Purpose: The loan finances purchase of new vehicles (two wheelers or four wheelers) and old vehicles not more than 4 years old.
Eligibility: Any individual (Professionals, Self Employed, Business men, Permanent employees of State, Central Governments, Public Sector Under takings, Corporations, Private Sector companies and reputed establishments, Salaried Employees, person engaged in agriculture and allied activities) having an net annual income of Rs. 60, 000/- and above can avail this loan.
Quantum of Loan: The maximum loan amount that can be granted is 30 times of net monthly income in case of salaried class. In case of others it is, 2.5 times of net annual income as per latest income tax return. In case of agriculturist, the quantum of loan is decided based on the annual income and factors like the holdings, the crop, its pattern of yield, etc.
Margin: For car loan of up to Rs. 6 lakhs the margin is 15%. For loans above Rs.6 lakhs up to Rs.15 lakhs the margin is 30%.
Rate of Interest: The rate of interest is 14% per annum.
Security: Hypothecation of vehicle with charge in RC Book along with Third party Guarantee is taken as security for the loan.
Tata 407 vehicle loan
Hi,
Sorry but we don’t offer Car Loans.
Cheers,
Team BankBazaar