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Car Loan
for
NRIs & Residents |
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Persons
Eligible: |
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Eligible
Amount Maximum
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15% of the cost of the new car to be purchased
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30%
for second hand cars upto 2 years old
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50%
for second hand cars above 2 years upto 5 years old
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| Interest |
| (a)
Loans for new cars up to Rs.8 lacs -12.25% |
| (b)
Loans for second hand cars up to Rs.3 lacs -12.25% |
| Repayment |
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New
Cars 84 equated monthly installments
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Second
hand cars 60 equated monthly installments
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Primary
: Hypothecation of the vehicle purchased out of bank finance.
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Collateral
(for loans above Rs. 50000/-) :
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Personal
guarantee of one or two persons of sufficient worth, where check-off
facility is not available.
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Rural
Branches
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Other
Branches |
| Rs.4
/- per thousand |
Rs.5/-
per thousand |
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Insurance Comprehensive Insurance is compulsory for all
loans for purchase of vehicle. |
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| Papers to be
submitted to the Bank
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In the case of
salaried persons :
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| In the case of
self employed/professional/businessmen :
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to you by
