Car Loan

  • Eligibility
    • Age : 21 – 65 years.
    • Prof & self employed Persons, Employees of Govt./Semi Govt., Any other reputed institutions.
    • Agriculturist: 5 Acre irrigates or 10 Acre Dry land (cultivable if no other term liability is there).
    • Trader, Manufacturers and others.
  • Rate of Intrest
  • Repayment Period
    • Within 7 years for new vehicles.
    • If old vehicle, repayment period should not exceed 7 years form original sale date.
  • Proposal Processing Charge
    • At present 0.75 % of loan amount
  • Margin
    • Upto Rs. 6 lakhs : 15%
    • Above Rs.6 lakhs : 20-30%
    • For used car : 30% on valuation report from Govt. approved valuer.
  • Max & Min Loan:
    • Rs. 15.00 lakhs OR 30 times of net monthly income in case of salaried person. In other cases 2.5 times of net annual income.
  • Moratorium
    • No moratorium period.
  • Security
    Primary
    • Hypothetical of vehicle for which applied for Car Loan.
    • Advance post dated Cheques or check off facility.
    Collateral
    • Security by way of pledge of LIC / NSC to cover at least 35% of value or Third Party Guarantee / Third Party Guarantee of Spouse (if Income is clubbed)