Vidharbha Konkan Gramin Car Loan

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Vidharbha Konkan Gramin Car Loan

Vidharbha Konkan Gramin Car Loan Key Features – Jun 30 2022

Vidharbha Konkan Gramin Car Loan Interest Rate

7.35% per annum

Min Loan Amount ₹ 100,000
Max Loan Amount Loan up to 90% of On Road Price
(Loan to Value) or 100% of Ex-showroom Price
Vidharbha Konkan Gramin car Loan Tenure 1 year to 7 years
Lowest EMI / Lac ₹ 1,622
Minimum Net Monthly Income ₹ 20,000
Minimum ITR for Self Employed ₹ 2,00,000
Age Criteria Salaried: 21 years to 60 years
Self Employed: 21 years to 65 years
Types of Cars For All New Passenger Cars, Multi Utility Vehicles (MUVs) and Sport Utility Vehicle (SUVs).
Vidharbha Konkan Gramin car loan Processing Fee 0.40% of the principal amount
Foreclosure Charges 6% (7-12 months)
Basic Documentation Address Proof, Bank Statement, Car Quotation and ID Proof

About Vidharbha Konkan Gramin Car Loan

Vidharbha Konkan Gramin is a Gramin Bank in India established on 28-02-2013. It has headquartered in Nagpur and the address is 2nd and 3rd Floor, Chandraprastha, Plot No. 6, Deendayal Nagar, Ring Road, Nagpur – 440 022. it has 356 branches across the state. Vidharbha Konkan Gramin Bank Car Loan Interest Rates, Car Loan at 14% to 15% Updated on 20 Jan 2021. Apply for Car Loans Online. Find Vidharbha Konkan Gramin Bank Car loan purpose, Eligibility, Margin, Repayment of Car Loan, Security, Documents Required for Car Loan.

Advantages of Vidharbha Konkan Gramin 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

Vidharbha Konkan Gramin Car Loan

Vidharbha Konkan Gramin Car Loan 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

Vidharbha Konkan Gramin 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.
Vidharbha Konkan Gramin car loan Processing fee 0.40% 0.40%
Issuance of Duplicate Repayment Schedule Charges Around Rs.500 Around Rs.500
Foreclosure Charges 6% 6%
Penal Interest 2% PM 2% PM
Vidharbha Konkan Gramin 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

Vidharbha Konkan Gramin Car Loan Documents Required

Salaried Individual

Category Documents Required
Identity Proof Passport
Voter ID
Aadhar Card
Driving License
Address Proof Aadhar Card
PAN
Driving License
Electricity Bill
Date of Birth Proof Passport
Birth Certificate
High School Marksheet
Driving Licence
Signature Proof 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 PAN Card
Passport
Voter ID
Aadhar Card
Address Proof PAN Card
Voter ID
Passport
Electricity Bill
Date of Birth Proof Birth Certificate
Passport
Driving Licence
PAN
Signature Proof 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

Partnership Firms/Societies

Category Documents Required
Identity Proof Driving Licence
PAN Card
Aadhar Card
Passport
Address Proof 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

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.

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

Vidharbha Konkan Gramin Car Loan Customer Care – Toll-Free Number

Vidharbha Konkan Gramin 24*7 customer care toll-free number all your general enquiries is 0712-2224322

Vidharbha Konkan Gramin Car Loan EMI Calculator

The applicant can calculate its EMI on the Car Loan before even availing it by following the address below:

Car Loan EMI

Vidharbha Konkan Gramin Car Loan Types

There’s a long list of Car Loan Products provided by Vidharbha Konkan Gramin Bank. Choose among them according to your desires. Lit of Car Loan provided by Vidharbha Konkan Gramin Bank:
Vidharbha Konkan Gramin Bank offers different types of car loans to its customers. You have the option of choosing the offer which suits your need the best. It offers the following types of Car Loans:

  1. New Car Loan –  Applicants looking to buy a new car can go for this. You can get a car loan for a minimum amount of Rs. 1 lakh and tenure up to 7 years.
  2. Used Car Loan – Individuals wanting to buy used cars can avail Used Car loan with a minimum amount of Rs. 1 Lakh and a tenure of 5 years.
  3. Loan Against Car – Applicants with the urgency of funds can go for this loan by providing their car as a gage and getting a loan amount against it.

Vidharbha Konkan Gramin 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 Vidharbha Konkan Gramin Car Loan?

  1. Reach out to Dialabank and provide the information asked on the form.
  2. Our Relationship Manager will contact you shortly to guide you through the Vidharbha Konkan Gramin car loan process.
  3. Compare and select from various options available.
  4. Applying for a Car Loan with Dialabank helps you avail of the various 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 Vidharbha Konkan Gramin car loan eligibility: Your eligibility is an assessment of your repayment capacity based on your monthly income. Vidharbha Konkan Gramin 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 – Vidharbha Konkan Gramin 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 – Vidharbha Konkan Gramin 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. Vidharbha Konkan Gramin’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 Vidharbha Konkan Gramin is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Vidharbha Konkan Gramin 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 Vidharbha Konkan Gramin Car Loan EMI

Before you avail of a car loan from Vidharbha Konkan Gramin, 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.

Vidharbha Konkan Gramin Car Loans for Top Selling Cars

Other Available Products from Vidharbha Konkan Gramin

Vidharbha Konkan Gramin Bank Business Loan Vidharbha Konkan Gramin Bank Customer Care Vidharbha Konkan Gramin bank Personal Loan

Compare Vidharbha Konkan Gramin 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 Vidharbha Konkan Gramin Car Loan

✅ What is Vidharbha Konkan Gramin Car Loan?

Vidharbha Konkan Gramin Car Loans is financial support provided by the bank to its customers to buy their dream car.

✅ How can I get a Car Loan from Vidharbha Konkan Gramin Bank?

Apply with Dialabank to get Vidharbha Konkan Gramin Car Loan in the most reliable manner.

✅ How does Vidharbha Konkan Gramin Car Loan work?

Vidharbha Konkan Gramin provides car loans by securing the new car bought as collateral against the loan. Apply for a Car Loan with the necessary documents and park a new car in your parking while repaying the loan amount in easy EMIs. However, A minimal Rate of Interest is charged against the loan.

✅ What is the Car Loan Interest Rate in Vidharbha Konkan Gramin?

Vidharbha Konkan Gramin car loan rate starts from 7.50% per annum. Interest Rate is the cost of borrowing money, expressed as a percentage of the loan amount.

✅ How to Check the Vidharbha Konkan Gramin Car Loan status?

Go to Vidharbha Konkan Gramin Bank’s official web handle and provide the important details regarding your loan i.e Vidharbha Konkan Gramin car loan details and get the status of the same in seconds. You can contact the nearest branch also for knowing the status of your Car Loan.

✅ How to check the Vidharbha Konkan Gramin car loan interest calculator?

Use Dialabank EMI Calculator to calculate Interest Rate as well as EMI. Follow the link below to direct yourself to the calculator:
Dialabank Calculator

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

You can avail Loan up to 100% of the vehicle’s Ex-Showroom price.

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

Loan tenure of Vidharbha Konkan Gramin Car Loan is 1 Year to 7 Years in case of New Car and 1 Year to 5 Years in case of Used Cars.

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

Yes, you can get a 100% Car Loan from Vidharbha Konkan Gramin Bank on the Ex-Showroom price of the vehicle.

✅ How much Processing Fee is applicable on Vidharbha Konkan Gramin Car Loan?

Vidharbha Konkan Gramin Car Loan charges 0.40% of Principal Amount as the Processing Fee which can go up to a  maximum amount of Rs.10,000.

✅ What are the EMI options available on the Vidharbha Konkan Gramin Bank car loan?

Vidharbha Konkan Gramin Provides two EMI options Step-up EMI and Balloon EMI.

✅ What are the charges for Vidharbha Konkan Gramin Car Loan Payment or Prepayment?

Foreclosure of Vidharbha Konkan Gramin car loan is 6% of the loan/paying off the loan before the tenure ends.

✅ Can I get a top-up loan on my existing Vidharbha Konkan Gramin Bank car loan?

Vidharbha Konkan Gramin provides Zero paperwork Top-up instantly against existing Car Loans on a fixed reducing Rate of Interest.

✅ Do I need to provide a guarantor to avail myself of a car loan from Vidharbha Konkan Gramin Bank?

A big NO, Vidharbha Konkan Gramin doesn’t ask for any guarantor to avail Car Loan.

✅ How to get Vidharbha Konkan Gramin Car Loan Statement?

Get your Vidharbha Konkan Gramin Car Loan statement by following the mentioned steps:
1. Go on to Vidharbha Konkan Gramin Bank official website.
2. log in to “Loan Status” with your Vidharbha Konkan Gramin car loan login credentials and get the statement.
OR
You can directly visit the nearest branch for your Loan Statement.

✅ How to Pay Vidharbha Konkan Gramin Bank Car Loans Interest Online?

Pay your Vidharbha Konkan Gramin Car Loan Interest directly through Vidharbha Konkan Gramin Bank’s website and by providing your Loan Account Number and pay using Net Banking or Debit/Credit Cards. You can also use Paytm for paying your Vidharbha Konkan Gramin car Loan Interest.

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

Vidharbha Konkan Gramin charges 24% of the outstanding amount or a Fee ranging from Rs.500 to Rs.5000 for not paying the EMI for 3 months.

✅ How can I apply for EMI Moratorium on Vidharbha Konkan Gramin Car Loan?

You can apply for EMI Moratorium on Vidharbha Konkan Gramin Car Loans directly from the Vidharbha Konkan Gramin website’s Loan corner.

✅ What is the number for Vidharbha Konkan Gramin Car Loan agent?

Call Dialabank at 9878981166 as it is one of the most trusted Vidharbha Konkan Gramin Car Loan agents. Dialabank even ensures the best offers on your Car Loan.

✅ Can I close the Vidharbha Konkan Gramin car loan online?

Vidharbha Konkan Gramin car Loan can be closed by visiting the nearest branch and clearing off the outstanding amount.

✅ What is Vidharbha Konkan Gramin Car Loan Customer Care Number?

For contacting Vidharbha Konkan Gramin Car Loan NOC Customer Care all 9878981166 and clear any of your queries with us anytime.

✅ How can I get from Vidharbha Konkan Gramin Car loan NOC?

You can get Vidharbha Konkan Gramin bank Car Loan NOC directly from the branch for Vidharbha Konkan Gramin.

✅ What is the Vidharbha Konkan Gramin Car Loan closure procedure?

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

✅ What are the Vidharbha Konkan Gramin Car Loan preclosure charges?

Vidharbha Konkan Gramin Car Loan preclosure charges are up to 6%+ GST.

✅ What is the Vidharbha Konkan Gramin Car Loan maximum tenure?

The Vidharbha Konkan Gramin Car Loan maximum tenure is 7 years.

✅ What is the Vidharbha Konkan Gramin Car Loan minimum tenure?

The Vidharbha Konkan Gramin Car Loan minimum tenure is 1 year.

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