Madhya Bihar Gramin Bank Car Loan Interest Rate at 8% to 8.25%
| INTEREST RATE | 8% to 8.25% |
| LOAN TENURE | Max. 84 EMI for new cars and max. 60 EMI for used cars |
| PROCESSING FEE | As decided by the bank from time to time |
| GUARANTOR REQUIRED | Third Party guarantee/ Collateral Security acceptable to the Bank |
| PRE CLOSURE CHARGES | As decided by the bank from time to time |
About Madhya Bihar Gramin Bank
Madhya Bihar Gramin Bank is a gramin bank in india established on 2006.
It has headquarter in Patna and address is Shri Vishnu Commercial Complex, NH 30, New Bypass, Asochak, Patna - 800 016.
it has 705 branches across the state.It provides all the financial services to its customers like saving 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 Jeevan Jyoti Bima Yojana and many more.
Madhya Bihar Gramin Bank Car Loan Interest Rates, Car Loan at 8% to 8.25% Updated on 14 Oct 2024. Apply for Car Loans Online. Find Madhya Bihar Gramin Bank Car loan purpos, Eligibility, Margin, Repayment of Car Loan ,Security, Documents Required for Car Loan from below.
Other Products of Madhya Bihar Gramin Bank:
| Home Loan | Personal Loan |
| Education Loan | Business Loan |
| Car Loan | Two Wheeler Loan |
| Gold Loan | FD Interest Rates |
| RD Interest Rates | Bank ATMs |
| PPF Account |
Madhya Bihar Gramin Bank Car Loan Purpose
To extend loan for purchase of car by proposed car buyers on attractive terms. Loan is given for New Car/Van/Jeep/Multi Utility Vehicle (MUV) or Sports Utility Vehicles (SUV). Loan is also given for Old car/van/jeep/MUV/SUV, which are not older than three years..Madhya Bihar Gramin Bank Car Loan Eligibility
- Age: 21 to 60 years.
- Permanent employees of State/Central Govt., Public Sector Undertakings, Corporations, Private Sector Companies and reputed establishments.
- Professionals, self-employed and others who are income tax assessees and persons engaged in agriculture and allied activities.
Madhya Bihar Gramin Bank Car Loan Documents Required
- Applicant's latest photograph.
- Age Proof- Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
- KYC (Know Your Customer) Documents.
- Identity Proof (any one): Voter's ID, PAN card, driving license, passport.
- Address Proof (any one): Voter's ID, PAN card, driving license, passport, electricity bill, telephone bill or ration card.
- Income Proof (any one): Latest salary slip, previous year's Form 16, bank statement for the last 6 months.
- Bank Statement or Bank Pass Book of having entries of last 6 months
Madhya Bihar Gramin Bank Car Loan Amount
Rs.25 lakh or 25 times of Net Monthly Salary / Pension/ Income, whichever is lowerMargin
For New Vehicle: 15% of on-road price inclusive of one time road tax & insurance. For Old Vehicles: 30% of the value of the vehicle.Madhya Bihar Gramin Bank Car Loan Repayment
Security
Vehicle purchased to be hypothecated to the bankTips to Manage Car Loan in a Better Way
(1) Make Proper Schedule for EMIs to be paid
You must make a proper schedule for payment of your EMIs in time and without any hassle or burden.
(2) Never Skip any Payment
Automatic transfer from your bank account is the best option that will make sure that the EMIs are paid every month without fail. In this way, none of the EMIs will skip. This will also help improving your credit score.
(3) Keep Loan Tenure Small
You must keep the car loan tenure as small as possible if your finances permit. It will be beneficial for you in two ways. First, you will get rid of loan in an early manner and second, your interest outgo will be very less as compared to longer tenure car loans.
(4) Make one Extra Payment Every Year
You must try to make an extra payment of loan amount each year. You can do so when you receive any funds like bonus etc. It will reduce your loan tenure or EMIs.
(5) Refinance your Car Loan
You must keep watching other institutions who are offering car loans and their interest rates. If other institution is offering you a car loan at lower interest rate, it would be beneficial to get your car loan refinanced from that institution.
Benefits of Car Loan
- Higher Loan Amount: Banks offer you a car loan of up to 80-100% of the on-road price of the car in case of new cars. The on-road price of a car includes the ex-showroom price, state government tax and insurance cost of the car.
- No Need to Liquidate your Investments: If you avail car loan then there is no need to liquidate your investments which you have made for some other purposes.
- Flexible Tenure: You can go for any loan repayment tenure ranging from 1 year to 7 years according to your choice.
- Tax Benefits: Car Loan can help you save on tax if you are a self-employed person/ businessman and use the car for legitimate business purposes. If you are a self-employed person/ businessman, you can claim the interest paid on car loan as a business expense. In this way, your taxable income will get reduced by the amount of interest you have paid in a financial year on car loan.
Contact details of Madhya Bihar Gramin Bank, Madhya Bihar Gramin Bank SMS balance check number, Madhya Bihar Gramin Bank SMS banking, Madhya Bihar Gramin Bank mobile banking, Madhya Bihar Gramin Bank toll free number,Madhya Bihar Gramin Bank toll free number 24*7, Madhya Bihar Gramin Bank miss call number.
- CUSTOMER CARE NUMBERS - 18001807777
- CONTACT NUMBERS - 0612-2385401
Madhya Bihar Gramin Bank Contact Details
- BANK OFFICIAL WEBSITE - https://www.mgbpatna.com
- CONTACT NUMBERS - 0612-2385401
- EMAIL ID - [email protected], [email protected]
- CUSTOMER CARE NO. - 18001807777
- TOTAL BRANCHES - 705
- HEADQUARTER - Patna
- BANK ADDRESS - Shri Vishnu Commercial Complex, NH 30, New Bypass, Asochak, Patna - 800 016
Madhya Bihar Gramin Bank Car Loan FAQs Car Loan Document Required
