Purpose: For the purchase of new and old cars
Eligibility: The borrower should be within 21 – 65 Years of age and must be able to repay the loan
Quantum of Loan: 80% on Purchase price (On Road); old car is not more than 3 years on purchased date, loans will be sanctioned 50% on valuation certificate
Rate of Interest: 12%
Margin: Margin 20% and not on a monthly reducing balance.
Repayment: Maximum up to 5 years
Processing Charge: No prepayment charges
Others: Fixed rate during loan period; no Floating Rate- which means fix Rate during Loan Period; interest Application on a DAILY REDUCING BALANCE and not on a monthly reducing balance; ON
ROAD cost Finance Available (Cost of Car + Octroi Charges + RTO Charges + Insurance Charges + Accessories Costs (All included in loan amount)
Share Linkage 0.50% of Loan Amount – Minimum Rs.2000/-; Flexibility of making payment more than EMI; No Advance EMI Last EMI amount significantly lower; no hidden cost or administrative charges.
Processing Time 1 to 2 days (after receipt of all the papers); easy and hassle free processing; completely transparent system & procedure.