you require minimum documents and if you are eligible, getting a loan is not difficult. It is also easy for people with low CIBIL scores to get a Car Loan. It helps you buy a new car as well as an old one. 

Advantages of Nagaland Rural 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

Nagaland Rural Bank Car LoanNagaland Rural Bank Car Loan Car Loan Eligibility

Salaried Individual
  • Age – 18-75 years of age
  • Net Monthly Income – should be a minimum of ₹ 20,000
  • Employment Duration – Minimum 1 year
  • Income Eligibility – Depends on Form 16 and Salary Slip
Self-Employed Individuals
  • Age – 18-75 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

Nagaland Rural Bank Car Loan Interest Rate, Fees, and Charges

Charges New Car Loan Used Car Loan
Interest Rate

7.35% per annum

10% -15% p.a.
Processing fee It starts from 0.23% of the loan amount It starts from 0.23% of the loan amount
Issuance of Duplicate Repayment Schedule Charges Rs.250 per instance Rs.250 per instance
Foreclosure Charges NIL NIL
Penal Interest 2% per month 2% per month
Part Payment charges 2% of the paid amount 2% of the paid amount
Cheque/Instrument Swap Charge Rs.750 per instance Rs.750 per instance
Documentation Charge Rs. 500 per instance Rs.500 per instance
Issuance of Duplicate No Dues Certificate Charges Rs.500 per instance Rs.500 per instance
Registration Certification Collection Charge Rs.250 per instance Rs.250 per instance
Cheque Bounce/Instrument Return Charges Rs.750 per instance Rs.750 per instance
Issuance of Duplicate Statement Charges Rs.250 per instance Rs.250 per instance
Loan Cancellation/Re-booking Charges NA NA
Issuance of Credit Report Rs.50 per instance Rs.50 per instance

Nagaland Rural Bank Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) 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 (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
PAN
Signature Proof (Any 1) 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 (Any 1) Driving Licence
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) 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 (Any 1)
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 Nagaland Rural Bank Car Loan

  • Opt for a shorter tenure – When you opt for a shorter term to repay the money, the EMI that you will be paying each month will be higher. This will be an indication of 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 a Nagaland Rural 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 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 a Nagaland Rural 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 Nagaland Rural 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 a Nagaland Rural Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a Nagaland Rural Bank car loan, your yearly income should be at least Rs.3 lakh.
  • Loan amount – Your eligibility for a car loan from Nagaland Rural Bank 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 Nagaland Rural 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, Nagaland Rural Bank offers instant car loans to their existing customers, which allow Nagaland Rural 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.

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

Nagaland Rural Bank 24*7 customer care toll-free number all your general enquiries is 0370-2290975

Nagaland Rural Bank Car Loan EMI Calculator

The applicant has the option to check the EMI’s before getting a Car Loan from Nagaland Rural Bank Car Loan. So, you can easily check out through the link below:

Car Loan EMI Calculator

Nagaland Rural Bank Car Loan Types

Nagaland Rural Bank provides different types of car loans to its customers. You can choose any loan that works the best for you.

  1. New Car Loan – This Car Loan can be taken by those who want to purchase a new car. You can take the Nagaland Rural Bank Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
  2. Used Car Loan – This Car Loan can be taken by those who want to purchase a used Car Loan. You can select this proposal for it offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
  3. Loan Against Car – You can choose this proposal if you need urgent funds from Nagaland Rural Bank, where you can keep your cars as security with the bank 90% – 100% of your car’s value.

Nagaland Rural Bank Car Loan Pre Calculated EMI

Rate 5 Yrs 4 Yrs 3 Yrs
10.50% 2149 2560 3250
11.00% 2174 2584 3273
11.50% 2199 2608 3297
12.00% 2224 2633 3321
12.50% 2249 2658 3345
13.00% 2275 2682 3369
13.50% 2300 2707 3393
14.00% 2326 2732 3417
14.50% 2352 2757 3442
15.00% 2378 2783 3466

How to Apply for Nagaland Rural Bank Car Loan?

  1. Visit Dialabank.
  2. Fill the form available at the top of the page.
  3. Our Customer Relationship Manager will get in touch with you. 
  4. We will assist you throughout the process.
  5. You can compare offers from different banks and see what works best.
  6. Dialabank provides you with offers and assures hassle-free fast approval.

Tips to Decide the Right Amount of EMI in Car Loan

  • Ascertain the amount you need to borrow: It is essential 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 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 Nagaland Rural Bank car loan eligibility: Your eligibility is an assessment of your repayment capacity based on your monthly income. Nagaland Rural 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 – Nagaland Rural 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 categorisation of your company based on its reputation, stability, size, and growth in turnover.
  • FOIR based loan amount eligibility – Nagaland Rural 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. Nagaland Rural 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, a small penalty is issued. Prepayment in Nagaland Rural Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Nagaland Rural 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 Nagaland Rural Bank Car Loan EMI

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

Nagaland Rural Bank Car Loans for Top Selling Cars

Other Available Products from Nagaland Rural Bank

Nagaland Rural Bank Personal Loan Nagaland Rural Bank Gold Loan Nagaland Rural Bank Pension Loan
Nagaland Rural Bank FD Interest rates Nagaland Rural Bank Recurring Deposit Nagaland Rural Bank Agriculture Gold Loan

Compare Nagaland Rural 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 Nagaland Rural Bank Car Loan

✅ What is the Nagaland Rural Bank Car Loan?

Nagaland Rural Bank Car Loan is the loan sum provided to its clients by the business for a new or used car.

✅ How can I get a Car Loan from Nagaland Rural Bank?

Dialabank helps you get hassle-free fast approvals. You just need the eligible documents.

✅ How does Nagaland Rural Bank Car Loan work?

When you apply for a car loan, a Dialabank representative will call you to get you through the process. After the document verification process, the loan amount will be credited to your account.

✅ What is the Car Loan Interest Rate in Nagaland Rural Bank?

The interest rate on a car loan in Nagaland Rural Bank is

7.35% per annum

only.

✅ How to Check Car Loan status in Nagaland Rural Bank?

You can track your car loan status online on the Nagaland Rural Bank Car loan status website.

✅ How to Calculate Car Loan Interest in Nagaland Rural Bank?

Use Dialabank’s EMI calculator to find out the interest in Nagaland Rural Bank.
 

✅ What is the maximum loan amount I can avail of on a Car Loan from Nagaland Rural Bank?

The maximum loan amount you can avail of on a car loan is up to 90% of On Road Price.

✅ What is the loan tenure of the Nagaland Rural Bank Car Loan?

The loan tenure of the Nagaland Rural Bank Car Loan is a peak of 7 years.

✅ Can I get a 100% Car Loan from Nagaland Rural Bank?

Yes, you can get a 100% Ex-showroom Price car loan from Nagaland Rural Bank.

✅ How much Processing Fee is applicable to the Nagaland Rural Bank Car Loan?

Nagaland Rural Bank charges a processing fee of 2%.

✅ What are the EMI options available on the Nagaland Rural Bank Car Loan?

Nagaland Rural Bank Gives two EMI options for a car loan:- Step-up EMI and Balloon EMI.

✅ What are the charges for Prepayment in Nagaland Rural Bank Car Loan?

You can prepay/foreclose your Nagaland Rural Bank Car Loan with 5% as foreclosure costs.

✅ Can I get a top-up loan on my existing Nagaland Rural Bank Car loan?

You can get a top-up loan on your current car loan from Nagaland Rural Bank for up to 150% of its worth.

✅ Do I need to provide a guarantor to avail a car loan from the Nagaland Rural Bank?

You don’t need a guarantor for a car loan. However, in some cases, you may need a guarantor if you don’t fulfil the eligibility criteria.

✅ How to get the Nagaland Rural Bank Car Loan Statement?

Get the statement in person by visiting your branch or just find it online.

✅ How to Pay Nagaland Rural Bank Car Loan Interest Online?

Simply log in to Nagaland Rural Bank Car Loan payment to view and pay your statements. You will get an electronic acknowledgement for every bill paid. 

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

Nagaland Rural Bank Car Loan imposes 24% of the exceptional amount or a Fee covering from Rs.500 to Rs.5000 for not paying the EMI for 3 months.

✅ How can I apply for EMI Moratorium on Nagaland Rural Bank Car Loan?

You can apply for EMI Moratorium on Nagaland Rural Bank Car Loan directly from the Nagaland Rural Bank website’s Loan corner.

✅ What is the number for the Nagaland Rural Bank Car Loan agent?

Call Dialabank at 9878981166 as it is one of the most granted Nagaland Rural Bank Car Loan agents. Dialabank even guarantees the best offers on your Car Loan.

✅ Can I close the Nagaland Rural Bank Car Loan online?

Nagaland Rural Bank Car Loan can be stopped by visiting the nearest branch and clearing off the outstanding value.

✅ What is the Nagaland Rural Bank Car Loan Customer Care Number?

Call 9878981166 and clear any of your questions with us anytime.

✅ How can I get NOC from the Nagaland Rural Bank Car Loan?

You can get NOC straight from the branch for Nagaland Rural Bank Car Loan.

✅ What is the Nagaland Rural Bank Car Loan closure procedure?

Just go to the bank with the documents if you are eligible; getting a Nagaland Rural Bank Car Loan is not tricky.

✅ What are the Nagaland Rural Bank Car Loan preclosure charges?

Nagaland Rural Bank Car Loan preclosure charges are up to 6%+ GST.

✅ What is the Nagaland Rural Bank Car Loan maximum tenure?

The Nagaland Rural Bank Car Loan maximum tenure is 7 years.

✅ What is the Nagaland Rural Bank Car Loan minimum tenure?

The Nagaland Rural Bank Car Loan minimum tenure is 1 year.

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