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Car Finance |
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 of spouse, if employed or third party guarantee is acceptable to Bank.
Rate of Interest
For loans sanctioned and disbursed on or after 18.10.2007
Under fixed option(option reset clause of one year)
| For Category |
Rate of Interest |
| a.) Individuals with minimum RBL Score of 60 |
11.50% |
| b.) For others (including Business Concerns) |
12.00% |
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. |
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