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Meghalaya Rural Bank

Car Loans

Meghalaya Rural Bank’s Car Loan is designed to help you purchase your dream new car. Finance your vehicle purchase with ease and enjoy a smooth and hassle-free car buying experience

  • Employment Status: Regular employees of State/Central Government, public undertakings, corporations, private sector companies, and reputed establishments.
  • Professionals and Business Owners: Including self-employed individuals, businessmen, and proprietary/partnership firms.
  • Interest rates start from 8.5%, subject to your CIBIL score.
  • For Salaried Individuals: Up to 48 times of net monthly income.
  • For Others: Up to 4 times of net profit or gross taxable income as per ITR.
  • Recent Salary Pay Slip or Income Statement
  • Income Tax Return for Tax Payers / Affidavit: Declaring the genuine source of income for exempted tax payers.
  • Financial Statements: Statement of Profit and Loss and Balance Sheet for the past three years (for business and self-employed applicants).

For Check-off Facility:

  • Hypothecation of Vehicle

For Non-Check-off and Others:

  • Hypothecation of Vehicle
  • Third Party Guarantee
  • Liquid Securities: Acceptable forms include bank term deposits, LIC policies, NSCs, and KVPs, duly assigned in the bank's favor. Liquid securities should be:
  • At least 5% of the loan amount for loans up to ₹10 lakhs.
  • At least 20% of the loan amount for loans above ₹10 lakhs.
  • 0.59% of loan amount upto Rs11,800/- only
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