CAR LOAN
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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)
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Target
Customers
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- Resident Indian
- Non-Resident Indian
- Agriculturist
- Proprietorship Concern/ Partnership Firms/ LLPs/ Private or Public Limited Companies/ Trusts/ Societies
- Pensioner
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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 or superannuation age(salaried)
- 65 years (Self Employed & Pensioner)
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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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LTV
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For New cars
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Up to 95%
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For Used cars
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Up to 75%
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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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- Eligibility- Minimum Bureau Score of 740 and -1 to 5 without credit history for applicant/ Co-applicant
- Minimum 2 years of total employment with minimum 1 year in current employment.
- Minimum 3 years business experience
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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
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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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| Penal Interest |
2% p.a. for the defaulted amount for the defaulted period |
| EMI/Cheque Bounce charge |
Rs.300.00+Service tax |
| Cheque/ECS swap charges |
Rs.500.00+Service tax |
Documents* required
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Salaried
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SEP/SENP
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Agriculturist
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Pensioner
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NRIs
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Photo ID Proof
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Photo ID Proof
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Photo ID Proof
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Photo ID Proof
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Photo ID Proof
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Address Proof
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Address Proof
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Address Proof
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Address Proof
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Address Proof
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Passport Size Photo
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Passport Size Photo
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Passport Size Photo
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Passport Size Photo
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Passport Size Photo
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Latest 2 months Payslips (In case of variable pay, latest 6 months pay slips)
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Valid Business Proof
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Proof of land holding and land tax
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Latest 6 months Pension Credit Bank account statement
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Valid Passport and VISA
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Latest 2 year Form 16/Tax Returns
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Latest 2 year Tax Returns
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Latest 2 year Tax Returns
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Pension Order Copy
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Latest 12 months NRE account statement to NR remittance is made
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Latest 6 months salary credit account statement & Latest 6 months accounts statement from loans are repaid
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Latest 6 months Bank account statements
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Latest 6 months Bank account statements
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Latest 6 months Account statement abroad
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Documents like MOA,AOA, Partnership Deed etc. based on the Constitution
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Proforma Invoice for New Cars
Used Cars – Expert Valuation Report, Sale Agreement, Insurance and RC copy
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*Any other documents as required by the Bank for Credit Decision