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
Non-Resident Indian
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
  • 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

 
 
 
Documents required

Salaried/pensioner
SEP/SENP
12 m statement having inward remittance/Other bank accounts thru which the loans are repaid
 
12 m statement showing inward remittance/Other bank accounts thru which the loans are repaid
 
Passport size photo
Passport size photo
Proof of identity like PAN,Passport,Visaetc
Proof of identity like PAN,passport,visaetc
Address proof
Address proof.Other docs such as MOA,Partnership deed etc to be taken
Salary slip/salary certificate
Invoice
                                                  Invoice