Purpose: This loan finances both personal (two-wheeler/ four-wheeler) and commercial vehicles.
Eligibility: Salaried Individuals, Professionals, Self Employed Individuals, Businessman are eligible for this car loan.
Quantum of loan: Up to a maximum of Rs. 15 lakh is granted as loan.
Margin: Only 80% of the total cost is granted as loan.
Rate of Interest: The rate of interest is 10.5% per annum.
Repayment: Repayment can be done in a maximum of 5 years (60 months). Interest is charged on daily product bases. Repayment in easy installments spread up to 5 years, based on age and capacity of customer. Paying more than the stipulated monthly installment at any time, depending upon availability of funds is also possible. This would enable paying off loan faster and reducing the interest burden.
Security:
The documents that are required to be submitted are:
- Latest 6 months Bank Statement of salary account.
- Last 2 years ITR with computation of income / Certified Financials
- Proof of Continuity current business or industries
- Proof of Identity
- Proof of Residence
- Proof of Office
- Quotation from dealer.
Other features: Nominal processing charges. No prepayment penalty. Taking over of loans from a different financial institution is also possible.