| 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 years.
Minimum Net Annual Income – Rs.75,000/- |
| Loan Amount |
No Ceiling for New Cars
For Old Vehicles - Rs.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 |
- New Vehicles :
- Repayment up to 3 years - 13.00 %
- Repayment up to 3 to 5 years - 13.25 %
- Repayment up to 5 to 7 years - 13.50 %
- Old Vehicles :
- Repayment up to 3 years - 14.50%
- Repayment up to 3 to 5 years - 15.50%
|
| Security |
- Primary: Hypothecation of Vehicle & Noting the charge in the books of RTA
- 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 |
