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  • 19th Annual Report

     

    Bank's 19th Annual Report is available >>> Read More

  • Shivalik Bank and LIC of India join hands!

    Shivalik Bank now offers life insurance plans of LIC of India as its corporate agent. An MoU was

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Car Loan

Shivalik Bank Car Loan Scheme

Saliant Features :

Purpose :  For purchase of brand new / maximum 3 year old car for personal / family use.

Term of Loan : Min. 1 year, max. 7 years.

Rate of Interest: 10.99% fixed., on reducing balance for existing customers.  For new customers, 11.75% but depending upon credit rating, discount may be considered. 

Processing Fee: 0.5%, Min. 1,500/-

Eligibility :  Businessman, professionals, self-employed, salaried persons and also HUF.

Age :  Min. 21 years. Max. Age depends upon regular assured income till closure of loan account.

Driving license desirable but not compulsory (since owner of the car may not necessarily be the driver of the car).

Security: Hypothecation of car being purchased.  3rd party guarantee by a person acceptable to the bank.

Maximum Finance :  Depends on purchase price of the vehicle / net income of the borrower.  Max. 85% of the ex-showroom price.   In case of old vehicle, valuation will be done by the bank’s approved valuer.

Pre-payment Charge : None.

Requirements : 

  1. Income proof. 
  2. Assets & Liabilities statement. 
  3. KYC documentation if the borrower is not an account holder of Shivalik Bank already. (Photo ID, Address proof, pp size recent coloured photographs, PAN Card.)
  4. Quotation obtained from the car dealer.
  5. In case old car is being purchased, its original R/C and Insurance policy.