Saurashtra Gramin Bank Car Loan Interest Rate at 11.50% to 12%

INTEREST RATE11.50% to 12%
LOAN TENUREMax. 84 EMI
PROCESSING FEEAs decided by the bank from time to time
GUARANTOR REQUIREDYes
PRE CLOSURE CHARGESAs decided by the bank from time to time
Note: Updated on 19 Nov 2021, for latest interest rates, please visit bank website.

About Saurashtra Gramin Bank

Saurashtra Gramin Bank is a gramin bank in india established on 1978.

It has headquarter in Rajkot and address is S.J. Place, 1st Floor, Dhebar Road, Opp-Andh Mahila Vikas Gruh, Rajkot-360 002,Gujarat.

it has 299 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.

Saurashtra Gramin Bank Car Loan Interest Rates, Car Loan at 11.50% to 12% Updated on 29 Sep 2022. Apply for Car Loans Online. Find Saurashtra Gramin Bank Car loan purpos, Eligibility, Margin, Repayment of Car Loan ,Security, Documents Required for Car Loan from below.

Other Products of Saurashtra Gramin Bank:

Home LoanPersonal Loan
Education LoanBusiness Loan
Car LoanTwo Wheeler Loan
Gold LoanFD Interest Rates
RD Interest RatesBank ATMs
PPF Account 

Saurashtra Gramin Bank Car Loan Purpose

To provide term loan for purchasing four wheelers to be used as car.

Saurashtra Gramin Bank Car Loan Eligibility

  1. Age: 21 to 60 years.
  2. Permanent employees of State/Central Govt., Public Sector Undertakings, Corporations, Private Sector Companies and reputed establishments.
  3. Professionals, self-employed and others who are income tax assessees and persons engaged in agriculture and allied activities.

Saurashtra Gramin Bank Car Loan Documents Required

  1. Applicant's latest photograph.
  2. Age Proof- Mark sheets/pass certificates of S.S.C., H.S.C, Degree courses (Optional)
  3. KYC (Know Your Customer) Documents.
  4. Identity Proof (any one): Voter's ID, PAN card, driving license, passport.
  5. Address Proof (any one): Voter's ID, PAN card, driving license, passport, electricity bill, telephone bill or ration card.
  6. Income Proof (any one): Latest salary slip, previous year's Form 16, bank statement for the last 6 months.
  7. Bank Statement or Bank Pass Book of having entries of last 6 months

Saurashtra Gramin Bank Car Loan Amount

Rs. 15.00 lakhs OR 30 times of net monthly income in case of salaried person. In other cases 2.5 times of net annual income.

Margin

For new car : Upto Rs. 6 lakhs : 15%
For new car : Above Rs.6 lakhs : 30%
For used car : 30% on valuation report from Govt. approved valuer.

Saurashtra Gramin Bank Car Loan Repayment

Within 7 years for new vehicles.
If old vehicle, repayment period should not exceed 7 years form original sale date.

Security

Primary :
(1) Hypothetical of vehicle for which applied for Car Loan.
(2) Advance post dated Cheques or check off facility.
Collateral :
Security by way of pledge of LIC | NSC to cover at least 35% of value or Third Party Guarantee | Third Party Guarantee of Spouse (if Income is clubbed)

Tips 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 Saurashtra Gramin Bank, Saurashtra Gramin Bank SMS balance check number, Saurashtra Gramin Bank SMS banking, Saurashtra Gramin Bank mobile banking, Saurashtra Gramin Bank toll free number,Saurashtra Gramin Bank toll free number 24*7, Saurashtra Gramin Bank miss call number.

  • CONTACT NUMBERS - 0281-2371128,2362608,8511162001 Fax-0281-2371127

Saurashtra Gramin Bank Contact Details

  • BANK OFFICIAL WEBSITE - www.sgbrrb.org
  • CONTACT NUMBERS - 0281-2371128,2362608,8511162001 Fax-0281-2371127
  • EMAIL ID - sgb99@rediffmail.com
  • TOTAL BRANCHES - 299
  • HEADQUARTER - Rajkot
  • BANK ADDRESS - S.J. Place, 1st Floor, Dhebar Road, Opp-Andh Mahila Vikas Gruh, Rajkot-360 002,Gujarat
Saurashtra Gramin Bank EMI Calculator Saurashtra Gramin Bank Branches  
Saurashtra Gramin Bank Car Loan FAQsCar Loan Document Required

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