Car Loan Scheme
 
Eligibility
This Scheme is available for Salaried Employees, Doctors, Chartered Accounts, and Traders etc. for Purchase new car.
 
Margin
Minimum 25% margin required.
 
Repayment
The maximum repayment period will be 60 months.
 
Security
The Purchased car will be treated as prime security and if borrower has LIC Policies, assignment of policies will be treated as collateral security.
 
Interest Rate
Interest Rate will be @11.75% if borrower is having    I.T.Returns filled as per books of accounts, otherwise the interest will be @13.75% p.a. The Interest rate after completion of 3 Years will be linked with PLR. The PLR will be declared at Annual rest.
 
Required Documents
1. Quotation of Vehicle
2. Required Margin is 25% of basic price of vehicle, excluding registration charges, insurance, accessories & etc.
3. Last 3 Years Financial statements with I.T.Returns.
4. Two Guarantors & their Income related documents.
5. LIC policy & Borrower business related documents.
6. KYC documents of Borrower & Guarantors
7.Financial Statement/ownership abstract of Guarantors.
 
Loan Handling Charges
1. Loanup to Rs50,000/- Rs.150/-
2. Loanabove Rs50,001/- to 1 lakh Rs.200/-
3. Loan above Rs.1 lakh Rs.200/- per lakh.
 
 
 
 
       
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