Saraswat Bank Car Loan
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Vehicle Loan Particulars Purpose
- Only for New cars and minimum loan of Rs.3 lakhs
- For Used Cars or Loan below Rs. 3 lakhs refer to our regular car loan scheme
Eligibility - Salaried persons with one year confirmed service.
- Businessman, Commercial organizations i.e. Partnerships/Pvt. Ltd. Co./ Ltd. Co./ any other commercial organization.
Basis of Advance a)Premium mid segment cars – 80% of Ex- showroom cost, insurance & registration charges or for small cars – 90% of Ex- showroom cost, insurance & registration charges. b)20 times of Net Monthly Salary or 2 times of Net Cash Accruals
a or b, whichever is lower
* while calculating Net Monthly Salary, EMI of loans not deducted from salary should also be considered
Repayment Period - Maximum Repayment period for
- Business Class: 36 months to 60 months
- Salaried Class: 84 months
Rate of Interest For latest rate of interest contact your nearest branch
Security ·Hypothecation of vehicle with one guarantee. No guarantor if the borrower is existing customer with satisfactory track record or new customer with Low Credit Risk. Shareholding ·2.50% of loan amount. (Max. 25000/-) Processing Fees ·Processing fee should be charge at 1%.Processing fees at 0.50% if the vehicle is insured through us. Minimum processing fees of Rs.1000/-. (Processing fees waived during the auspicious festive period of “Shubh Muhurat”-Our special drive of Car Loan )
Documents Required ·Proforma Invoice of the dealer Photograph, residence proof of the Applicant and Guarantors
In case of salaried person, salary slip for last 3 months or bank statement for last 6 months
·In case of businessman, last 2 years profit & loss and balance sheet and bank statement of business account for last 6 months.
Prepayment Charges ·Prepayment Charges to be charged at 0.5% Published on August 3, 2010 · Filed under: Car Loan, Saraswat Bank Car Loan;
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