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Super Fast Car Loan
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Super Fast Car Loan


Title

                               Norms

Purpose

Purchase of New Car

Eligibility

  • Salaried persons with minimum one year confirmed service.
  • Other than salaried with regular source of income.

Limit of loan

  • Maximum Rs. 150 lakh

Basis of Advance

  1. Salaried : Max 30 times of Avg Net Monthly Salary.
    Businessmen : Max 4 times of Avg Net Cash Accruals.
  2. 90% of On-Road cost for Small Car & 80% of On-Road cost for other than Small car, extended upto 100%
    1 or 2 whichever is lower

Repayment Period

Salaried & Businessmen: Max 7 years
Takeover of loans Takeover of car loans from other Banks/Institutions subject to norms

Rate of Interest (Fixed)

Period

General Customers

Loyalty Customers

upto 3 years 8.50% 8.40%
3 years to 5 years 8.70% 8.55%
Above 5 years to 7 years 9.65% 9.55%


Processing fees

  • For loans upto Rs. 10 Lakh - 0.5% of loan amount maximum Rs. 3000/-
  • For loans above Rs. 10 lakh - Rs. 5000/-

Shareholding

As per extant shareholding norms

Security

  • Hypothecation of car

Documentation

  1. Duly filled prescribed application form
  2. Photo Identity & Residence Proof of the Applicant.
  3. Income proof a) or b) as applicable
    a)Salaried person : salary slips for last 3 months and bank statement for last 3 month or ITR/Form 16 of the latest one year
    b) Businessman/Professional/self employed: last 3 years' profit & loss account and balance sheet, & ITR and Bank statement for last 3 months.  
  4. Proforma Invoice of the Authorized dealer

Conditions apply

Saraswat-Bank
Saraswat-Bank