Malwa Gramin Bank – Car Loan

By | April 14, 2011

Purpose                      – Term Loans are sanctioned for purchase of new passenger cars, jeeps or multi utility vehicles (MUVs) and SUVs

 

Eligibility –           People between the age group of 21 to 60 years are eligible for the car loan. 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 assess and persons engaged in agriculture and allied activities are also eligible.

 

For Salaried employees:

(i) Net annual income Rs.75, 000 and above

(ii) Net monthly income should be at least 2 times of EMI

 

Self Employed and Professionals:

Net annual income Rs.75, 000 and above for the last year as per Income Tax Return

 

Persons engaged in agriculture and allied activities:

Same as for self- employed and professionals except that income tax return will not be required.

 

Quantum of Loan       – No ceiling of loan amount, Maximum loan amount will be 30 times the net monthly income or 2.5 times the net annual income.

 

Margin –           15% of on road price of Vehicle (30% in case of loans above Rs. 6.0 Lakh)

 

Repayment                 – The loan should be repaid in suitable monthly or quarterly installments within a period of 7 years

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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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