Purpose
|
- Purchase of new vehicles
- Takeover of Existing Vehicle loans
- Purchase of second hand vehicles
- Reimbursement for newly purchased cars (Restricted to up to 3 months of purchase)
- Pensioner
|
Target
Customers
|
Non-Resident Indian
|
Age
|
Minimum
|
18 Years
|
Maximum
|
- 60 years (salaried)
- 65 years (Non salaried)
|
|
Amount
|
Minimum
|
Rs 1.00 lacs
|
Maximum
|
- Rs. 100.00 Lakhs (New Car)
- Rs. 50.00 Lakhs (Used Car)
|
|
Tenure
|
Minimum
|
12 months
|
Maximum
|
- 84 months (for new car)
- 60 months (for used car)
|
|
Margin
|
New vehicles
|
10-20%
|
Used vehicles
|
25%
|
|
Interest rate
|
To view interest rate click here |
Eligibility
|
- Minimum Bureau Score of 740 and -1 to 5 without credit history for applicant/ Co-applicant
- Eligibility based on Income, Repayment track program and surrogate available
|
Features
|
- Financing On Road price which includes Regn,Insurance, Extended warranty Income of co applicant can be considered for eligibility
- If the customer is NRI one local co-applicant required (earning or nonearning)
|
Processing fees
|
1% of the loan amount with maximum ceiling of Rs.10,000/-
|
Prepayment charges
|
- Up to 12 months- 2% of amount prepaid
- Above 12 months-1% Applies to foreclosure of the loan
Prepayment charges/fore closure charges are applicable to non individuals and fixed rate option loans.
|