CAR LOAN            

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)
Target
Customers
  • Resident Indian
  • Non-Resident Indian
  • Agriculturist
  • Proprietorship Concern/ Partnership Firms/ LLPs/ Private or Public Limited Companies/ Trusts/ Societies
Age
Minimum
18 Years
Maximum
65 Years
Amount
Minimum
Rs 1.00 lacs
Maximum
Rs 100.00 lacs
Tenure
Minimum
12 months
Maximum
84 months
Margin
New vehicles
10-20%
Used vehicles
25%
Interest rate
Attractive interest rate from MCLR (1 Year)
Eligibility
  • Minimum Bureau Score of 600 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
  • No security and Guarantor is needed
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

  
 
Documents required
 

Salaried/pensioner
SEP/SENP
Agri and allied activities
12 m statement/stmnt from where loans are repaid
12 m statement/ stmnt from where loans are repaid
12 m statement /stmnt from where loans are repaid
Passport size photo
Passport size photo
Passport size photo
Proof of identity like PAN etc
Proof of identity like PAN etc
Proof of identity like PAN etc
Address proof
Address proof.Other docs such as MOA,Partnership deed etc to be taken
Address proof
Income proof like ITr/Form 16 for last 2 years
ITR/AFS/ for last 2 year
Proof of land holding and land tax.
Salary slip/salary certificate
Invoice
Invoice
Invoice of the vehicle