Car Loan
Objectives
For
enabling salaried persons and self employed professional/ Businessmen
/ Income tax assesses to acquire new cars availing of advances,
with moderate rates of interest.
Who
can avail the loan?
a.
Salaried persons having a net monthly pay exceeding Rs. 10,000/-.
Husband and wife can be considered as one unit.
Net salary of spouse if employed can be considered for arriving
at the net pay.
b.
Self employed Professionals/Businessmen/Income Tax Assessee
having an average annual total income exceeding
Rs. 2,00,000/- for the last 3-years.
For
Identity Proof
a. Loan
applicant to produce any of the following:
PAN
Card / Electoral Identity Card / Driving Licence / Passport / Identity
Card issued by the employer.
b. In the case of Professionals- Certificate issued by the concerned
Professional Body along with a copy.
Limit
of Advance
a.
In the case of salaried persons:
Least of the
following:
(1) 85% of the on the road cost of the vehicle (on the
road cost means aggregate of cost of vehicle, life tax paid,
registration charges and comprehensive insurance).
(2)
30 times the combined net monthly
salary of loan applicant and spouse.
(3)
Corresponding loan amount if 45% of the combined net monthly salary
of applicant and spouse is taken as available for
remittance as EMI.
b. In
the case of Income Tax Assessees:
The least
of the following:
(1) 85% of 'on the road cost' as above.
(2)
1 1/2 times of the average annual total income for the past three
years based on the income tax returns.
(3)
Corresponding loan amount if 25% of the average monthly total income
as evidenced by the tax returns is taken as
available
for remittance of EMI.
Security
No
collateral
Lien
to be noted in the RC book
Post
dated cheques 5 numbers.
Period
of Loan
Minimum
6 months and maximum 60 months.
Rate
of Interest
Upto
35 months - 14.00% (monthly
diminishing)
Exceeding
35 months -
16.00% (monthly diminishing)
To
avail this facility, please check our branch list and get in touch
with the branch
which is most convenient for you.
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