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.