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.
Apply New Car Finance
Apply
Used Car Finance
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Eligibility |
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Individuals as well as Business Concerns
(Corporate or non-corporate).
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Amount
of Loan
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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 in loan amount.
Processing fee is nominal.
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Margin |
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20%
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Security |
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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.
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Rate
of Interest
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Rate
of Interest(For loans granted on or
after 01.04.2004)
Rate of interes (Fixed Option):
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TENOR
For loans repayable in/upto
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Rate of Interest
@ percent p.a.
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Less than 3 years
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BPLR minus 1.50% i.e. 9.25%
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3 years & above
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BPLR + term premia minus 1.50% i.e. 9.75%
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# No change in rate
of interest in existing account is to be carried out.
(Existing borrowers may be
allowed the benefit of new rate in case the account is running regular and there
are no inspection irregularities subject to payment of flat fee charges of 2% on
balance outstanding in car loan account.)
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Repayment
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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)
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Disbursement |
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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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