Vananchal Gramin Bank Car loan

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Vananchal Gramin Bank Car loan

Vananchal Gramin Bank Car Loan Key Features – Dec 08 2022

Vananchal Gramin Bank Car Loan Interest Rate

7.35% per annum

Min Loan Amount ₹ 1,00,000
Max Loan Amount 100% of Ex-showroom Price
(Loan to Value)
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 Vananchal Gramin Bank Car Loan

Vananchal Gramin Bank is a Gramin Bank in India set up on 30-06-2006. It has settled in Dumka and its address is Municipality Chowk, Dangalpara, Dumka – 814 101, Jharkhand. it has 203 branches across the state.

It offers all the monetary types of assistance to its clients like saving store, fixed store, repeating store, advances, and so on

Advantages of Vananchal Gramin Bank Car Loan

Vananchal Gramin Bank Car Loan

Vananchal Gramin 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
 

Vananchal Gramin Bank Car Loan Interest Rate, Fees, and Charges

Charges New Car Loan Used Car Loan
Interest Rate  

7.35% 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

Vananchal Gramin Bank Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof Voter ID
  Aadhar Card
  Passport
   
(Any 1)  
Address Proof Driving Licence
  Passport
  Electricity Bill
   
(Any 1)  
Date of Birth Proof Birth Certificate
  Passport
  Driving Licence
  PAN
(Any 1)  
Signature Proof PAN Card
  Bankers Verification
  Passport
   
(Any 1)  
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:

1. 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 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


2. Private Limited/Limited Companies

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 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

How to Increase Your Eligibility for Vananchal Gramin 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 Vananchal 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 Vananchal 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 Vananchal 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 Vananchal Gramin Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a Vananchal Gramin Bank car loan, your yearly income should be at least Rs.3 lakh.
  • Loan amount – Your eligibility for a car loan from Vananchal Gramin 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 Vananchal 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, Vananchal Gramin Bank offers instant car loans to their existing customers. This allows Vananchal Gramin 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.

Vananchal Gramin Bank Car Loan Customer Care – Toll-Free Number

Vananchal Gramin Bank 24*7 customer care toll-free number all your general enquiries is 06434-222401, 06434-226289.

Vananchal Gramin Car Loan EMI Calculator

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

Car Loan EMI Calculator

Vananchal Gramin Bank Car Loan Types

Vananchal Gramin Bank 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 people who are looking for another and new vehicle. Advantage from this credit for a versatile residency of up to 7 years.
  • Used Car Loan – Take a Used Car Loan for buying any reused vehicle with full records available. Get the acknowledge for long residencies up to 5 years.
  • Advance Against Car – Individuals can even get a credit against their had vehicles for smart resource supports by keeping the vehicle regarding the protection.

Vananchal 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 Vananchal 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 long is 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 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 Vananchal Gramin Bank Bank car loan eligibility: Your eligibility is an assessment of your repayment capacity based on your monthly income. Vananchal Gramin Bank 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 – Vananchal Gramin 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 – Vananchal Gramin Bank 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. Vananchal 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 Vananchal Gramin Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Vananchal 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 Vananchal Gramin Bank Car Loan EMI

Before you avail of a car loan from Vananchal 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 tool will calculate the EMI and display it to you.

Vananchal Gramin Bank Car Loans for Top Selling Cars

Other Available Products from Vananchal Gramin Bank

Vananchal Gramin Bank Two Wheeler Loan Vananchal Gramin Bank LAP Vananchal Gramin Bank Education Loan
Vananchal Gramin Bank Car Loan Vananchal Gramin Bank Home Loan Vananchal Gramin Bank Business Loan

Compare Vananchal 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 Vananchal Gramin Bank Car Loan

✅ What is Vananchal Gramin Bank Car Loan?

Vananchal 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 Vananchal Gramin Bank?

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

✅ How does Vananchal Gramin Bank Car Loan work?

Working on Vananchal 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 burdenless EMIs.

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

Car Loan Interest Rate in Vananchal Gramin Bank is as low as

7.35% per annum

.

✅ How to Check Car Loan status in Vananchal Gramin Bank?

Check car Loan status in Vananchal 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 Vananchal Gramin Bank?

Calculate Car Loan Interest in Vananchal 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 Vananchal Gramin Bank?

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

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

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

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

Yes, a 100% car loan from Vananchal Gramin Bank can be provided on the Ex-showroom price of the car.

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

Processing Fees of 0.50% or a minimum of Rs.1500 is applicable on Vananchal Gramin Bank Car Loan.

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

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

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

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

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

Top-up Loan on Existing Vananchal 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 Vananchal Gramin Bank?

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

✅ How to get Vananchal Gramin Bank Car Loan Statement?

Vananchal 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 Vananchal Gramin Bank Car Loan Interest Online?

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

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

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

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

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

✅ What is the number for Vananchal Gramin Car Loan agent?

9878981166 is the number for Vananchal Gramin’s most valuable Car Loan Agent, i.e. Dialabank.

✅ Can I close Vananchal Gramin Bank Car Loan online?

Vananchal Gramin bank car Loan cannot be closed online; an Applicant has to reach the branch for the closure process.

✅ What is Vananchal Gramin Bank Car Loan Customer Care Number?

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

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

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

✅ What is the Vananchal Gramin Car Loan closure procedure?

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

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

Vananchal Gramin Bank’s pre-closure charges are zero.

✅ What is the Vananchal Gramin Car Loan maximum tenure?

The Vananchal Gramin maximum tenure is 7 years.

✅ What is the Vananchal Gramin Bank Car Loan minimum tenure?

The Vananchal Gramin Bank Car Loan minimum tenure is 1 year.

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