Karnataka Vikas Grameena Bank Car Loan

Karnataka Vikas Grameena Bank Car Loan Key Features –

About Karnataka Vikas Grameena Bank Car Loan

The Karnataka Vikas Grameena Bank or KVGB, an Indian Regional Rural Bank that is sponsored by Canara Bank. The bank provides all kinds of banking services to villagers. It also has around 628 branches in areas of Karnataka. Karnataka Vikas Grameena Bank provides Car Loans at attractive rates of interest to the consumer for buying their dream car, whether new or second hand. It is an easily available loan that can be procured by anyone, even by ones who have a slightly low credit/CIBIL score.

Advantages of Karnataka Vikas Grameena Car Loan

Karnataka Vikas Grameena Bank Car Loan Eligibility

Karnataka Vikas Grameena Bank Car Loan Interest Rate, Fees, and Charges

Karnataka Vikas Grameena Bank Car Loan Documents Required

Salaried Individual

Self-Employed Individuals

Self-Employed Non-Individuals:

Partnership Firms/Societies

Private Limited/Limited Companies

How to Increase Your Eligibility for Karnataka Vikas Grameena Bank Car Loan

• Opt for a shorter tenure – When you opt for a shorter tenure to repay the money, the EMI that you will pay each month will be higher. This will indicate 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 an HDFC 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 an HDFC 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 Karnataka Vikas Grameena 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 an HDFC Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for an HDFC Bank car loan, your yearly income should be at least 3 lakh.
• Loan amount – Your eligibility for a car loan from HDFC 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 HDFC 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, HDFC Bank offers instant car loans to their existing customers through the feature, which allows HDFC 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.

Karnataka Vikas Grameena Bank Car Loan Customer Care–Toll-Free Number

HDFC Bank 24*7 customer care toll-free number all your general enquiries is For Ahmedabad / Bangalore / Chennai / Delhi & NCR / Hyderabad / Kolkata / Mumbai / Pune dial 18004251666. For Chandigarh / Cochin / Indore / Jaipur / Lucknow dial 18004251666.

Karnataka Vikas Grameena Bank Car Loan EMI Calculator

The applicant has the option to know the EMI’s before availing of a Car Loan. Thus, you can easily check through the link below:

Car Loan EMI Calculator

Karnataka Vikas Grameena Bank Car Loan Types

Karnataka Vikas Grameena 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 –  Those who wish to buy a new car, this is the scheme for you. You can take Karnataka Vikas Grameena Bank Car Loan for a minimum of Rs. 1 lakh and a minimum tenure of 7 years.
2. Used Car Loan – If you wish to buy a used car, then you can choose this scheme which offers a minimum loan of Rs. 1 lakh and a minimum tenure of 5 years.
3. Loan Against Car – You can opt for this scheme if you require urgent funds where you can keep your cars as collateral with the bank where you can get Rs. 10 lakh or up to 50% of your car’s value.

Karnataka Vikas Grameena Bank Car Loan Pre Calculated EMI

How to Apply for Karnataka Vikas Grameena Bank Car Loan?

1. Visit Dialabank and fill a form.
2. Wait for a call from our Relationship Manager, who will guide you throughout the process.
3. You can compare different offers from banks and choose the one which suits your needs.

Thus, quickly apply for a Car Loan through Dialabank and enjoy the best offers.

Tips to Decide the Right Amount of EMI in Car Loan

• Ascertain the amount you need to borrow: It is essential 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 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 HDFC Bank car loan eligibility: Your eligibility is an assessment of your repayment capacity based on your monthly income. HDFC 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 – HDFC 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 – HDFC 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. HDFC Bank’s assessment may be different from your 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 HDFC Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. HDFC 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 Karnataka Vikas Grameena Bank Car Loan EMI

Before you avail of a car loan from Karnataka Vikas Grameena Bank, you may want to know how much amount you will be paying every month. This is simply known as EMIs or equated monthly installments, 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.

Karnataka Vikas Grameena Bank Loans for Top Selling Cars

Compare Karnataka Vikas Grameena Bank Car Loan With Other Banks In India

FAQs for Karnataka Vikas Grameena Bank Car Loan

✅ What is the Karnataka Vikas Grameena Bank Car Loan?

Karnataka Vikas Grameena Bank car loan is the loan amount given to its clients by the company for a new or used automobile.

✅ How can I get a Car Loan from Karnataka Vikas Grameena Bank?

1. Visit Dialabank and fill a form.
2. Wait for a call from our Contact Manager, who will guide you throughout the process.
3. You can compare different offers from banks and other companies and choose the one which suits your needs.
4. Thus, quickly apply for a Car Loan through Dialabank and enjoy the best proposals.

✅ How does Karnataka Vikas Grameena Bank Car Loan work?

When you apply for a car loan, then you will get a call from our representative, and then, there will be a document verification process. Then, the loan amount will be charged to your account.

✅ What is the Car Loan Interest Rate in Karnataka Vikas Grameena Bank?

The interest rate on a car loan in the Karnataka Vikas Grameena Bank is

7.35% per annum

✅ How to Check Car Loan status in Karnataka Vikas Grameena Bank?

You can track your car loan status online on the Car loan status website.

✅ How to Calculate Car Loan Interest in Karnataka Vikas Grameena Bank?

✅ What are the charges for Prepayment in Karnataka Vikas Grameena Bank Car Loan?

You can prepay/foreclose your Karnataka Vikas Grameena Bank Car Loan with 5% as foreclosure charges.

✅ Can I get a top-up loan on my existing Karnataka Vikas Grameena Bank car loan?

You can get a top-up loan on your current car loan from Karnataka Vikas Grameena Bank for up to 150% of its value.

✅ Do I need to provide a guarantor to avail myself of a car loan from the Karnataka Vikas Grameena Bank?

Generally, you don’t need a guarantor for a car loan. However, you may need a guarantor if you don’t fulfill the eligibility criteria.

✅ How to get the Karnataka Vikas Grameena Bank Car Loan Statement?

Get the statement in person by visiting your branch and requesting a detailed report.

                                                       or

You can get the statement online. To do this, you should have Karnataka Vikas Grameena Bank internet funding activated.

✅ How to Pay Karnataka Vikas Grameena Bank Car Loan Interest Online?

Simply log on to online Karnataka Vikas Grameena Bank payment to ‘see and pay your bills. You also get an electronic acknowledgment for every invoice paid by you using e-PAY. You can also pay through Paytm.

✅ What if I can’t pay the interest on Karnataka Vikas Grameena Bank Car Loan for 3 months?

Karnataka Vikas Grameena Bank imposes 24% of the exceptional 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 Karnataka Vikas Grameena Bank Car Loan?

You can apply for EMI Moratorium on Karnataka Vikas Grameena Bank Car Loans directly from the Karnataka Vikas Grameena Bank website’s Loan corner.

✅ What is the number for the Karnataka Vikas Grameena Bank Car Loan agent?

Call Dialabank at 9878981166 as it is one of the most trusted Karnataka Vikas Grameena Bank Car Loan agents. Dialabank even ensures the best offers on your Car Loan.

✅ Can I close the Karnataka Vikas Grameena Bank car loan online?

Karnataka Vikas Grameena Bank car loans can be closed by visiting the nearest branch and clearing off the outstanding amount.

✅ What is the Karnataka Vikas Grameena Bank Car Loan Customer Care Number?

Call 9878981166 and clear any of your queries with us anytime.

✅ How can I get NOC from the Karnataka Vikas Grameena Bank for a Car loan?

You can get NOC directly from the branch for Karnataka Vikas Grameena Bank Car Loans.

✅ What is the Karnataka Vikas Grameena Bank Car Loan closure procedure?

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

✅ What are the Karnataka Vikas Grameena Bank Car Loan preclosure charges?

Karnataka Vikas Grameena Bank Car Loan preclosure charges are up to 6%+ GST.

✅ What is the Karnataka Vikas Grameena Bank Car Loan overdraft scheme?

For simplifying the process and providing you with a hassle-free service while processing an overdraft scheme at Karnataka Vikas Grameena Bank bank is provided, it gives you an online way to get your own overdraft, also known as Smartdraft – Overdraft Against Salary. You do not need to visit bank branches and go through a boring process. Just log in to the Karnataka Vikas Grameena Bank online banking portal, and from there, you can fill out a simple form and get an overdraft under your name.

✅ What is the Karnataka Vikas Grameena Bank Car Loan maximum tenure?

The Karnataka Vikas Grameena Bank Car Loan maximum tenure is 7 years.

✅ What is the Karnataka Vikas Grameena Bank Car Loan minimum tenure?

The Karnataka Vikas Grameena Bank Car Loan minimum tenure is 1 year.