Car Loan
Objective
For enabling our valued and potential constituents to purchase new Cars for their personal use only.
Eligibility
Salaried Employees/ Established Professionals & Businessmen.
Purpose
For purchase of New car.
Amount
Maximum Rs.10 lakh or 85% of the cost of the vehicle (on road price) whichever is less.
Loan above Rs.10 lakh can be sanctioned in eligible cases *.
Margin
15% of the cost price of the vehicle to be deposited as margin in cash. Margin amount should be deposited upfront.
Security
Hypothecation of Car/vehicle to be purchased. Collateral Liquid Security, if any, offered / stipulated by bank, (Collateral Liquid Security may be in the form of FDR/NSC/KVP/LIC (surrender value) etc.
Repayment
Maximum 84 EMIs.
Rate of Interest
Contact Nearest Branch for the Same.
Remarks
The car is to be purchased from authorized dealers/suppliers and will remain hypothecated to the Bank till full liquidation of loan with interest and other charges.