Car Loans to NRIs

SBH loan facilities are available to the NRIs as well. Dig into our loan options, and select the loan service that suits to your requirements.
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Car Loans to NRIs
For people planning to buy vehicles
Purpose : To purchase New passenger cars / Jeeps / multi utility vehicles / Single utility vehicles
Old / Pre owned cars / jeeps MUV / SUV
(Vehicles up to 5 years old be financed)
Eligibility : NRIs in the age group of 21 to 65 yea`
Minimum Net Annual Income – `75,000/-
Loan Amount : No Ceiling for New Cars
For Old Vehicles – `15.00 lacs
(Maximum 36 times NMI or 3 times NAI)
Margin : 15% irrespective of loan amount.
Any reduction in margin subject to prior approval, on case to case basis.
Interest :
  1. New Vehicles :
    1. Repayment up to 3 years – 13.00 %
    2. Repayment up to 3 to 5 years – 13.25 %
    3. Repayment up to 5 to 7 years – 13.50 %
  2. Old Vehicles :
    1. Repayment up to 3 years – 14.50%
    2. Repayment up to 3 to 5 years – 15.50%
Security :
  1. Primary: Hypothecation of Vehicle & Noting the charge in the books of RTA
  2. Collateral: Check-off facility or Third Party Guarantee good for the loan amount.
Insurance : Comprehensive insurance in the name of borrower
Disbursement : Direct to the supplier / seller
Repayment Period : For New Vehicles: Maximum period 7 years
For Old Vehicles: Within 7 years from the date of Original sale
Processing Fee : 0.60% of the loan amount
Documentation : Application-cum-appraisal, Irrevocable Letter of Authority from the borrower, Letter from the Drawing and Disbursing Officer, Letter forwarding DD/BC to supplier / dealer, Hypothecation Agreement, Guarantee Agreement, where applicable Arrangement Letter
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