Pandyan Grama Bank Car Loan

Pandyan Grama Bank Car Loan Key Features Dec 26 2024

About Pandyan Grama Bank Car Loan

Pandyan Grama Bank is a Scheduled public sector bank in Tamil Nadu established under Regional Rural Bank Act 1976. It was founded on 9 March 1977 at Sattur, then later shifted to Virudhunagar on 16 July 1993.

Pandyan Grama 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 Pandyan Grama Bank 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

Pandyan Grama Bank Car Loan Eligibility

Documents required for the car loans and other eligibility are discussed below.

Pandyan Grama Bank Car Loan Interest Rate, Fees and Charges

Details on car loan interest rate and other charges are given below:

Pandyan Grama Bank Car Loan Documents Required

Salaried Individual

Self-Employed Individuals

Self-Employed Non-Individuals

1. Partnership Firms/Societies

2. Private Limited/Limited Companies

How to Increase Your Eligibility for Pandyan Grama Bank 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 Pandyan Grama 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 a Pandyan Grama 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 Pandyan Grama 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 a Pandyan Grama Bank car loan will be higher. This is because a higher income indicates a higher repayment capacity. To be eligible for a Pandyan Grama Bank car loan, your yearly income should be at least Rs.3 lakh.
• Loan amount – Your eligibility for a car loan from Pandyan Grama Bank 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 Pandyan Grama 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 – This indicates that your relationship with the bank is an important factor while determining your eligibility.

Pandyan Grama Bank Car Loan Customer Care – Toll-Free Number

Pandyan Grama Bank 24*7 customer care toll-free number all your general enquiries is For Ahmedabad / Bangalore / Chennai / Delhi & NCR / Hyderabad / Kolkata / Mumbai / Pune / Chandigarh / Cochin / Indore / Jaipur / Lucknow dial 04146221736/ 8300077006

Pandyan Grama 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

Pandyan Grama Bank Car Loan Types

Pandyan Grama 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 Pandyan Grama 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 are in need of 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.

Pandyan Grama Bank Car Loan Pre Calculated EMI

How to Apply for Pandyan Grama 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 NBFCs and choose the one which suits your needs.
4. Thus, easily apply for a Car Loan through Dialabank and enjoy the best offers.
5. Eligibility criteria for a car loans are discussed in the above contents

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 Pandyan Grama Bank car loan eligibility: Your eligibility is an assessment of your repayment capacity based on your monthly income. Pandyan Grama Bank 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 – Pandyan Grama Bank Bank also calculates your eligibility by applying a multiplier to your net take-home salary. This is the simplest method for calculating a 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 – Pandyan Grama Bank 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. Pandyan Grama Bank’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 Pandyan Grama Bank is 5% from 13-24 months, 3% after 24 months. When you prepay, the outstanding balance on your vehicle loan reduces. Pandyan Grama 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 Pandyan Grama Bank Car Loan EMI

Before you avail of a car loan from Pandyan Grama Bank, 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.

Pandyan Grama Bank Car Loan for Top Selling Cars

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Compare Pandyan Grama Bank Car Loan With Other Banks In India

FAQs for Pandyan Grama Bank Car Loan

✅ What is the Pandyan Grama Bank Car Loan?

Pandyan Grama Bank car loan is the loan sum provided to its clients by the business for a new or used car.

✅ How can I get a Car Loan from Pandyan Grama Bank?

1. Visit Dialabank and fill a form.
2. Wait for a call from our Relationship Manager who will lead you throughout the process.
3. You can compare different offers from banks and other businesses and choose the one which suits your needs.
4. Thus, easily apply for a Car Loan through Dialabank and experience the best offers.

✅ How does Pandyan Grama Bank Car Loan work?

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

✅ What is the Car Loan Interest Rate in Pandyan Grama Bank?

The interest rate on a car loan in the Pandyan Grama Bank is

7.35% per annum

✅ How to Check Car Loan status in Pandyan Grama Bank?

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

✅ How to Calculate Car Loan Interest in Pandyan Grama Bank?

✅ What are the charges for Prepayment in Pandyan Grama Bank Car Loan?

You can prepay/foreclose your Pandyan Grama Bank Car Loan with 5% as foreclosure costs.

✅ Can I get a top-up loan on my existing Pandyan Grama Bank car loan?

You can get a top-up loan on your current car loan from Pandyan Grama Bank for up to 150% of its worth.

✅ Do I need to provide a guarantor to avail a car loan from the Pandyan Grama 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 Pandyan Grama Bank Car Loan Statement?

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

                                                       or

You can get the report online. To do this, you should have Pandyan Grama Bank internet funding initiated.

✅ How to Pay Pandyan Grama Bank Car Loan Interest Online?

Simply logon to online Pandyan Grama Bank payment to ‘see and pay’ your statements. You also get an electronic acknowledgment for every bill paid by you using e-PAY. You can also pay through Paytm.

✅ What if I can’t pay the interest on Pandyan Grama Bank Car Loan for 3 months?

Pandyan Grama Bank imposes 24% of the exceptional amount or a Fee covering from Rs.500 to Rs.5000 for not paying the EMI for 3 months.

✅ How can I apply for EMI Moratorium on Pandyan Grama Bank Car Loan?

You can apply for EMI Moratorium on Pandyan Grama Bank Car Loans directly from the Pandyan Grama Bank website’s Loan corner.

✅ What is the number for the Pandyan Grama Bank Car Loan agent?

Call Dialabank at 9878981166 as it is one of the most granted Pandyan Grama Bank Car Loan agents. Dialabank even guarantees the best offers on your Car Loan.

✅ Can I close the Pandyan Grama Bank car loan online?

Pandyan Grama Bank car loans can be stopped by visiting the nearest branch and clearing off the outstanding value.

✅ What is the Pandyan Grama Bank Car Loan Customer Care Number?

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

✅ How can I get NOC from the Pandyan Grama Bank for a Car loan?

You can get NOC straight from the branch for Pandyan Grama Bank Car Loans.

✅ What is the Pandyan Grama Bank Car Loan closure procedure?

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

✅ What are the Pandyan Grama Bank Car Loan preclosure charges?

Pandyan Grama Bank Car Loan preclosure charges are up to 6%+ GST.

✅ What is the Pandyan Grama Bank Car Loan maximum tenure?

The Pandyan Grama Bank Car Loan maximum tenure is 7 years.

✅ What is the Pandyan Grama Bank Car Loan minimum tenure?

The Pandyan Grama Bank Car Loan minimum tenure is 1 year.