Car Loan

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Car Loan

Car Loan

  • Competitive rate of Interest
  • Higher amount of eligibility upto Rs.100.00Lacs
  • Longer tenure upto -84- Months
  • Finance upto 90% of On Road Price (On-Road price includes Registration, Insurance and Extended Warranty/ Total Service Package/ Annual Maintenance Contract/ Cost of Accessories)
  • Interest calculated on Daily Reducing Balance
  • No Pre-Payment Penalty or Foreclosure Charges
  • No Advance EMI
  • Salaried Employees
  • Businessmen, professionals and Farmers
  • Directors of Private and Public Limited companies, Proprietor of Proprietorship Firms, partners of Partnership Firms.
  • Corporates (Partnership, private Limited, Public limited and Trust)
  • NRIs/PIOs

Purpose

For purchase of new passenger Cars, Multi Utility Vehicles (MUVs), SUVs etc. for private use.

Eligibility

  • Salaried Employees
  • Businessmen, professionals and Farmers
  • Directors of Private and Public Limited companies, Proprietor of Proprietorship Firms, partners of Partnership Firms.
  • Corporates (Partnership, private Limited, Public limited and Trust)
  • NRIs/PIOs

Eligibility based on Income Criteria

Salaried persons (*average of last 3 months GMI to be considered) GMI less than Rs.50000 24 times of GMI
GMI Rs.50000 & above but less than 150000 30 times of GMI
GMI Rs.150000 and above 36 times of GMI
Others 4 times of Gross Annual income (average of 2 years Annual Income)

Eligibility based on Repayment Capacity

Total deductions including proposed EMI should not exceed

Salaried GMI less than Rs.50000 60%
GMI Rs.50000 & above but less than 150000 70%
GMI Rs.150000 and above 80%
Others Average Annual Income(last 2 years) less than Rs.6 lacs 60%
Average Annual Income (last 2 years) is Rs.6.00 lacs and above 80%

Maximum Limit

Rs.100 Lacs (For all categories)

Repayment Period

Maximum 84 months

Margin

10% Margin on ‘On road price’ of the vehicle

Bureau Score validation

Minimum Bureau score cut off as per Bank’s guidelines

Age

Minimum: Borrower – 21 years, Co-applicant- 18 years
Maximum: Age of the applicant / co-applicant / guarantor + repayment period should not exceed 70 years

Security

Hypothecation of Vehicle financed

Insurance

Comprehensive Insurance of the Vehicle with Bank’s Clause

Pre-closure charges

NIL

Rate of Interest

Rate of Interest

Rate of interest on car loan is based on CIBIL Bureau score of the applicant/co-applicant. Minimum Cut off score is 725.

Concession in ROI: Concession of 0.25% in rate of interest on Car Loans to our existing Home Loans borrowers who maintain a good track record of repayment without any overdue.

Unified Processing Charges

Processing Charges

EMI Calculator

APR Calculator
  • Total Interest
  • Total Amount
Monthly Payment Rs. 1,977.00

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