Super Fast Car Loan

Requirement:

Purchase of a New Car/ Electric car

Eligibility:

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

Loan Amount:

Maximum limit of Rs. 150 Lakh

Basis of Advance:

1 or 2 , whichever is lower

Margin:

10% of on-road cost

Repayment Period:

Salaried & Businessmen: Maximum of 7 years.

Takeover of loans:

Takeover of car loans from other Banks/Institutions, subject to norms.

1. Age of the car not to exceed 3 years
2. Total repayment period including other bank should not exceed 7 years

Rate of Interest (Fixed): w.e.f. 13.02.2023

Processing Fees: 

1. Upto Rs. 10 Lakh - 0.50% of loan amount maximum Rs.3000/-
2. Above Rs. 10 Lakh - Rs.5000/-

Shareholding:

As per extant shareholding norms.

Security:

Hypothecation of car

Documents Required:

1. Duly filled prescribed application form Photo Identity & Residence Proof of the Applicant.
2. Income proof a) or b) as applicable.
   1. 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.      
   2. b) Businessman/Professional/self-employed: last 3 years’ profit & loss account and balance sheet, & ITR and Bank statement for last 3 months.
3. Proforma Invoice of the Authorized dealer.