|
1) |
Purpose
: |
To finance purchase
of new Cars or Jeeps |
|
2) |
Persons
Eligible : |
NRIs or spouse of NRIs who have regular Net
Monthly Income (NMI) of not less than Rs 10000. |
|
3) |
Loan
amount : |
Up to 30 times the
NMI for Cars and Jeeps (The Net Monthly Income of spouse (resident or
nonresident) can also be included provided the spouse would also
guarantee the loan. In the case of resident employed person, he/she
should have permanent employment or be a self employed professional of
good standing .) Max 30 lacs |
|
4) |
Security: |
a) The vehicle should
be hypothecated to the bank and the lien noted in the registration
certificate book.
b) Guarantee of spouse where her / his income is also taken into account
for NMI and Loan amount.
c) Equitable mortgage of property or third party guarantee of two
persons each worth the loan amount. |
|
5) |
Margin
: |
a) 15 % of the cost
of the vehicle
b) Second hand car upto 2years old 25% of the cost
c) Second hand car above 2 years upto 5 years old 40%of the cost |
|
6) |
Interest : |
click for current
interest rate |
|
7) |
Repayment : |
In 84 Equated Monthly
Installments [EMI] |
|
8) |
Insurance: |
Comprehensive
insurance is compulsory for all vehicle loans at your cost with suitable
bank clause. |
|
9) |
Processing Charges : |
0.50% of the loan
amount subject to a minimum of Rs.500/- and maximum of Rs.10000/- |
|
10) |
Papers
to be submitted : |
a) Invoice in
duplicate from dealer
b) Application in duplicate
c) Two passport size photographs
d) Salary certificate of employed persons OR evidence of average
remittance into bank (NRE) account for past 12 months
e) Details of guarantors and property to be mortgaged, if any |
