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| Car Loan Scheme |
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| Eligibility |
| This Scheme is available for Salaried Employees, Doctors, Chartered Accounts, and Traders etc. for Purchase new car. |
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| Margin |
| Minimum 25% margin required. |
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| Repayment |
| The maximum repayment period will be 60 months. |
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| 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. |
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| 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. |
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| 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.
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| 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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