Sarva UP Gramin Bank Car Loan

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Sarva UP Gramin Bank Car Loan

Sarva UP Gramin Bank Car Loan Key Features – Sep 28 2021

Sarva UP Gramin Bank Car Loan Interest Rate 7.05% per annum
Min Loan Amount ₹ 1,00,000
Max Loan Amount
(Loan to Value)
100% of Ex-showroom Price
Loan Tenure 12 to 84 months
Lowest EMI / Lac ₹ 1,634
Minimum Net Monthly Income ₹ 25,000
Minimum ITR for Self Employed ₹ 4,00,000
Age Criteria Salaried: 21 years – 60 years
Self Employed: 21 years – 70years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs), and Sport Utility Vehicle (SUVs).
Processing Fee 0.50% or minimum Rs.1500
Foreclosure Charges Nil
Basic Documentation ID Proof, Address Proof, Salary Slip, and Car Quotation

About Sarva UP Gramin Bank Car Loan

Sarva UP Gramin Bank is headquartered in Meerut city and performs its operations in 17 districts of UP, and one branch is operated from Haridwar district, Uttarakhand.

Sarva UP Gramin Bank provides various financial services to its customers, the most common being Car Loan. Sarva UP Gramin Bank Car Loan is offered for the purchase of a new as well as pre-used car/four-wheeler for personal use to self-employed and salaried individuals. 

Advantages of Sarva UP 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

Sarva UP Gramin Bank Car Loan

Sarva UP Gramin Bank Car Loan Eligibility

Salaried Individual
  • Age – Should be a minimum of 21 years old and should not exceed 60 years.
  • Net Monthly Income – Rs. 25000 is the base criteria.
  • Employment Duration – At least one year
  • Income Eligibility – Form 16
Self-Employed Individuals
  • Age – 21-70 years of age
  • Minimum ITR  – Rs. 4 lakh
  • Employment Duration – 3 years (minimum)
  • Income Eligibility –  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 must be associated with at least six months.
  • Average Quarterly Balance – Rs.5000
  • Maximum Loan Amount – 3 times

Sarva UP Gramin Bank Car Loan Interest Rate, Fees, and Charges

Charges New Car Loan Used Car Loan
Interest Rate     7.05% per annum    14.80% p.a. to 16.80% p.a.
Processing fee 0.50% (minimum Rs.1500) 0.50% (minimum Rs.1500)
Issuance of Duplicate Repayment Schedule Charges Above Rs.350 Above Rs.350
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 Above Rs.350 Above Rs.350
Documentation Charge Above Rs.350 Above Rs.350
Issuance of Duplicate No Dues Certificate Charges Above Rs.350 Above Rs.350
Registration Certification Collection Charge Above Rs.150 Above Rs.150
Cheque Bounce/Instrument Return Charges Above Rs.350 Above Rs.350
Issuance of Duplicate Statement Charges Above Rs.350 Above Rs.350
Loan Cancellation/Re-booking Charges Nil Nil
Issuance of Credit Report Above Rs.50 Above Rs.50

Sarva UP Gramin Bank Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof Voter ID
Aadhar Card
Passport
Address Proof Driving Licence
Passport
Electricity Bill
Date of Birth Proof Birth Certificate
Passport
Driving Licence
PAN
Signature Proof PAN Card
Bankers Verification
Passport
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last three months
Employment Continuity Proof ITR of Form 16
Salary Slip with Joining Date
Work Experience Certificate
Appointment Letter

Self-Employed Individuals

Category Documents Required
Identity Proof (Any 1) Aadhar card
PAN Card
Driving License
Address Proof (Any 1) Driving Licence
Aadhaar Card
Voter ID
Utility Bills
Date of Birth Proof (Any 1) Birth Certificate
Passport
Driving Licence
High School Marksheet
Signature Proof (Any 1) Passport
PAN
Bankers verification
Income Proof Latest Form 16 and Salary Slips
Bank Statement Bank statement of last three months
Employment Continuity Proof Current Account Statement
SSI or MSME Registration Certificate
Shop & Establishment Act Certificate
Sales Tax or VAT Certificate
Business Proof Telephone Bill
Electricity Bill
Current Account Statement
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
Shop & Establishment Act Certificate
SSI or MSME Registration Certificate

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 two years
Bank Statement Bank statement of last three 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 AOA, Incorporation, and MOA
Address Proof Current Account Statement
Shop & Establishment Act Certificate
Sales Tax or VAT Certificate
Registered Lease Document with other utility bills
SSI or MSME Registration Certificate
Telephone Bill
Electricity Bill
Income Proof Audited Balance sheet, P&L Account and Filed ITR
  Previous three months bank statement
Business Continuity Proof SSI or MSME Registration Certificate
Sales Tax or VAT Certificate
Shop & Establishment Act Certificate
Current Account Statement
Additional documents
PAN Card
Board Resolution
List of Directors and Shareholding Partners
Certificate of Commencement of Business for Ltd. Co.

How to Increase Your Eligibility for Sarva UP Gramin 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 Sarva UP 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 a Sarva UP 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 Sarva UP 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 a Sarva UP Gramin Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a Sarva UP 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 Sarva UP 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, Sarva UP Gramin Bank offers instant car loans to their existing customers to 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 essential factor while determining your eligibility.

Sarva UP Gramin Bank Car Loan Customer Care – Toll-Free Number

For any assistance, you can call the Sarva UP Gramin Bank on their toll-free number 1800-180-7777 or call them on 0121-2601250 for any queries.

Sarva UP Gramin Car Loan EMI Calculator

Check your EMIs even before applying for the loan by following this:

Car Loan EMI Calculator

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

Sarva UP Gramin Bank Car Loan Types

Sarva UP Gramin gives different monetary items, and Car Loan is one among them. Contingent on the requirements, the Loan can be benefited:

  • New Car Loan –   For the individuals who are searching for a new and new vehicle. Benefit from this credit for an adaptable residency of as long as 7 years.
  • Utilised Car Loan –Take a Used Car Loan for purchasing any recycled vehicle with complete records accessible. Get the credit for long residencies as long as 5 years.
  • Advance Against Car – Individuals can even get a credit against their possessed vehicles for snappy asset endorsements by keeping the vehicle as to the insurance.

Sarva UP 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 Sarva UP Gramin Bank Car Loan?

  1. Reach out to Dialabank and fill in the necessary information.
  2. Connect with our all-around prepared Relationship administrator and find out about the alternatives accessible.
  3. Select the best Car advance as indicated by your requirements for a long list accessible.
  4. All the direction and administrations all through the Car advance cycle is liberated from cost.

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

Before you avail of a car loan from Sarva UP 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 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.

Sarva UP Gramin Bank Car Loan for Top Selling Cars

Other Available Products from Sarva UP Gramin Bank

Sarva UP Gramin Bank Personal Loan Sarva UP Gramin Bank Gold Loan
Sarva UP Gramin Bank Car Loan Sarva UP Gramin Bank Mudra Loan

Compare Sarva UP 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 Sarva UP Gramin Bank Car Loan

✅ What is Sarva UP Gramin Bank Car Loan?

Sarva UP Gramin Bank Car Loan is a secured loan provided by the Bank to applicants looking to allocate funds for buying a new or used car.

✅ How can I get a Car Loan from Sarva UP Gramin Bank?

Sarva UP Gramin Bank Car Loan can be availed by applying directly through Dialabank or reaching out to the nearest branch of the Bank.

✅ How does Sarva UP Gramin Bank Car Loan work?

Working on Sarva UP Gramin Bank Car Loan is pretty simple as it involves allocating funds to its customers willing to buy a car and keeping the same as collateral. The rate of Interest is charged against the loan and is repaid in burden less EMIs.

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

Car Loan Interest Rate in Sarva UP Gramin Bank is as low as 7.50% per annum.

✅ How to Check Car Loan status in Sarva UP Gramin Bank?

Check car Loan status in Sarva UP Gramin Bank directly by reaching out to the Bank’s website and providing your Loan number on the Loan Status page.

✅ How to Calculate Car Loan Interest in Sarva UP Gramin Bank?

Calculate Car Loan Interest in Sarva UP Gramin Bank by using Dialabank’s Calculator. This Calculator provides information about the EMI and Interest of your Loan.

✅ What is the maximum loan amount I can avail myself of on a Car Loan from Sarva UP Gramin Bank?

Car Loans from Sarva UP Gramin Bank can avail you of up to 100% amount of the ex-showroom price of the vehicle.

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

Sarva UP Gramin Bank Car Loan Tenure range between 12 to 84 months.

✅ Can I get a 100% Car Loan from Sarva UP Gramin Bank?

Yes, a 100% Car Loan from Sarva UP Gramin Bank can be provided on the Ex-showroom price of the car.

✅ How much Processing Fee is applicable on Sarva UP Gramin Bank Car Loan?

Processing Fees of 0.50% or a minimum of ₹ 1500 is applicable on Sarva UP Gramin Bank Car Loan.

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

EMI options of Step-up EMI and Balloon EMI are available with Sarva UP Gramin Bank Car Loan.

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

There are NO charges for Prepayment in Sarva UP Gramin Bank Car Loan.

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

Top-up Loan on Existing Sarva UP Gramin Bank Car Loan can only be availed under particular circumstances.

✅ Do I need to provide a guarantor to avail myself of a Car Loan from Sarva UP Gramin  Bank?

A guarantor is not needed to avail of a Car Loan from Sarva UP Gramin Bank.

✅ How to get Sarva UP Gramin Bank Car Loan Statement?

Sarva UP Gramin Bank Car Loan Statement is readily available on the Bank’s website and can be availed by providing the Loan Details.

✅ How to Pay Sarva UP Gramin Bank Car Loan Interest Online?

Pay Sarva UP Gramin Bank Car Loan Interest Online through Bank’s Payment gateways using your Net Banking.

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

Bank has the right to seize the vehicle or charge a nominal penalty for not paying Sarva UP Gramin Bank Car Loan EMI for 3 Months.

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

EMI Moratorium on Sarva UP Gramin Bank Car Loan can be requested directly with the Bank.

✅ What is the number for Sarva UP Gramin Car Loan agent?

9878981166 is the number for Sarva UP Gramin most valuable Car Loan Agent, i.e. Dialabank.

✅ Can I close Sarva UP Gramin Bank Car Loan online?

Sarva UP Gramin Bank Car Loan cannot be closed online; an Applicant has to reach the branch for the closure process.

✅ What is Sarva UP Gramin Bank Car Loan Customer Care Number?

9878981166 is the number for all the queries related to Sarva UP Gramin Bank Car Loan.

✅ How can I get NOC from Sarva UP Gramin Bank for a Car Loan?

NOC from Sarva UP Gramin Bank for a Car Loan can be availed after completing the foreclosure process.

✅ What is the Sarva UP Gramin Bank Car Loan closure procedure?

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

✅ What are the Sarva UP Gramin Bank Car Loan pre-closure charges?

Sarva UP Gramin Bank’s pre-closure charges are zero.

✅ What is the Sarva UP Gramin Bank Car Loan maximum tenure?

The Sarva UP Gramin Bank’s maximum tenure is 7 years.

✅ What is the Sarva UP Gramin Bank Car Loan minimum tenure?

The Sarva UP Gramin Bank Car Loan minimum tenure is 1 year.

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