Pallavan Grama Bank Car Loan

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Pallavan Grama Bank Car Loan

 Pallavan Grama Bank Car Loan Key Features – Dec 03 2022

Pallavan Grama Bank Car Loan Interest Rate

7.35% per annum

Min Loan Amount ₹ 100,000
Max Loan Amount
(Loan to Value)
Loan up to Rs. 5 Lakhs
Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 2,353
Minimum Net Monthly Income ₹ 20,000
Minimum ITR for Self Employed ₹ 300,000
Age Criteria Salaried: 21 years to 60  years
Self Employed: 21 years to 60 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
Processing Fee 0.40% of the principal amount
Foreclosure Charges NIL
Basic Documentation ID Proof, Address Proof, Salary Slip, Bank Statement, and Car Quotation

About Pallavan Grama Bank Car Loan 

Pallavan Grama Bank is a Gramin Bank in India established on 31-08-2006. It has headquartered in Salem, and the address is No 6, Yercaud Road, Hasthampatti, Salem – 636 007. it has 232 branches across the state.

It provides all the financial services to its customers like saving a deposit, fixed deposit, recurring deposit, loans, personal loans, netbanking, RTGS, NEFT, IMPS, Atal Pension Yojana, Pradhan Mantri Jandhan Yojana, Pradhan Mantri Suraksha Bima Yojana, Pradhan Mantri Jyoti Bima Yojana and many more.

Advantages of Pallavan Grama 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

Pallavan Grama Bank Car Loan

Pallavan Grama Bank Car Loan Eligibility

Salaried Individual
  • Age – 21-70 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 – 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

Pallavan Grama Bank (CUB) Car Loan Interest Rate, Fees and Charges

Charges New Car Loan Used Car Loan
Interest Rate

7.35% per annum

14.50% p.a.
Processing fee 0.40% of the principal amount Up to 1.25% of the loan amount
Issuance of Duplicate Repayment Schedule Charges Rs.500 per instance Rs.500 per instance
Foreclosure Charges NIL NIL
Penal Interest 2% per month 2% per month
Part Payment charges 5% of the paid amount 5% of the paid amount
Cheque/Instrument Swap Charge Rs.500 per instance Rs.500 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.200 per instance Rs.200 per instance
Cheque Bounce/Instrument Return Charges Rs.500 per instance Rs.500 per instance
Issuance of Duplicate Statement Charges Rs.500 per instance Rs.500 per instance
Loan Cancellation/Re-booking Charges Rs.2,500 per instance Rs.2,500 per instance
Issuance of Credit Report Rs.50 per instance Rs.50 per instance

Pallavan Grama 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 License
Aadhaar Card
Passport
PAN
Voter ID
Address Proof (Any 1) Driving License
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 Pallavan Grama Bank Car Loan

  • Opt for a shorter tenure – When you opt for a shorter tenure 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 Pallavan Grama 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 profits 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 Pallavan Grama 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 Pallavan Grama 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 Pallavan Grama Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a Pallavan Grama Bank car loan, your yearly income should be at least Rs.3 lakh.
  • Loan amount – Your eligibility for a car loan from Pallavan Grama 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 Pallavan Grama 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, Pallavan Grama Bank offers instant car loans to their existing customers through the ZipDrive feature, which allows Pallavan Grama 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.

Pallavan Grama Bank Car Loan Customer Care – Toll-Free Number

Pallavan Grama Bank 24*7 customer care toll-free number all your general enquiries is 04272402904

Pallavan Grama Bank Car Loan EMI Calculator

An applier has the option to know the EMI’s before availing of a Car Loan. Thus, you can easily know the EMIs through the link below:

Car Loan EMI Calculator

Pallavan Grama Bank Car Loan Types

Pallavan Grama Bank offers different types of car loans to its customers. You have the choice of choosing the offer which suits your need the best. It offers the following types of Car Loans:

  • New Car Loan –  If you want to buy a new car, this is the scheme for you. You can take Pallavan Grama Bank Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
  • Used Car Loan – If you want to buy a used car, then you can choose this scheme which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
  • Loan Against Car – You can choose this scheme if you are in need of urgent funds where you can keep your cars as collateral with the bank.

Pallavan Grama 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 Pallavan Grama Bank Car Loan?

  1. Visit Dialabank and fill a form.
  2. Our Relationship Manager will call you and guide you throughout the process.
  3. You can compare different offers from banks and opt for the one which suits your needs.
  4. Thus,  you can easily apply for a Car Loan through 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 Pallavan Grama Bank car loan eligibility: Your eligibility is an assessment of your repayment capacity based on your monthly income. Pallavan Grama 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 – Pallavan Grama Bank also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating 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 – Pallavan Grama 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. Pallavan Grama 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 Pallavan Grama Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Pallavan Grama 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 Pallavan Grama Bank Car Loan EMI

Before you avail of a car loan from Pallavan Grama 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 device will calculate the EMI and display it to you.

Pallavan Grama Bank Car Loans for Top Selling Cars

Other Available Products from Pallavan Grama Bank

Pallavan Grama Bank Gold Loan Pallavan Grama Bank Personal loan Pallavan Grama Bank Gold Loan Calculator
Pallavan Grama Bank Savings Account Pallavan Grama Bank FD Pallavan Grama Bank Mudra Loan

Compare Pallavan Grama 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 City Union Bank Car Loan

✅ What is Pallavan Grama Bank Car Loan?

Pallavan Grama Bank Car Loan is a financial product offered for buying a car, whether new or used.

✅ How can I get a Car Loan from Pallavan Grama Bank?

You can avail of a car loan from Pallavan Grama Bank by visiting the nearest branch of Pallavan Grama Bank. You will get satisfaction to apply from anywhere and get car loan approval faster.

✅ How does Pallavan Grama Bank Car Loan work?

Pallavan Grama Bank offers car loans at attractive interest rates. You can get a car loan easily and quickly. Pallavan Grama Bank provides flexible loan tenure duration.

✅ What is the Car Loan Interest Rate in Pallavan Grama Bank?

The interest rate charged by Pallavan Grama Bank for a car loan starts at 7.50%.

✅ How to check Car Loan status in Pallavan Grama Bank?

You must visit the Pallavan Grama Bank branch to check your car loan status. Also, you can use the net-banking facility of City Union Bank.

✅ How to Calculate Car Loan interest in Pallavan Grama Bank?

For the calculation of your car loan interest in Pallavan Grama Bank, the information required is:

  • Loan tenure
  • Loan amount
  • Interest rate

You can calculate car loan interest and EMI for City Union Bank using the EMI calculator.

✅ What is the maximum loan amount I can avail myself of on a Car Loan from Pallavan Grama Bank?

You can avail a maximum loan amount for a car loan from Pallavan Grama Bank is up to Rs. 5 lakhs.

✅ What is the loan tenure of Pallavan Grama Bank Car Loan?

The loan tenure duration for a car loan from Pallavan Grama Bank ranges from 1 to 7 years.

✅ Can I get 100% Car Loan from Pallavan Grama Bank?

You can get a loan of up to Rs. 5 lakhs for a car loan from Pallavan Grama Bank. To avail of a 100% Car loan, you must visit the online platform of Dialabank.

✅ How much processing fee is applicable on Pallavan Grama Bank Car Loan?

Pallavan Grama Bank charged a processing fee is 0.40% of the principal amount for getting a car loan.

✅ What are the EMI options available on Pallavan Grama Bank Car Loan?

Your car loan EMIs are automatically subtracted from your bank account. Also, you can pay your car loan EMI through the net banking facility of Pallavan Grama Bank. Also, pay using post-dated cheques.

✅ What are the charges for Prepayment in Pallavan Grama Bank Car Loan?

Pallavan Grama Bank does not have prepayment charges for availing of a car loan.

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

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

✅ Do I need to provide a guarantor to avail myself of a car loan from Pallavan Grama Bank?

Yes, you can avail a guarantor for getting a car loan from Pallavan Grama Bank. It will increase your car loan eligibility.

✅ How to get the Pallavan Grama Bank Car Loan Statement?

For getting a car loan statement from Pallavan Grama Bank, you can use City Union Bank’s mobile banking app. Also, you can visit the nearby Pallavan Grama Bank branch.

✅ How to pay Pallavan Grama Bank Car Loan interest online?

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

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

If you can’t pay the interest on Pallavan Grama Bank Car Loan for 3 months, then it will be added to the outstanding loan amount, and repayment charges will reframe.

✅ How can I apply for EMI Moratorium on Pallavan Grama Bank Car Loan?

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

✅ Can I close the Pallavan Grama Bank car loan online?

Before the closing of the car loan, you have to pay your car loan amount. You can close your car loan from Pallavan Grama Bank through the net-banking page of Pallavan Grama Bank. You have to log in with your details on the net -banking page and pay your car loan.

✅ What is the Pallavan Grama Bank Car Loan Customer Care Number?

The customer care number of Pallavan Grama Bank for car loan queries is 9878981166.

✅ How can I get NOC from Pallavan Grama Bank for a car loan?

You can get a car loan NOC from Pallavan Grama Bank when you have paid your outstanding loan amount.

✅ What is the Pallavan Grama Bank Car Loan closure procedure?

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

✅ What are Pallavan Grama Bank Car Loan preclosure charges?

Pallavan Grama Bank Car Loan preclosure charges are zero.

✅ What is Pallavan Grama Bank Car Loan maximum tenure?

The Pallavan Grama Bank Car Loan maximum tenure is 7 years.

✅ What is the Pallavan Grama Bank Car Loan minimum tenure?

The Pallavan Grama Bank Car Loan minimum tenure is 1 year.

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