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Car Loan
Accelerate your dream of owning a car..
Features & Benefits
- Interest charged on daily reducing basis
- No pre-payment charges for repayment through own source
- Attractive interest rate
- Simple documentation
- Easy repayment options - ECS/ Post-dated cheque / Standing Instruction
- Speedy loan approval
- Offers Insurance cover for all assets at attractive premium
- FastTag Available
Purpose
- Purchase of new or second-hand car
Eligibility
- Salaried / Professional / Businessmen
Quantum of loan
- New Car : Maximum Rs.150.00 lacs (90% of the Invoice Value excluding accessories)
- 2nd Hand Car : Maximum Rs.100 lacs (70% of Purchase / sale agreement value or amount of valuation report, whichever is lower)
Margin
- For Professionals (New Car) : Nil
- 10% Margin for New Car
- 30% Margin for 2nd Hand Car on valuation
Rate of Interest
- For Purchase of New Car - 8.30% p.a. onwards
- For 2nd Hand Car - 11.25% p.a.
Documentation : Refer Basic Documents - Retail Loan
In addition to the basic documents
- Proforma Invoice of an authorised dealer
- Proof of margin money
Security
- Hypothecation of vehicle to be financed
Repayment
- For New Car - Up to 7 Years
- For 2nd Hand Car - Up to 5 Years
Conditions Apply
TO AVAIL THIS LOAN OFFER VISIT THE BRANCH OR CALL US ON : 022 28602000
OR GIVE MISSED CALL ON : 022 28602020 ON WORKING DAYS ONLY
Disclaimer
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