Auto Loan


Target Group: Employees working with Govt./parasitals/ reputed organizations. Self Employed persons for purchase of car

Eligibility: salaried person 20 times of Gross salary, Self Employed person 2.50times of gross annual income as per BURS Return.

Amount of Loan: New vehicle- 85% of the cost of vehicle, Old vehicle; 70% of the cost of vehicle

Rate of interest: Prime plus 1 for new vehicle and for old 3% above prime 

Security: Lease agreement of the vehicle to be purchased and an undertaking from employer to remit the installments and noting of our Financial interest with Transport authorities in case of tie up arrangements.
 
Repayment Period: Maximum 60 months for new vehicle and 36 as per old vehicle
    
Other terms:

(a) Deductions not to exceed 60% of the total salary
(b) For Individuals salary account with us for 6 months
(c) For Corporate business account with us
(d) Salary account not necessary in case of tie up arrangement

Arrangement fee: Processing charges-0.50% minP300, Documentation Charges P300