|
Own
a vehicle with the friendliest and most convenient car
loan. Either you can purchase a new Car/ Van/ Jeep or
raise loan to purchase old vehicles that are not older
than 3 years. Finance will be provided for purchase of
vehicle of indigenous/ foreign makes.
| Eligibility |
|
 |
Individuals
as well as Business Concerns (Corporate or non-corporate).
| Amount of Loan |
|
|
For
Individuals:
25 times of the monthly net salary OR Rs.15 lac, whichever
is lower. Income of spouse can be taken into account for
determining loan amount. In such cases, the spouse shall
stand as a guarantor.
For
Business Concerns: No ceiling
on loan amount.
| Margin |
|
|
20%
| Security |
|
|
The
vehicle purchased with the amount of loan is to be hypothecated
to the Bank. It will be registered in the name of the
borrower jointly with the Bank.
| Guarantee / Collateral Security |
|
|
- Guarantee of spouse, if employed or third party guarantee, OR
- Collateral Security in the shape of either Immovable Property or Liquid Security equivalent to 100% of loan amount
| Rate of Interest |
|
|
Click Here to view rate of interest
| Repayment |
|
|
For new Car/ Van/ Jeep:
The loan amount together with interest is to be repaid
maximum in 84 Equated Monthly Instalments
(EMIs)
For old Car/ Van/ Jeep:
The loan amount together with interest is to be repaid
maximum in 60 Equated Monthly Instalments
(EMIs)
| Upfront Fee |
|
|
1% of the loan amount, with a maximum
of Rs.4,000/-
| Documentation Charges |
|
|
Rs.300/- upto Rs.2 Lac
Rs.500/- over Rs.2 Lac
| Disbursement |
|
|
The
intending borrower will be required to settle the transaction
for purchase of vehicle needed by him/her with the seller
and will be required to deposit the difference of the
cost of the vehicle to amount of loan, and thereafter,
the advance will be allowed to him/her from the bank by
paying the entire price of the vehicle to the seller directly
on behalf of the borrower. |
