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Purpose
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- 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
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Target
Customers
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Non-Resident Indian
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Age
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Minimum
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18 Years
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Maximum
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- 60 years (salaried)
- 65 years (Non salaried)
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Amount
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Minimum
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Rs 1.00 lacs
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Maximum
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- Rs. 100.00 Lakhs (New Car)
- Rs. 50.00 Lakhs (Used Car)
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Tenure
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Minimum
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12 months
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Maximum
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- 84 months (for new car)
- 60 months (for used car)
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Margin
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New vehicles
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10-20%
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Used vehicles
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25%
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Interest rate
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To view interest rate click here |
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Eligibility
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- Minimum Bureau Score of 710 and -1 to 5 without credit history for applicant/ Co-applicant
- Eligibility based on Income, Repayment track program and surrogate available
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Features
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- 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)
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Processing fees
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1% of the loan amount with maximum ceiling of Rs.10,000/-
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Prepayment charges
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- 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.
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