Andhra Bank Car Loan Interest Rates

Andhra Bank Car Loan Interest Rates

“Andhra Bank” was founded by the eminent freedom  fighter and a multifaceted genius, Dr. Bhogaraju Pattabhi Sitaramayya. The Bank was registered on 20th November 1923 and commenced business on 28th November 1923 with a paid up capital of Rs 1.00 lakh and an authorised capital of Rs 10.00 lakhs.

 Nature of the Scheme
  • 2 wheeler and 4 wheeler loans to Individual
 Eligibility
  • Any individual having minimum gross income of Rs. 1.00 lac per annum for 4 wheelers and Rs. 60,000 /- p.a for 2 wheelers.
 Margin on Road  Price amount
Category of the BorrowerMargin
Salaried class and where salary deduction is available15%
SME/ Corporate Borrowers under Standard Asset Category and with Credit rating B and above15%
Other Borrowers20%
 Quantum of Finance
New Vehicle:
  • For 4 Wheelers : 85% of road price (includes invoice price, Life tax, Registration charges, Insurance and accessories) for salaried class/ SME/Corporate borrowers under Standard Asset category and with credit rating B and 80% for other borrowers or 3 years gross salary whichever is lower.
  • Second Sale: (not more than three years old): 60% of garage value or Rs. 5,00,000 /- whichever is lower.
  • Accessories: not exceeding Rs. 5,000 /- for 4 wheelers & Rs. 1,000 /- for 2 wheelers.

 

 Repayment
  • For 4 wheelers (New) – minimum 12 months and maximum 72 months (EMI).
  • For 4 wheelers (Second sale) – 60 months EMI.

 

 Co-obligation
Third party acceptable to the Bank for both 4 and 2 wheeler.

 

 Security
Hypothecation of vehicle purchased

 

Documents
Valid driving license
Proof of Income – Salary Slip/ IT Returns/ Assessment Order, Proforma Invoice.
Valuation certificate from reputed garage for second sale.

 

Bank of India Car Loan Interest Rates

Bank of India car Loan Interest Rates


OBJECTIVE & PURPOSE :

The Star Educational Loan Scheme aims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. The main emphasis is that every meritorious student is provided with an opportunity to pursue education with the financial support on affordable terms and conditions.

 

ProductBOI Star Vehicle Loan Scheme
SecuritySalaried employees, Professionals, Self-employed
Non-Resident Indians- advance to be granted jointly with Resident Indians (close relative)
(Age of the individual borrower not to exceed 65 years at the time of availing the advance)
Companies, Partnership Firms, Proprietary concern and other types of Corporate entities.
HUFs not Eligible
PurposePurchase of two/four wheeler vehicles (not requiring heavy duty license). For purchase of used/second hand 2 and 4 wheeler. (age of the vehicle not to exceed 3 years)
Type of AdvanceDemand Loan /Term Loan (for 2nd hand vehicles only Demand Loan)
Quantum of LoanMaximum limits for finance :

  1. Individuals (Resident in India) :
  2. For Indian make vehicles – Rs.25 lacs
  3. For imported vehicles – Rs.75 lacs.
  4. For Companies and corporate entities – Rs.100 lacs (Can be a fleet of vehicles)
  5. Non-resident Indians – Rs.25 lacs.The limits are subject to :
  6. 24 times of gross monthly emoluments in case of salaried employees/pension/ or two times of gross average annual income as per last 3 years I.T. Returns
  7. Two times average annual cash accrual (i.e. PAT + Dep.) as per firms/ companies last 3 years audited balance sheet, P&L A/c.

Net take home pay should be at least 40% of income (net of proposed EMI).

Repayment (New Vehicles)
  1. For Individuals – for new vehicles
    4 wheelers – Max. 7 years.
    2 wheelers – Max. 5 years.

 

  1. For Corporates/Firms, etc. – Max. 5 years.

For second hand vehicles – Max. 3 years.

Security
  1. Hypothecation of vehicle to be purchased out of Bank finance.
  2. Charge to be registered with RTO.
  3. Third party guarantee required in the following cases
  4. Loans to NRIs – Guarantee of Resident Indian is required.

Vehicles not registered with RTO and for loans to individuals for limits exceeding Rs.25.00 lacs.

MarginIndividuals (including NRIs) : (For new vehicles)

AmountMargin -%
Upto Rs.10 lacsNIL Margin
On Ex. show room Price-excluding comprehensive Insurance, Taxes and Registration charges
Above Rs.10 Lacs to Rs.25 Lacs15% Margin 
On Road Price-including comprehensive Insurance Taxes and Registration charges
Above Rs.25 Lacs25% Margin
On Road Price-including comprehensive Insurance Taxes and Registration charges


For Corporate entities/firms, etc. : Min. 25%

For second hand vehicles : Min. 30% ( on depreciated value or value assessed by Valuer or sale consideration whichever is lower)

Rate of Interest
FOUR WHEELERS
New Vehicle
Repayment period up to 7 yearsSecond Hand Vehicle
Maximum Repayment period 3 years
Base Rate Plus 0.45% presently 10.45 %Base Rate Plus 1.25% presently 11.25 %
TWO WHEELERS
Repayment period up to 5 years
Base Rate Plus 4.00% presently 14.00 %
Processing / Handling Charges (One Time)
Upto Rs.25,000One time Rs.1000/-
Above Rs.25000/- to Rs.25 LacsOne time @1% of loan
amount Min.Rs.2000/- and Max.Rs.10,000/-
Loans Above Rs.25 LacsOne time flat Rs.15000/-


For Partnership firms/Corporates
 – Processing charges will be double that of individuals

For Rural Branches – Processing charges will be 75% that of applicable to individuals in respect of loans availed by borrowers of rural areas from the rural Branches.

Terms & Conditions apply. Loan at the sole discretion of Bank of India. 
For further information, you may contact nearest branch of the Bank

Bank of Maharashtra car loan Interest Rates

Bank of Maharashtra car loan Interest Rates

Maharashtra has a long history of commercial activity since ages because of its strategic location in Indian sub continent and its large natural resources.

Maharashtra has been a progressive region and the Banking activity was also started in this region quite early. Historically speaking, the Bank of Bombay established in 1840 was the first Commercial Bank in Maharashtra. However, the first commercial bank set up in Maharashtra outside Mumbai was The Poona Bank established in 1889 at Pune followed by The Deccan Bank in 1890 and the Bombay Banking Company in 1898.

Outbreak of the First World War leading to great depression took a heavy toll on banks in India. Between 1914 and 1935 as many as 380 banks failed in the country out of which 54 were based in Bombay province. The impact of these failures was felt more in Maharashtra region because certain banks known for a long time were also closed down.

The effects of great depression started fading and new enterprises began emerging with new hopes in all spheres of economy, including banking.

PurposePurchase of New 4 or 2 wheelers / Second hand 4 wheelers up to 3 yrs old
EligibilityPermanent salaried / Professionals / Businessmen
Age
Minimum EmploymentFor Service Persons Total – 3 yrs
Current – 2 yrs
Others – 3 yrs
Minimum Annual Income4W – Rs.3.50 lac for salaried,
Rs. 2.00 lac for others 2W – Rs. 2.00 lac (Income of spouse can be included if joins as Co-applicant)
Maximum amount4W – Rs.15.00 lac
2W – Rs.0.50 lac

Salaried – 18 times Gross Pay
Professionals – 1.50 times of average annual Income as per their last three Balance – Sheet/ P & L account or last years income whichever is less.
SecurityHyp. of Vehicle
GuarantorOne Guarantor acceptable to Bank
Margin :15% for new vehicle.
50% for second hand 4 wheeler up to 3 yrs
Deduction Limit60% of Gross Pay
Rate of InterestClick here to view the Interest Rate
Repayment 4W(New) 84 Months
2W 60 Months
2nd 4W 60 Months
Processing Fee4W Rs. 2000/-
2W Rs. 500/-
InsuranceCompulsory
Group Finance20 permanent Employees of same organization of repute
-Margin Relaxation up to 10%.
OthersThe maximum amount for purchase of 2 wheelers & 4 wheelers is Rs 0.50 lakh & Rs. 15.00 lakh respectively. If the loan is availed for a lesser amount than the prescribed limit, borrower desires to avail the loan during the currency of the

Bank of Baroda car Loan Interest Rates

Bank of Baroda car Loan Interest Rates

It has been a long and eventful journey of almost a century across 25 countries. Starting in 908 from a small building in Baroda to its new hi-rise and hi-tech Baroda Corporate Centre in Mumbai, is a saga of vision, enterprise, financial prudence and corporate governance.

It is a story scripted in corporate wisdom and social pride. It is a story crafted in private capital, princely patronage and state ownership. It is a story of ordinary bankers and their extraordinary contribution in the ascent of Bank of Baroda to the formidable heights of corporate glory. It is a story that needs to be shared with all those millions of people – customers, stakeholders, employees & the public at large – who in ample measure, have contributed to the making of an institution. 

 

Baroda Car Loan

In today’s fast paced world, a vehicle is but a necessity. Yet other expenses and plans in life take priority and the dream of owning a car takes a back seat. Whether as a comfortable and dependable means of transport or as a status symbol in society, we believe you deserve ownership of a vehicle.

The Car Loans from Bank of Baroda are designed to finance the car that suits your need and matches to your status & taste.

Bank of Baroda also presents a unique add on facility for installation of CNG / LPG gas-kit in new/old (not more than 3 years) four wheeler. Save money. Save earth. Convert to alternative fuel today and bank on us for your financial requirements.

Key Benefits

  • Loans available up to Rs 100 Lacs for any car make/model (Inclusive of Gas-Kit).
  • Loans can be availed for new and second-hand vehicles (Not more than 3 years old).
  • Repayment period as long as 7 years.
  • Low interest rates.

More Benefits

  • Low processing fee.
  • Zero prepayment charges
  • Concession of 0.5 % in rate of interest to those who offer minimum 50% liquid security as collateral.
  • Additional concession of 0.25% in interest rate to existing Home Loan borrowers having good track record of repayment.

Terms & Conditions

  • To qualify as an applicant for this loan, you need to be an employee or a director of a public limited company, businessman, professional, proprietor / partner in a firm or a Govt employee and HNIs / Corporates..
  • The maximum loan amount is Rs. 100 Lakhs, or twice of your gross annual income if you are salaried, and thrice of it (average of last 2 years gross annual income) if you are a businessman, whichever is lower.
  • Maximum loans upto Rs 0.25 lac available for installation of CNG/LPG Gas-Kit in new/old (not more than 5 years) four-wheeler, if taken separately.
  • Repayment :New Vehicles : 84 months.
    Second hand vehicles : 36 months.
    CNG/LPG Gas-Kit : 24 months. (If loan sanctioned is only for Gas-Kit)
  • Margin :

For loans upto Rs. 15 lacs:
New Vehicles : 15% on road price of car
For loans over Rs. 15 lacs:
New Vehicles : 20%on road price of car

  • Age :Minimum – 21 years
    Maximum – present age + repayment period should not exceed retirement age in case of salaried person and 65 years in case of others.

RATE OF INTEREST:

Baroda Auto Loan
Baroda Car Loan/ Baroda Car Loan to HNIs / Corporate w. e.f 01.07.2013
Repayment period upto 5 yearsBase Rate + 0.25% i.e. 10.50% p.a. at present (irrespective of tenure)
Repayment period > 5 years

CATHOLIC SYRIAN BANK CAR LOAN INTEREST RATES

CATHOLIC SYRIAN BANK CAR LOAN INTEREST RATES

Our long experience in banking has given us the valuable insight that financial strength is best achieved through customer trust. Our mission is to keep thriving on this philosophy while infusing sustainable practices for the future. Our goal is to produce predictable earnings for our shareholders by rallying our employees through a dynamic and challenging environment. With such ideals in place, we trust that we can outgrow the industry average growth level and climb to a business volume of Rs 34,000 crore, and also reach a net worth level of above Rs 700 crore by 2015. Besides, we are geared to increase our branch presence to 500 centers, covering all prominent locations in India by 2015.

Car Loan Scheme

For acquiring Car, Van, Jeep etc. for personal use.

Eligibility
For persons having assets and income enough for regular repayment of the advance. Documentary evidence of income should be submitted.

Quantum of Finance
80% of Invoice Value and road tax. Invoice Value includes Excise duty, Sales tax etc. but excludes insurance, registration and other incidental charges.

Rate of Interest

11.50% to 12.50%

Security
Hypothecation of the Vehicle.

Guarantee
One person with good means, if collateral security is not offered or undertaking for salary deduction is not available. Guarantee of spouse should be given preference.

CANARA BANK CAR LOAN INTEREST RATES

Cenera Bank Car Loan Interest Rates

Widely known for customer centricity, Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, then a small port town in Karnataka. The Bank has gone through the various phases of its growth trajectory over hundred years of its existence. Growth of Canara Bank was phenomenal, especially after nationalization in the year 1969, attaining the status of a national level player in terms of geographical reach and clientele segments. Eighties was characterized by business diversification for the Bank. In June 2006, the Bank completed a century of operation in the Indian banking industry. The eventful journey of the Bank has been characterized by several memorable milestones. Today, Canara Bank occupies a premier position in the comity of Indian banks. With an unbroken record of profits since its inception, Canara Bank has several firsts to its credit. These include:

 

  • Launching of Inter-City ATM Network
  • Obtaining ISO Certification for a Branch
  • Articulation of ‘Good Banking’ – Bank’s Citizen Charter
  • Commissioning of Exclusive Mahila Banking Branch
  • Launching of Exclusive Subsidiary for IT Consultancy
  • Issuing credit card for farmers
  • Providing Agricultural Consultancy Services

Over the years, the Bank has been scaling up its market position to emerge as a major ‘Financial Conglomerate’ with as many as nine subsidiaries/sponsored institutions/joint ventures in India and abroad. As at June 2013, the Bank has further expanded its domestic presence, with 3765 branches spread across all geographical segments. Keeping customer convenience at the forefront, the Bank provides a wide array of alternative delivery channels that include over 3754 ATMs, covering 1431 centres. Several IT initiatives have been undertaken during the year, which include Funds Transfer through Interbank Mobile Payment Services (IMPS) in ATMs, ASBA facility to net banking users, E-filing of tax returns and facility for viewing details of tax deducted at source, Terminal at select branches for customers to use net banking, SMS/e-mail alerts for all transactions done through ATM, net banking, POS, mobile banking, online payments irrespective of amounts, online loan applications and tracking facility, generation of automatic pass sheets through e-mail and automatic renewal of term deposits. Under Government business, the Bank has implemented internet based application for UGC Maulana Azad National Fellowship Scheme, Web portal for National Scheme for Girl Child Secondary Education, Electronic Accounting Systems of e-Receipts-Customs (EASeR-C) for collection of customs duty and e-payment of commercial taxes module for UP, Karnataka, Delhi and Tamil Nadu

Purpose:

  • For buying new or used four wheeler

ELIGIBILITY:

  • Salaried persons, professionals and business people, with qualifying income and required repayment capacity. Reputed firms and corporates are also eligible.
  • HUF not eligible

Your Dream Car. Your contribution and ours…   

  • For buying a brand new car, bring just 10% of the cost. Canara Bank will provide you loan upto 90% of the on road price. There is no ceiling on maximum loan amount!
  • For new vehicles, loan may be granted upto 90% of the total value inclusive of invoice value, life tax, registration charges, insurance premium and other accessories.

USED CARS

  • We also finance used cars (not older than 5 years) at the same low interest rates. We finance 75% of the agreed price or 75% of the value of the car, as assessed by an automobile engineer or Rs.6 lakh whichever is lower.

Repayment to suit your pocket:

  • In convenient Equated Monthly Instalments upto 72 months. So, step into any of our branches and drive away your dream car.

Processing Charges:

  • 0.1% on the loan amount with a minimum of Rs.250/- and maximum of Rs.500/-.

CENTRAL BANK OF INDIA CAR LOAN INTEREST RATES

CENTRAL BANK OF INDIA CAR LOAN INTEREST RATES

Established in 1911, Central Bank of India was the first Indian commercial bank which was wholly owned and managed by Indians. The establishment of the Bank was the ultimate realisation of the dream of Sir Sorabji Pochkhanawala, founder of the Bank. Sir Pherozesha Mehta was the first Chairman of a truly ‘Swadeshi Bank’. In fact, such was the extent of pride felt by Sir Sorabji Pochkhanawala that he proclaimed Central Bank of India as the ‘property of the nation and the country’s asset’. He also added that ‘Central Bank of India lives on people’s faith and regards itself as the people’s own bank’.

During the past 102 years of history the Bank has weathered many storms and faced many challenges. The Bank could successfully transform every threat into business opportunity and excelled over its peers in the Banking industry.

Sl NoParameterDetails
1Purpose:
  • i. Purchase of two wheeler i.e. Scooter, Moped, Motor Bike, electronic bike (e-bikes) etc.(New only)
  • ii. Purchase of four Wheeler i.e. Car, Jeep, Utility Vehicle, SUV, electric car like Reva, battery operated vehicle etc. for personal use. (i.e. not for hiring/ferrying passengers)

The finance can also be extended for purchase of old / second hand cars which should not be older than 5 years and have expected residual life of minimum 10 years

2Eligibility:
  • i. All individuals of age 18 years and above who are
  1. Permanent salaried employees of Central / State government / Local self government / Defence staff / employees of PSU / Large Corporates / reputed establishments.
  2. Self-Employed Persons / Independent Entrepreneurs who have regular source of income.
  3. Farmers irrespective of land holding engaged in production oriented agricultural activities and in other allied activities.
  4. Non-resident Indians in India jointly with a resident of India who is a close relative of the NRI. The vehicle is for use in India only.
  5. Staff of our bank.
  6. Finance may be extended individually or jointly with family member (mother, father, son, spouse, brother, sister or daughter), who has regular source of income i.e. income of the co-borrower may be clubbed to calculate eligible loan amount.
  • ii. Companies / Proprietorships, Partnership Firm /Societies/etc.
  • iii. Minimum Income Criteria (Gross Income)
  1. Salaried Persons:          i. For Four wheelers – Rs.15,000/- p.m.

ii. For Two wheelers – Rs.5,000/- p.m.

  1. Other than salaried persons:
  • 2 For Four wheelers – Rs.1,80,000/- p.a.

ii. For Two wheelers – Rs.60,000/- p.a.

3Quantum of  Finance:
  • i. For Salaried Persons: –

24 Times of Gross Monthly Salary on the basis of Last Salary Drawn.

 

•ii.      For Other Individuals

2 Times of Average Annual Income of last two years.

  • iii. For Companies, Proprietorship/ Partnership Firms, Societies:

Three Times of Average Annual Cash Accrual (PAT+Depreciation) as per last two years P/L, audited B/S of the company/firm as applicable.

 

•iv.    However, the Maximum Loan amount should be as under:

Two Wheeler – Rs. 1.00 lakh.

Four Wheeler:

Indian made vehicles               : Rs.20.00 lakh

Imported Vehicles                   : Rs.40.00 lakh

Old/Second Hand  Vehicle      : Rs.10.00 lakh

4Margin:•i.        New Vehicles:

Loan Amount Upto Rs.20 lakh           – Minimum 10%

Loan Amount More than Rs.20 lakh   – Minimum 20%

 

•ii.      Old/Second Hand  Vehicles:

Irrespective of Loan Amount                  – Minimum 25%

 

Valuation of old vehicles should be done by Approved Valuer.5Security:Hypothecation of vehicle purchased. Our Hypothecation charge should be registered with Regional Transport Office Authorities.6Repayment:

  • i. Loan is repayable in Equated Monthly Installments commencing from subsequent month of disbursement as below.

Two Wheeler    – Maximum 60 Months.

Four Wheeler (New) – Maximum 84 Months.

Four Wheeler (Old) Upto 3 Years old – Maximum 60 Months.

Four Wheeler (Old) More than 3 Years old – Maximum 48 Months.

 

7Processing Charges:Rs.500/- per proposal for 2 wheeler

 

Rs.2000/- per proposal for 4 wheeler.

  • PROCESSING CHARGES COMPLETELY WAIVED DURING FESTIVE SEASON 01.9.2012 TO 31.03.2013

8Rate of Interest:

  • i. For Two Wheelers – Base Rate + 1.00%
  • ii. For Four Wheelers (New) – Base Rate + 0.50%
  • iii. For Four Wheelers (Old) – Base Rate + 1.50%

 

9Guarantee:No Personal Guarantee will be obtained in case of loan up to Rs.5.00 lakh. 10Net Take

 

Home Pay

Criteria:For borrowers with annual income up to Rs.5.00 lakh, the Net Take Home Pay/Income should not be less than 35% of Gross Monthly Salary/Income after including the income of the co-borrower/s. This can be relaxed upto 30% for borrowers with annual income above Rs.5.00 lakh but up to Rs.10.00 lakh and up to 25% for borrowers with annual income above Rs.10.00 lakh.11Prepayment ChargesNo prepayment penalty is levied if the loan is adjusted by the borrower from his own sources. However, if loan is taken over by other Banks/Financial Institutes, Prepayment Penalty is charged @ 1.00 % on outstanding balance on the date of such take over.

CITY UNION BANK CAR LOAN INTEREST RATES

CITY UNION BANK CAR LOAN INTEREST RATES

The bank, ‘The Kumbakonam Bank Limited’ as it was then called was incorporated as a limited company on 31st October, 1904. The first Memorandum of Association was signed by twenty devoted and prominent citizens of Kumbakonam including Sarvashri R. Santhanam Iyer, S.Krishna Iyer, V.Krishnaswami Iyengar and T.S.Raghavachariar. T.S.Raghavachariar was the First Agent of the Bank.  In 1908, he was succeeded by Shri R. Santhanam Iyer who became the Secretary of the bank under the amended Articles of Association which created the office of a Secretary to be in charge of the Bank’s Management in the place of the Agent, which post he held till his death in 1926. He was succeeded by Shri. S. Mahalinga Iyer as Secretary who subsequently became the First full-time Managing Director of the bank in tune with the amendment of Articles in 1929.  He held the position of Secretary from 1926 to 1929 and that of Managing Director from 1929 to 1963.

The bank in the beginning preferred the role of a regional bank and slowly but steadily built for itself a place in the Delta District Thanjavur. The first Branch of the Bank was opened at Mannargudi on 24th January 1930.  Thereafter, branches were opened at Nagapattinam, Sannanallur, Ayyampet, Tirukattupalli, Tiruvarur, Manapparai, Mayuram and Porayar within a span of twenty five years.  The Bank was included in the Second Schedule of Reserve Bank of India Act, 1934, on 22nd March 1945.

The Bank celebrated its Golden Jubilee on 14th November, 1954 at Kumbakonam under the Presidentship of Shri.C.R.Srinivasan, Editor, ‘Swadesmitran’ & Director, Reserve Bank of India.

In 1957, the bank took over the assets and liabilities of the Common Wealth Bank Limited and in the process annexed to it the five Branches of Common Wealth Bank Limited at Aduthurai, Kodavasal, Valangaiman, Jayankondacholopuram and Ariyalur.

In 1963,  Shri. R. A.Venkataramani Iyer took charge as the Chairman of the Bank which position he held up to 1969.

CUB YOHA VAHANA (for four wheelers)

Eligibility:

Individuals /Business Concern having a net Salary/Income not less than 15000/- per month and professional/others who earn not less than Rs. 1,50,000/- per annum (as per IT return) including those already enjoying credit facilities from the bank are eligible for consideration under the scheme. For the computation of net salary/income,the salary/income of the spouse to be added provided he/she stands as a co-obligant to the loan.

Purpose of the Loan:

Loan may be granted for acquiring four wheeler vehicle only.( Loan is not to be made for the purchase or second hand Vehicles)

Permissible amount of Loan:

The maximum permissible amount of the loan RS.5,00,000/- in respect of the borrower is a professionals and for business people whose annual income is above 1.50 lakhs.

Margin:

10 %

Interest:

BR (10.75)

Name of the SchemeBase RateBPLR
 Existing

RoI

01.08.2011Revised RoI –

% p.a.

01.12.2011Existing

RoI

01.08.2011Revised

RoI – %

p.a.

01.12.2011CUB Yoga VahanaBR plus 4.00

(14.50)BR plus 4.00

(14.75)PLR minus

1.75

(14.50)PLR minus

1.75

(14.75)

Security:

Hypothecation of vehicle to be purchased

Third Party Guarantee:

Along with the applicant, the spouse / or may other individual who is fulfilling the eligibility criteria under the Scheme is to stand as Co-obligant.

Repayment:

Repayment is to be made within a maximum period of 60 months in equated monthly installments. And No moratorium period is to be allowed.

Insurance:

A comprehensive insurance cover is to be obtained at the cost of the borrower with bank clause.

Processing Fees:

Processing Fees at 1% of the loan amount to be charged. And no other hidden charges as charged by other banks.

Disbursement:

Disbursement of the loan is to be made directly to the seller or supplier.

CORPORATION BANK CAR LOAN INTEREST RATES

CORPORATION BANK CAR LOAN INTEREST RATES

Every institution has its start in modest initiatives but what makes it great is the passion of the people behind it. Carrying the legacy forward with an undaunted commitment to its vision, the journey of Corporation Bank truly epitomizes this.

Started about 108 years ago in 1906, with an initial capital of just Rs.5000/-, Corporation Bank has recorded Rs. 2,84,722 Crore mark in business and even far more, with over 6677 service outlets across the nation, served by committed and dedicated 13,000 plus Corp Bankers. Proof of which is seen in its enviable track record in financial performance. We have many reasons to cheer, predominant of them is, being able to participate in nation building by empowering the rural and urban populaation alike. Today, we are proud that we are significant contributors to the growth of the country’s economy.

Nationalised in 1980, Corporation Bank was the forerunner when it came to evolving and adapting to the financial sector reforms. In 1997, it became the Second Public Sector Bank in the country to enter capital market, the IPO of which was over- subscribed by 13 times. the Bank has many ” firsts ” to its credit – Cash Management Services, Gold Banking, m-Commerce, ” Online ” approvals for Educational loans, 100% CBS Compliance and more recently, its poineering efforts to take the technology to the rural masses in remotest villages through low-cost branchless banking – Business Corresponent model. All of which symbolise Bank’s unswerved commitment to its customers to provide convenience banking.

At Corporation Bank, what motivates us is the passion to excel in banking by maintaining highest standards of service to our customers, backed by innovative products and services which makes us one of the leading Public Sector Banks in the country, catering to a wide range of customers – from individuals to corporate clients.

Corp Vehicle – Loan for purchase of vehicle/s 

‘CorpVehicle’ gives you greater value, flexibility, convenience and affordability. Perhaps you have been postponing your needs to have a two wheeler/four wheeler for quite a long time. The CorpVehicle loan scheme has been designed for people like you, who would like to move up in life without paying through the nose for it. CorpVehicle offers you the easiest motor cycle/Car loans with absolutely no hassles. Isn’t it time to get a motor cycle/car of your own?

1. Eligibility 

Individuals [Professionals/Businessmen/ Salaried class and others] NRIs, Sole Proprietorships, Partnership Firms, HUFs, Companies, Trusts/ Institutions are eligible.
vMain applicant shall have income.
Income of the spouse/close relative/s can be included if they join as Co-applicants to supplement repayment capacity.
In case of Company/Firm/Trust, Directors/Partners/Trustees having regular/ independent income can join as co- applicant/s to supplement repayment capacity.
In case of salaried class, applicant/co applicant must be confirmed in the service.
For 2 & 3 wheelers :Applicants to have a minimum NET annual income of Rs.0.50 lakhs.
vFor Four wheelers :Applicants to have a minimum NET annual income of Rs. 1.20 lakh.
Cash accruals/Depreciation also added to income, in case of borrowers other than salaried class.
In case of loan to Road/Water Transport Operators & where vehicle is used for commercial purposes & for Educational Institutions, repayment capacity is arrived at based on Debt Service Coverage Ratio (DSCR).

2. Purpose

For purchase of 2/3/4 wheelers/heavy road/water transport vehicles/ for personal /transport/business/commercial purpose.
Vehicles used for mining/ digging activities, like excavators/ Bulldozers/ JCB/Crane/Road Rollers etc., are NOT considered under the scheme.

3. Loan Amount

For 2 wheelers : Rs. 1 lakh per vehicle
For 3 wheelers : Rs. 2.00 lakh per vehicle
For 4 wheelers and heavy vehicles/water transport vehicles : Maximum Rs. 75 lakh per vehicle

4. Rate of Interest 
Please click below for:
Rate of Interest 

CORP VEHICLE SCHEMEFor

othersNew four wheelers used for personal

use [Registered as white Board ]For SRTOs

covered

under

CGTMSEUpto

Rs.5

lakhsAbove Rs.5 lakhs

but below

Rs.10 lakhsRs.10

lakhs &

aboveUpto the tenor of 3 years10.50%10.45%10.40%10.25%10.50%Above 3 years and upto 5 yearsAbove 5 years & upto 7 years11.00%11.00%

The Interest Rate as above is applicable to fresh loans only

Fixed rate option is not available under the Scheme

5. Margin 

15% of cost of the vehicle (cost of the vehicle is inclusive of Accessories/Registration/Road tax/Insurance charges) for new vehicles
40% of market value certified by the competent valuer, for second hand vehicle which have not completed 3 years from the date of first registration. However, loan for second hand two wheeler & three wheeler is strictly not permitted.
Valuation obtained from the Bank’s empanelled valuer or Authorized dealer of vehicle manufacturer.

6. Security

Hypothecation of the vehicle along with noting of Bank’s lien in the Registration Certificate and Insurance Policy.

7. Guarantee

Not Mandatory. However, third party guarantee or any collateral securities will be stipulated, on case to case basis, by the Sanctioning Authority at his/her discretion based on risk perception.

8. Collaterals

Collateral security stipulated at the discretion of the sanctioning authority.

9. Repayment

vMaximum 60 months for purchase of 2/3 wheelers
vMaximum 84 months for other than 2/3 wheelers.
vIn case of second hand vehicles, maximum repayment period will be reduced by the extent of the age of the vehicle.
vIn case of seasonal income, Quarterly/ Half yearly/Yearly instalments stipulated.
vIn case of loan to Road/Water Transport Operators & where vehicle is used for commercial purposes & for Educational Institutions, repayment capacity is arrived at based on Debt Service Coverage Ratio (DSCR)
vEMI/ Notional interest as a % to net income is reckoned as per applicable guidelines.

10. Processing Charges
Processing charges are fully waived (from 01.06.2013 to 30.09.2013)

Two wheeler & three wheeler0.50% of the loan amount sanctioned with a minimum of Rs. 500/-.
Four wheelers1.00% of the loan amount sanctioned with a minimum of Rs. 1,000/-

Note : The charges are exclusive of applicable service tax

DENA BANK CAR LOAN INTEREST RATES

DENA BANK CAR LOAN INTEREST RATES

Dena Bank, in July 1969 along with 13 other major banks was nationalized and is now a Public Sector Bank constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970. Under the provisions of the Banking Regulations Act 1949, in addition to the business of banking, the Bank can undertake other business as specified in Section 6 of the Banking Regulations Act, 1949.

Take the smooth road to own your Dream Machine

Get on the right track with Dena Auto Loan and drive home your home machine.

You are eligible if:

·You have a gross income of more than Rs.75,000/- p.a. for loan for purchase of motor cycle / scooter and more than Rs.1.50 lacs p.a. for loan for purchase of cars.

·You are a partnership firm / company for purchase of car. The firm / company should be profit making for the last 2 years. The net profit as per Audited Balance Sheet of last year should be more than Rs.3.00 lacs.

Loan Amount

•Upto Rs. 50,000/- for purchase of a new two wheeler.

•Upto Rs. 8 lakhs for purchase of a new car.

Margin

20%

Rate of Interest

BR + Latest Interest Rate

INTEREST CHARGED ON DAILY REDUCING BALANCE

NO PREPAYMENT CHARGES

Security

Hypothecation of the vehicle purchased.

Mode of disbursement

Loan disbursed directly to the authorized dealer.

Process Fees

•Two wheeler- Rs. 500/-

•Four wheelers:

For loans upto Rs. 2.50 lacs, Rs. 1,000/-.

For loans above Rs. 2.50 lacs to Rs. 7.50 lacs, Rs. 1,500/-

For loans above Rs. 7.50 lacs, Rs. 2,500/-.

Repayment

Upto 60 EMIs (For new vehicles) & upto 36 EMIs (For old Vehicles).