DEVELOPMENT CREDIT BANK CAR LOAN INTEREST RATES

DEVELOPMENT CREDIT BANK CAR LOAN INTEREST RATES

DCB Bank is a modern emerging new generation private sector bank with 100 branches across 15 states and 2 union territories. It is a scheduled commercial bank regulated by the Reserve Bank of India. It is professionally managed and governed. DCB Bank has contemporary technology and infrastructure including state of the art internet banking for personal as well as business banking customers.

DCB Bank’s business segments are Retail, micro-SMEs, SMEs, mid-Corporate, Agriculture, Commodities, Government, Public Sector, Indian Banks, Co-operative Banks and Non Banking Finance Companies (NBFC). DCB Bank has approximately 450,000 customers.

DCB Bank has deep roots in India since its inception in 1930s. Its promoter and promoter group the Aga Khan Fund for Economic Development (AKFED) & Platinum Jubilee Investments Ltd. holds over 19% stake. AKFED is an international development enterprise. It is dedicated to promoting entrepreneurship and building economically sound companies.

DCB Auto Loan

With the hassle free application process, speedy approval and easy eligibility, The DCB Auto Loan is your short cut to a new car and a newfound status.

Features

  • 0% Processing Fee
  • Easy and simple documentation
  • Speedy processing
  • Loan available up to 85% of the value of the car
  • Minimum Loan Amount Rs. 1,00,000/-
  • Maximum Loan Amount Rs. 10,00,000/- (Individual) and Rs. 20,00,000/- (Non-Individual)
  • Tenure for Loan Amount: 1 – 5 years
  • Rate of Interest is linked to the MBPLR (Mortgage Benchmark Prime Lending Rate) of the Bank which is currently 15.25%.

Eligibility

Age (Minimum) 21 years for standard car
23 years for premium car
25 years for super premium car
Age (Maximum at loan maturity) 60 years for salaried individuals
70 years for self-employed individuals
Annual Income (Minimum) For Salaried Individuals
Rs. 80,000 for standard car and
Rs. 1,00,000 for premium car
For Self-employed Individuals
Rs. 60,000 for standard car and
Rs. 100,000 for premium car
Minimum Employment Norms 1 year for Salaried and
2 years for Self-employed (profit making business entity)
Residence Stability Norms 1 year for the Salaried and
For Self-employed 2 years in the same city of which 1 year in the same residence.

Documentation

  • Pay slips for the last 3 months, for salaried individuals
  • Income Tax returns of the last 2 assessment years, for self-employed individuals
  • Statement of main / operative bank account for the last 3 months
  • Credit card / loan statement from bank / financier
  • Identity, signature, address and Tele-contactability proofs
  • Duly filled application form and passport size photographs
  • Qualification certificates for self-employed professionals
  • Hypothecation / First Lien in favour of DCB
Service Charges
Description of charges Charges
Loan Processing Charges 0%
Cheque bounce charges Rs. 500
Foreclosure charges 5% on the loan amount
Late payment charges 3% per month
Cheque swap charges Rs. 500/-

Service Tax and other govt. taxes, levies, etc. applicable as per prevailing rate will be charged over and above these charges.

Development Credit Bank Limited (DCB Bank) reserves the right to assess charges on transactions which are not covered by this schedule and to amend rates stated in this schedule, without prior or post notice to the Customer. The said schedule of charges is not exhaustive and the charges presently mentioned are at the rates currently prevalent and can be changed, any time and from time to time, at the sole and absolute discretion of DCB Bank and such changes shall be final and binding on all the customers of DCB Bank.

ROI, MPLR, Base Rate are subjected to change.

Dhanlaxmi Bnak Car loan Interest Rates

Dhanlaxmi Bnak Car loan Interest Rates

Dhanlaxmi Bank Ltd. was incorporated in 1927 at Thrissur, Kerala by a group of ambitious and enterprising entrepreneurs.Over the 86 years that followed, Dhanlaxmi Bank with its rich heritage has earned the trust and goodwill of clients. It is due to our strong belief in the need to seek innovation, deliver best service and demonstrate responsibility, that we have grown from strength to strength. Be it in the number of customers, the scale of business, the breadth of our product offerings, the banking experience we offer or the trust that people invest in us. With more than 670 touch points across India at your service; our focus has always been on customizing services and personalizing relations.

New Car Loans

Car Loans is the ideal way to finance your new set of wheels. Now you can acquire your favourite small car, sedan or luxury vehicle with flexible repayment options.

Features

  • Avail up to 85% on On road cost or 95% of the Ex showroom cost
  • Tenor – Ranging from 12 to 60 months
  • Quick and speedy processing.
  • Repayment through convenient EMI’s
  • Financial based product.
  • Convenient and Attractive Rate of Interests
  • Minimum / hassle free documentation

Eligibility

Salaried Individuals:

  • Minimum age of Applicant – 21 years
  • Maximum age of Applicant at loan maturity – 60 years
  • Minimum Annual Salary – Rs. 1,20,000/-
  • Minimum Employment Stability – One year in current employment and total experience of 2 years

Self-Employed / Professionals:

  • Minimum age of Applicant – 21 years
  • Maximum age of Applicant at loan maturity – 65 years
  • Minimum Annual Income – Rs. 1,20,000/-
  • Minimum Business Continuity – 3 years in same business

Partnership Firms:

  • Minimum Income – Rs. 1,20,000/-
  • Minimum Business Continuity – 3 years in same business

Private Limited Company:

  • Minimum Income – Rs. 1, 20,000/-
  • Minimum Business Continuity – 3 years in same business

Public Limited Company:

  • Minimum Income – Rs. 1, 20,000/-
  • Minimum Business Continuity – 3 years in same business

Founding

95% of the Ex showroom cost (or) 85% on On road cost ( Ex showroom cost+ Insurance+ Registration and Road tax)

Fees and charges

Sr No

Charges

AUTO – NEW CAR

1 Processing fees 1% of the loan amount.
2 Non refundable fees NA
3 Part Prepayment Charges NA
4 Foreclosure charges 2% +ST of Principal Outstanding
5 Cheque Bounce Charges Rs 500/- + ST
6 Late Payment Charges 3% per month
7 **Customer Credit Information Report (Credit Bureau) (**Will be provided only where the customer has submitted an application for loan processing.) Individual customers – Rs 200, Non Individual Customers – Rs 750
8 NOC issuance charges – Nil for 1st Issuance Nil for 1st issuance. Rs 500/- + ST

Used Car Loans

You can now take a car loan for not only new vehicles but also for pre-owned vehicles.The quick and speedy processing of the loan will ensure you are in possession of a car in no time.

Features

  • Avail up to 60% of the value of the vehicle.
  • Tenor – Ranging from 12 to 48.
  • Quick and speedy processing.
  • Repayment through convenient EMI’s
  • Financial based product
  • Convenient and Attractive Rate of Interests
  • Minimum / hassle free documentation

Eligibility

Salaried Individuals:

  • Minimum age of Applicant – 21 years
  • Maximum age of Applicant at loan maturity – 60 years
  • Minimum Annual Salary – Rs. 1,20,000/-
  • Minimum Employment Stability – One year in current employment and total experience of 2 years

Self-Employed / Professionals:

  • Minimum age of Applicant – 21 years
  • Maximum age of Applicant at loan maturity – 65 years
  • Minimum Annual Income – Rs. 1,20,000/-
  • Minimum Business Continuity – 3 years in same business

Partnership Firms:

  • Minimum Income – Rs. 1,20,000/-
  • Minimum Business Continuity – 3 years in same business

Private Limited Company:

  • Minimum Income – Rs. 1, 20,000/-
  • Minimum Business Continuity – 3 years in same business

Public Limited Company:

  • Minimum Income – Rs. 1, 20,000/-
  • Minimum Business Continuity – 3 years in same business

Founding

60% on value of the vehicle as certified by the approved valuer of the Bank

Fees and charges

Sr No

Charges

Pre Owned car

1 Processing fees 1% of the loan amount.
2 Non refundable fees NA
3 Part Prepayment Charges NA
4 Foreclosure charges 2% +ST of Principal Outstanding
5 Cheque Bounce Charges Rs 500/- + ST
6 Late Payment Charges 3% per month
7 **Customer Credit Information Report (Credit Bureau) (**Will be provided only where the customer has submitted an application for loan processing.) Individual customers – Rs 200, Non Individual Customers – Rs 750
8 NOC issuance charges – Nil for 1st Issuance Nil for 1st issuance.Rs 500/- + ST

FEDERAL BANK CAR LOAN INTEREST RATES

FEDERAL BANK CAR LOAN INTEREST RATE

The history of Federal Bank dates back to the pre-independence era. Though initially it was known as the Travancore Federal Bank, it gradually transformed into a full-fledged bank under the able leadership of its Founder, Mr. K P Hormis. The name Federal Bank Limited was officially announced in the year 1947 with its headquarters nestled on the banks of the river Periyar. Since then there has been no looking back and the bank has become one of the strongest and most stable banks in the country.

Key Features

  • Lower EMIs (Equated Monthly Installments)
  • Lower interest rates
  • Longer repayment period
  • Faster processing
  • Transparent charges
  • Can be availed for buying new as well as used four wheelers and new two wheelers

Document Required 

  • KYC Documents of Borrowers(Proof of Identity and Proof of Address)
  • Recent Passport Size Photograph of borrowers
  • Proof of Employment/Business
  • Income Documents(Indicative Only)

Salaried

–          ITR/Form 16 for 2 years

–          Salary Slip for last 3 months

–          6 Months Bank Statement

Business/Self Employed

–          Balance Sheet(Audited Wherever mandated)

–          P&L Statement

–          Tax Paid Challans/ITRs

NRIs

–          Salary Certificate & Proof Of Employment/Business(Embassy attested if possible)/Balance Sheet in case of Business.

–          6 Months external account statement

–          2 years NRI Account Statement

Repayment options

Repayment of the loan can be made as EMIs.

Terms and Conditions

Income of the applicant

  1. Minimum take Home after meeting all monthly EMI commitments including the proposed one should be at least Rs.7500
  2. Spouse’s income can be clubbed.
  3. Agricultural Income/Rental can be clubbed with regular income(minimum monthly income to be At least Rs.40,000, including agriculture income/rental income)
  4. In the case of used vehicles 75 % on lower of depreciated /market / purchase value only eligible.

Period of the loan

New Vehicles (other than two wheelers) – 60 months

New Vehicles (for Salaried) – 84 months*

Used Vehicles – 60 month

New two wheelers – 48 months

*Salaried Category as per Bank’s Policy

Security

  • Hypothecation of Vehicle Purchased
  • Co-obligancy of Spouse/Another Person
  • No Collateral for loans up to Rs.10 lakhs. Collateral waived for loans between Rs.10 Lakhs and Rs.20 Lakhs, in case funding is limited to 75% of the ex-showroom price else Collateral covering full value of the loan is required.
  • Collateral Required for loans above Rs.20 Lakhs

Conditions for used vehicles

  • Depreciation using Straight Line Method @ 15% for the first year and @ 10% for subsequent years.
  • Part of the year shall be counted as one year.
  • Age of vehicle not more than 3 years

ICICI BANK CAR LOAN INTEREST RATES

ICICI BANK CAR LOAN INTEREST RATES

ICICI Bank is India’s largest private sector bank with total assets of Rs. 5,367.95 billion (US$ 99 billion) at March 31, 2013 and profit after tax Rs. 83.25 billion (US$ 1,533 million) for the year ended March 31, 2013. The Bank has a network of 3,384 branches and 11,063 ATMs in India, and has a presence in 19 countries, including India.

ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset management.

The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium and Germany.

ICICI Bank’s equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).

Car Loan Eligibility criteria

With ICICI Bank Car Loans, you can avail of car loans as per your needs.

Particulars Salaried Individual Self-Employed Individual Partnership Firm Private / Public Ltd Co
Age Criteria* The applicant should be above 25 years old at the time of application, and upto 58 years of age at the time of maturity of the loan. Any proprietor, partner, professional or director above 28 years but below 65 years at the time of the loan maturity. Limited companies should have been in existence for at least 3 years.
Income Criteria* Gross annual income of at least Rs. 2.50 lakhs. Gross annual income of at least Rs. 2.00 lakhs. Firm should have a minimum PAT (profit after tax) of Rs. 2.00 lakhs. Minimum PAT (profit after tax) of Rs. 2.00 lakhs.
Stability The total employment stability should be more than 2 years and current employment stability of minimum 1 year. Business stability should be more than 3 years. Business stability should be more than 3 years. Business stability should be more than 3 years.

Car Loan Interest Rate

Loans & Advances – Indicative lending rates updated on July 26, 2012
Car Loans
Tenure of credit facility Up to 23 months 24-35 months 36-60 months Processing fee
Type of credit facility Rate of interest
New Car Loans 15.75% to 16.50% 13.75% to 15.50% 11.50% to 14.25% Loan amount less than Rs. 0.25 mn = Rs. 2,500
Rs. 0.25 to Rs. 0.39 mn = Rs. 3,500
Rs. 0.40 to Rs. 0.49 mn = Rs. 4,000
Rs. 0.50 to Rs. 0.99 mn = Rs. 4,200
Equal to and more than Rs.1.00 mn = Rs. 5,000
Type of credit facility Rate of interest Processing fee
Used Car Loans 15.50% to 18.00% Rs. 4,000 OR 2% of loan amount, which ever is lower
Notes:
Specific interest rate applicable to a customer would be dependent on segment, asset category and location.
Stamp duty charges shall be extra as applicable.
Additional documentation charges of Rs.350/- applicable.
ICICI Bank reserves the right to revise the rate of interest and processing fee from time to time, at its sole discretion.

Factors affecting your Car Loan Amount

Car Loans from ICICI Bank are extremely convenient, flexible and quick. With more than 604 channel partners in over 1000 locations, we reach out to millions of customers and help them realise their dream of possessing a car.

The minimum loan amount for taking a new car loan is Rs. 1,00,000. The maximum loan amount will depend upon the price of the car, model variant, profile of the customer, etc.

New car

  • We finance up to 90% of the ex-showroom price of the car.
  • The Loan amount also depends on the car model. Higher loan amounts are available under specific enhanced income eligibility criteria.

 

Service Charges

  • If you are looking for flexible schemes, quick processing of your loans, attractive interest rates at the click of a mouse, then your search ends here. ICICI Bank Car Loans is the Most Preferred Financier for car loans in the country and offers you all the above with unbelievable ease.
  • Our car loan interest charges differ according to the car model, the tenure of the loan, the customer and his location.
Description of Charges Car Loans
Non Refundable Loan Processing Fees
and
Documentation Charges
New Car
Gross Loan Amt Processing Fee Amt Documentation Charges
<2.5 L Rs.2500/- Rs.350/-
2.5 L to 3.9 L Rs.3500/- Rs.350/-
4 L to 4.9 L Rs.4000/- Rs.350/-
5 L to 9.9 L Rs.4200/- Rs.350/-
>10 L Rs.5000/- Rs.350/-

Stamp DutyActualsPrepayment OptionsPart prepayment of the loan is not allowedPrepayment ChargesLower of the two amount given below.
1. 5% of principal outstanding or
2. Interest outstanding for unexpired period of the loan.Charges for late payment (loans)2% per month on the outstanding installmentCheque Swap ChargesRs. 500/- per transactionCheque return charges^Rs. 400/- per returnAmortisation Schedule ChargesRs. 200/- per scheduleStatement of Account ChargesRs. 200/- per statementPrepayment Statement ChargesRs. 100/- per statementDuplicate NOC ChargesRs. 500/- per NOCNOC for conversion from Petrol to LPG/CNGRs. 500/- per NOCRevalidation of NOC ChargesRs. 500/- per NOCNOC to convert from Private to Commercial RegistrationRs. 2000/- per NOCNOC to convert from Commercial to Private RegistrationRs. 2000/- per NOCCharges for changing from fixed to floating rates of interestNot Applicable.Charges for changing from floating to fixed rates of interest1.75% on principal outstanding

Car Loan – Documentation

At ICICI  Bank  Car  Loans, we offer  the most  convenient, flexible & quick car loan at the  click of a  mouse. Keeping  your convenience in mind, we ask you for minimal  mandatory  documents for the sanctioning of your car loan.

Income proof:
Salaried individuals :
Latest Salary Slip and 2 years Form 16/ Income tax returns.
Self-Employed individuals:
Income Tax Returns of 2 previous financial years.
Partnership Firms, Societies & Companies :
Income Tax returns of 2 previous financial years along with complete financial/audit report.
Documents supporting customer information : 
Identity Proof, Signature Proof,Recent passport size colour photograph and Address Proof as per ICICI Bank norms (Our representative will help you choose suitable documents).
Other documents:
Partnership Firms: Partnership deed and Letter signed by all partners authorising one partner to execute the required Car Loans documentation.

Societies and Companies: Resolution by Board of Directors (or such managing body) & Memorandum & Articles of Association (or Society/Trust deed).

Our representative will help you with the formats of documents and the information required.

Car Loan Application Process

Application Process of your Car Loan

Car Loans from ICICI Bank are extremely convenient, flexible and quick.

Keep It Simple and Swift. That’s the idea behind the easy and quick application process of ICICI Bank Car Loans. We have multiple channels for you to access our car loan services. You can call us on the contact numbers given below, apply online, send us an email, call for our representative to visit you, visit our bank branch or SMS us your interest.

Car Loans

  • Our representative will meet you at your convenience to assist you with the documentation and other terms.
  • The loan will be disbursed within one day of submitting all the required post-sanction documents.
  • If the vehicle is readily available with the dealer, you can get your car as soon as the disbursal is made to the dealer. However ICICI Bank is in no way responsible for car deliveries as they are regulated by the car manufacturer’s delivery schedules.
  • You can retain the original Registration Certificate, Invoice and the Insurance Policy. We simply require a photocopy of these documents within 30 days of getting your loan disbursement.
  • If you wish to cancel your loan application any time before the loan is disbursed, you may do so by informing the representative who has collected your documents or send us a written request.
  • You may contact the nearest ICICI Bank branch for the best deal available on the car of your choice. We have an extensive network of associates offering our loan products too.
  • You may also contact us by any of the following options
    – Click here to reach our call centre.
    – Send an SMS with the message “carloan ” to 5676766, for eg. SMS “carloan mumbai” if you stay in Mumbai.
    – Write to us using the “Email Us” option
    – Click here to apply online.

Car Loan Repayment

Repayment Terms of your Car Loan

ICICI Bank Car Loans offers flexible schemes, attractive interest rates, and quick & hassle-free application process at the click of a mouse. At the same time, we ensure that the repayment terms are equally convenient for you.

ICICI Bank offers new car loans with fixed interest rate. In Fixed interest rate, the interest rate on the car loan will remain fixed during the tenure of the loan.

Car Loans

  • Repayment tenure ranges from 1 year to 7 years for new car loans.
  • You may change the tenure of the loan before the loan is disbursed. The interest rate & EMI would change               accordingly.
  • The repayment due dates for the loan are 1st and 15thof every month and would depend on the date of disbursement. Payment due dates cannot be changed.
  • You can make the Payments through post-dated cheques (PDCs)
  • Repayment option through Direct Debit Mandates is also available for all ICICI Bank account holders.
  • Option of repaying through ECS is also available in select cities.
  • Payments through cash or credit cards are not accepted.
  • You may change the PDC’s in case your Bank Account is changed . However, we would require verification of signatures by new banker. A nominal fee of Rs.500/- (Swap Charges) would be charged for exchange of cheques.
  • A full pre-payment of the loan is accepted. Part pre-payment is not allowed.

IDBI BANK CAR LOAN INTEREST RATES

IDBI BANK CAR LOAN INTEREST RATES

IDBI Bank Ltd. is a Universal Bank with its operations driven by a cutting edge core Banking IT platform. The Bank offers personalized banking and financial solutions to its clients in the retail and corporate banking arena through its large network of Branches and ATMs, spread across length and breadth of India. We have also set up an overseas branch at Dubai and have plans to open representative offices in various other parts of the Globe, for encashing emerging global opportunities. Our experience of financial markets will help us to effectively cope with challenges and capitalize on the emerging opportunities by participating effectively in our country’s growth process.IDBI Bank is the youngest, new generation, public sector universal bank that rides on a cutting edge core banking Information Technology platform. This enables the Bank to offer personalized banking and financial sol.utions to its clients. The Bank had an aggregate balance sheet size of Rs. 3,22,769 crore and total business of Rs 4,23,423 crore as on March 31, 2013. IDBI Bank’s operations during the financial year ended March 31, 2013 resulted in a net profit of Rs. 1882 crore.

Our vision for the Bank is “TO BE THE MOST PREFERRED AND TRUSTED BANK ENHANCING VALUE FOR ALL STAKEHOLDERS”

Features
  1. Eligibility Criteria: IDBI Bank offers Auto loans for both Salaried and self- employed professionals at attractive interest rates.
Salaried:

  • Min age of the applicant: 22 years
  • Max age of the applicant: 65 years
  • Min. 2 years in service
  • Min. Annual Income of Rs. 1,50,000/-
  • Income proof: Salary Slip, Form 16/ ITR, Bank statement showing salary credit
Self-Employed Professionals:

  • Min age of the applicant: 22 years
  • Max age of the applicant: 65 years
  • Min. 2 years in profession
  • Min. Annual Income of Rs. 1,50,000/-
  • Income proof: for Last 2 years with computation of income / certified financials, Balance Sheet, P & L A/c, Bank statement

 

  1. Hassle-free documentation: Our representative will guide you through the easy Auto loan application and can make life seems much betterList of documents required for Auto loan
Age Proof:

  • School Leaving Certificate
  • Passport
  • Driving License
  • Election ID Card
  • Birth Certificate
  • LIC Policy
  • PAN Card
Address Proof:

  • Passport
  • Driving license
  • Election Id card
  • Telephone Bill / Electricity Bill
  • Title deed of property / Rental Agreement
  • Employers letter
  • Sales Tax RC / ITR / Form 18
Identity Proof:

  • Passport
  • PAN Card
  • Election Id card
  • Driving License
  • Photo Credit Card
  • Employers ID Card
Income Proof: Latest 2 months salary slips; Form 16/ ITR for last 2 years; Bank Statement reflecting salary credits for 4 monthsBank Statement: Income Statement, Balance Sheet and ITR for last 2 years, Bank Statement for 6 months
  1. Fee & Charges: Nominal processing fees is applicable
Processing Fee:

  • Rs.1,000 /- plus applicable taxes for all cases
Documentation charges:

  • As per actual cost

 

  1. Repayment: Repayment is done through Equated Monthly Installments (EMIs) comprising both principal and interest.
Servicing of EMI would be through:

  • Standing Instruction
  • ECS
Foreclosure Charges:

  • Part payment/Foreclosure allowed after 6 months of loan disbursement from own source without penalty.
  • Before 6 months of disbursement or by way of balance transfer 1% of balance outstanding plus applicable charges would be charged

INDIAN BANK CAR LOAN INTEREST RATES

INDIAN BANK CAR LOAN INTEREST RATE

Indian Bank provides convenient educational loans for meritorious/deserving students to acquire knowledge and skill in the field of their interest. By playing beacon, new-generation’s quest for success is ably supported, paving way for Generation Banking

IB Home Loan

Eligibility Minimum entry age is 18 years and maximum exit age is 60 years
Amount of Loan * 36 times of Gross Monthly Income or 60 times of Net Monthly Income whichever is higher.
Margin For Loans
a) upto Rs. 20 lakhs : 10%
b) above Rs. 20 lakhs upto Rs.75 lakhs : 20%
c) above Rs.75 lakhs: 25%
Processing fee 0.225% of loan amount with a maximum of Rs.20,000/-
Interest Rates All interest rates are linked to current Base RateIB Vehicle Loan Interest Rate w.e.f. 05.08.2013

Base Rate is 10.20%

Type of Vehicle Rate of Interest
Vehicle Loan (New Cars)including NANO Cars BR + 0.50% (Variable) i.e.10.70% p.a. for alltenors
Vehicle Loans (2 wheelers BR + 2.75% (variable) i.e. 12.95%.p.a
Vehicle Loan (used Cars) BR + 3.25% (variable) i.e. 13.45% p.a. for alltenors.
Repayment • Loans for purchase / construction of House / Flat: 20 years (including holiday period)
• Maximum Holiday Period of 18 months allowed for Home Loans for the purpose of construction of House / Flat
Prepayment charges NIL
Security Equitable Mortgage of Property purchased / constructed out of loan proceeds
*{Equitable Mortgage to be registered (at Applicant’s cost) if there is a provision for the same in the State where property is located }
Documents to be submitted for processing the application 1. Completed Application Form with 3 passport size photograph.
2. Assets and liabilities statement in the Bank’s format from applicant(s), Co-applicant(s) and guarantor(s)
3. Proof of Identity such as PAN Card / Voter’s ID/Passport/Driving License.
4. Proof of residence such as Recent Telephone Bill / Electricity Bill / Property Tax Receipt / Passport / Voter`s ID
5. Proof of business address in respect of businessmen / industrialists.
6. Proof of Employment for salaried class.
7. Salary slips generally for the last 6 months.
8. Statement of Bank account of the applicant(s) for a reasonable period, say 6 months/12 months for verifying salary credit/other income/nature of transaction etc
9. Proof of other income like rent, interest on investment, if any.
10. ITR and Balance Sheet for the past three financial years in the case of Professionals, Businessmen and Self employed.
11. Form16/Income Tax / Wealth Tax (if applicable) Returns for the past 3 years
12. Agreement of Sale / Sale Deed.
13. Approved Building Plan.
14. Title Deed Documents for 13 years/30 years as the case may be.
15. Proof of title in the Revenue Records.
16. Property Tax receipts wherever applicable (Up-to-date EC, Legal Opinion from Advocate & Valuation of property from Engineer will be arranged by Bank at applicant`s cost)
17. Home Loan where security value is Rs.50 lakhs and above, valuation by two independent valuers has to be obtained.
Value added Group Insurance cover:
• At the option of the applicant, Group Insurance Life Cover is arranged at concessional premium (to be borne by the Applicant).
• The Premium amount will be financed as a separate loan instead of financing as a part of the loan.
Salient Features Home Loans can be considered
a) to purchase / construct a new house / flat
b) to purchase house site and construction of house thereon
c) to purchase an existing house / flat
d) to extend an existing house/ additional construction
e) to repair / renovate an existing house / flat
f) to take over Home Loans from other Banks / Housing Finance Institutions approved by National Housing Bank for Housing Finance/ Co-operative Societies.
g) For reimbursement of cost incurred within a period of 6 months for purchase/construction of house/flat
Insurance Property (offered as security) to be insured at borrower`s cost with Bank clause against fire, flood, earthquake, riot and other risks, which are normally covered by insurance companies

 

 

INDIAN OVERSEAS BANK CAR LOAN INTEREST RATE

INDIAN OVERSEAS BANK CAR LOAN INTEREST RATE

The Constitution of the Board of the Bank is governed by “The Nationalized Banks (Management and Miscellaneous Provisions) Scheme, 1970, formulated by the Central Government, after consultation with the Reserve Bank of India, in exercise of the powers conferred by section 9 of “The Banking Companies (Acquisition and Transfer of Undertakings) Ac, t 1970”.

Eligibility

Permanent employment in a…

A Government Office
A public sector undertaking
A reputed private enterprise or
A self-employed professional
The loan can be applied for in the name of the firm or company

Non Resident Indian can also apply.

(For NRIs subject to condition of obtaining a suitable guarantee from Resident Indian
acceptable to the Bank)

Income eligibility

In confirmed service with a take home pay of more than 50% of the gross salary, after PF and Insurance deductions

The total monthly income of the applicant including that of spouse and other income should be not less than Rs.8000/- in the case of loan for purchase of car and Rs.5000 in the case of loan for purchase of 2-wheeler.

Purpose 

For buying a new or used car (not more than 5 years old) or new two-wheeler.

Loan amount

New car – Upto 90% of the cost of the car.
Used car – Upto 75% of the market value of the car.
New two-wheeler – 90% of the cost of the vehicle or 10 times the gross monthly income or Rs.60,000/- whichever is lower.

Rate of interest

Please click Retail credit interest rates 

Sl. No.

Name of Scheme

Floating  Interest Rate % p.a.

Effective date

1 Pushpaka – Loan for purchase of new vehicles

10.75

18.02.2013

Repayment

New car – repayable in 84 equated monthly installments
Used car – Flexi repayment shall be fixed with a maxiumum of 84 months, less age of the vehicle.

New Two-wheeler – repayable in 72 equated monthly installments

Security

Hypothecation of  the vehicle purchased
The Banks lien on the vehicle should be marked in the R.C. book
Vehicle should be insured for the full value with the bank clause

Processing charges 

For loan upto Rs. 2 lakh,  Rs. 134/- in rural areas and Rs. 168/- in other areas as processing charges (subject to change).

For loan above Rs. 2 lakh,  Rs. 134/- per Rs. 1 lakh or part thereof, in rural areas and Rs. 168/- per Rs. 1 lakh or part thereof, in other areas as processing charges (subject to change).

Documents

An application form

Salary certificate, IT return or assessment order as a proof of income
Quotation/proforma invoice – for a new car/ new two-wheeler
Valuation certificate from two reputed auto dealers – for  used car

JAMMU & KASHMIR BANK CAR LOAN INTEREST RATE

JAMMU & KASHMIR BANK CAR LOAN INTEREST RATE

J&K Bank functions as a universal bank in Jammu & Kashmir and as a specialised bank in the rest of the country. It is also the only private sector bank designated as RBI’s agent for banking business, and carries out the  banking business of the Central Government, besides collecting central taxes for CBDT.

 J&K Bank follows a two-legged business model whereby it seeks to increase lending in its home state which results in higher margins despite modest volumes, and at the same time, seeks to capture niche lending opportunities on a pan-India basis to build volumes and improve margins.

J&K Bank operates on the principle of ‘socially empowering banking’ and seeks to deliver innovative financial solutions for household, small and medium enterprises.

The Bank , incorporated in 1938, and is listed on the NSE and the BSE. It has a track record of uninterrupted profits and dividends for four decades. The J&K Bank is rated P1+, indicating the highest degree of safety by Standard & Poor and CRISIL.

Car Loans (Fresh Cars) under fixed interest rate option with repayment of the loan
For General Public

11.50% with monthly rests

For Companies & Firms

12.00% with monthly rests

Car Loans (Fresh Cars) under floating interest rate option with repayment of the loan w.e.f. 26-10-2012
For General Public

BR+1.00%

11.50% with monthly rests

For Companies & Firms

BR+1.50%

12.00%with monthly rests

Car Loans (2nd Hand Cars) under fixed interest rate option with repayment of the loan
For a period up to 4 years

15.50%

For a period exceeding 4 years

16.25%

Two wheeler loans under fixed interest rate option with repayment of the loan
For a period up to 3 years

13.25%

For a period above 3 years

14.25%

Two wheeler loans under floating interest rate option with repayment of the loan
For a period exceeding 3 years

PLR-1.25%

BR+3.25%

Other Consumer Loans under fixed interest rate option inclusive of term premium
For all limits

16.25%

JK Bank Car Finance(Companies/Firms)

12.50%

JK Bank Laptop/PC Finance

12.00%

Car Loan Scheme
Eligibility
  • Permanent Employees of State / Central Government, Employees of Government / Semi-Government Undertakings & Autonomous Bodies
  • Employees of Private Limited Companies, Private Organizations, Reputed Establishments & Employees on contractual basis with Central/State Govt, Government/ Semi-Government Undertakings& Autonomous bodies*
  • Businessmen, Professionals and self employed individuals.

Security
  • Primary
    Hypothecation of vehicle to be purchased & Bank’s charge to be registered with RTO.
  • Collateral
    • No third party guarantee required in respect of permanent employees of State and Central Government, employees of State / Central Government Undertakings & Autonomous bodies drawing salary through our Bank and where letter of undertaking from employer is available.
    • Guarantee of one person for all other applicants of the bank.

Margin
  • For Government Employees maintaining salary accounts with us 5%
  • For Others 10%

The above concession in Rate of Interest and Margin shall be applicable only to fresh cases sanctioned from 14.01.2012 to 31.03.2012. Rate of Interest under fixed mode shall remain unchanged. All other parameters of the scheme shall also remain unchanged.


Repayment
  • Flexible repayment options ranging from 12 to 84 months in equal monthly installments.

Rate of Interest(Subject to Change)         Click here for rate of Interest  

Minimum Loan Amount
  •  75,000/- (Rupees Seventy Five Thousand Only)

Maximum Loan Amount
  • 30 months net monthly salary of the applicant or 2.5 times net annual income. However, in case of employees of private organizations & employees on contract basis as mentioned above, the maximum finance shall be limited to 18 times net monthly salary or 1.5 times net annual income.
  • In case of married individuals, certified income of spouse can also be considered provided the spouse guarantees the loan.
  • The upper ceiling on the loan amount shall be  25 lacs.
  • The number of Vehicles to be sanctioned to a single borrower under Car Finance (New Cars) at any point of time should not exceed more than 2 vehicles subject to maximum prescribed limit of  25.00 lac.

Processing Charges
  • 0.25% of Loan amount to be paid upfront subject to a minimum of  500/-.

Top

(Conditions Apply)

Car Loan for Used Cars
Purpose
  • The finance under this scheme shall be available for purchase of: An old car / jeep (not more than 5 years old). (Any make or model)

Eligibility
  • Permanent employees of Government/Semi-Government Undertakings, Autonomous bodies, Public Sector Undertakings, Private Companies or reputed establishments. Professionals or self employed individuals, Proprietorship Concerns. Partnership Firms, Private /Public Ltd Co.
Age Criteria
Salaried Individual The applicant should be at least 21 years old at the time of application, and below 58 years of age at the time of maturity of the loan.

*For institutions, where retirement age is 60 years, the upper age limit shall be 60 years.Self- Employed IndividualAny Proprietor, Partner, Professional or director above 21 years of age but below 65 at the time of the loan’s maturityPartnership FirmNAPrivate/Public Ltd Co.NAMinimum period of current employment/existence.Salaried IndividualThe applicant must have been in current service for at least 3 years.* Only 2 yrs for Individuals drawing salary through our branches & where letter of undertaking from employer is available.Self- Employed IndividualAt least 3 years in business.Partnership FirmShould have been in existence for at least 3 years.Private/Public Ltd Co.Limited Companies should have been in existence for at least 3 years.


Margin

  • 25% for vehicles having age less than 3 years.
  • 30% for vehicles having age of 3 years and above upto 5 years.

Maximum Loan Amount

  • 2.5 times of the net annual income or 15 lacs, whichever is lower. If married, the spouse’s income also considered provided the spouse guarantees the loan. Loan amount for used vehicles shall be subject to a maximum limit of  15 lacs.
  • The number of vehicles to be sanctioned to a single borrower under Car Finance (Used) at any point of time should not exceed more than 2 vehicles subject to maximum prescribed limit of  15.00 lac.

Repayment Period

  • Maximum repayment period of 72 months for vehicles having age less than 3 years.
  • Maximum repayment period of 48 months for vehicles having age of 3 years & above to 5 years.

Security

  • Primary: Hypothecation of vehicle to be purchased.
  • Collateral: No third party guarantee required in respect of employees drawing salary through our branches & where letter of undertaking from employer is available. Third Party Guarantee of two persons for all other applicants. Third Party Guarantee may be waived off in case of existing account holders having good reputation. Instead Post Dated Cheques may be accepted.

Prepayment

  • Prepayment of any amount allowed any time after a period of 6 months at prepayment penalty @2% for the amount prepaid

Upfront fee

  • Nil.

Rate of Interest(Subject to Change)         Click here for rate of Interest  


Cheque Bounce Charges

  •  200/- per cheque

Valuation of the Vehicle

  • The value of the vehicle will be ascertained on the basis of present market value of the new car of same variety & configuration less the depreciation, which shall be as follows
Age of the vehicle % Of Depreciation for fixing value.
Not exceeding 6 months.

5%

Exceeding 6 months but not exceeding 1 year.

15%

Exceeding 1 year but not exceeding 2 years.

20%

Exceeding 2 years but not exceeding 3 years.

30%

Exceeding 3 years but not exceeding 4 years.

40%

Exceeding 4 years but not exceeding 5 years.

50%

 


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(Conditions Apply)

  Commercial Vehicle Finance   Purpose

  • The finance under this scheme shall be available for purchase of fresh commercial vehicles or new chassis and/or fabrication for commercial purpose or for captive use. The commercial vehicles will include passenger buses, trucks, tippers, oil and gas tankers taxis, mini buses, light commercial vehicles, tempo, auto rickshaws and any other mode of transportation under public carrier permit.  The vehicles should be of approved models/makes.

Eligibility

  • Individuals / Proprietorship/partnership firms  & Limited companies owning / operating or proposing to own / operate transport vehicles for carrying passengers or goods on hire.
  • The borrower should have sufficient net worth to pay for the margin and initial recurring expenses. In case where a borrower does not meet this requirement, a co-borrower having sufficient net worth can be included.
  • Ownership of a pre-owned vehicle is not mandatory.
  • Minimum age of Applicant: 21 years
  • Maximum age of Applicant at loan maturity: 65 years
  • Minimum period of existence in case of firms & companies: 2 years in business.
  • Commercial Driving License (for self-operating by individuals)

Margin

Commercial Vehicle Loans Loan Limit Upto (Amount in lacs) Margin
Under priority sector Micro (Service) Enterprises

 

8.5015%Upto and inclusive of 10.00 lacs15%Small (Service) EnterprisesAbove  10.0020%Under
Non –priority sector
 200.0025%Above 200.0030% Note:-Margin will be calculated on the project cost of vehicle (chassis, body building & initial insurance) excluding registration charges.  The borrower will be required to deposit the entire margin upfront with the bank to be released subsequently along with the loan component directly in favour of the supplier/fabricator to ensure proper end use of funds


Quantum of Loans

  • Maximum repayment period of 72 months including a initial moratorium of 2 months. The repayment shall be in Equal Monthly Installments

Repayment

  • Maximum repayment period of 72 months including a initial moratorium of 2 months. The repayment shall be in Equal Monthly Installments.

Security

  • Primary:
    Hypothecation of Commercial Vehicle to be purchased.
  • Collateral:
    a. Upto  10.00 lakhs: Collateral free

 

3rd party guarantee of 2 persons of sound means.

Or

To be covered under guarantee cover of CGTMSE in accordance with the procedure prescribed by A&AP, CHQ.

b. Above  10.00 lakhs to  25.00 lakhs

3rd party guarantee of 2 persons of sound means.

Or

To be covered under guarantee cover of CGTMSE in accordance with the procedure prescribed.

c. Above  25.00 lakhs

Mortgage of immovable property of value equal to or at least 50% of the loan amount.


Upfront fee

  • 0.20% upto an amount of  50.00 lacs. Minimum  500/-
    0.50% above  50.00 lacs to  100.00 lacs.

1.00% above  100.00 lacs Maximum  10.00 lacs.


Rate of Interest         Click here for rate of InterestTop

(Conditions Apply)

  Commercial Vehicle Finance (Used Vehicles)   Purpose

  • The finance under this scheme shall be available for purchase of Used Commercial vehicles like Used Trucks, Tippers, Buses, Mini Buses, light commercial vehicles, pick ups, three wheelers (cargo), auto rickshaws, etc of any approved make or model. The vehicle should not be more than 6 years old as on the date of finance. The product shall also cover takeover of loan accounts from our bank or from any other banks/ financial institutions, provided such loan account is running satisfactorily without any default in payment of installments as per the fixed repayment schedule.

Eligibility

  • Individuals / Proprietorship/partnership firms & Limited companies owning & operating or proposing to own & operate by himself/itself transport vehicles for carrying passengers or goods on hire.
  • The borrower should have sufficient net worth to pay for the margin and initial recurring expenses. In case where a borrower does not meet this requirement, a co-borrower having sufficient net worth can be included.
  • Ownership of a vehicle is not mandatory.
  • Minimum age of Applicant: 21 years
  • Maximum age of Applicant at loan maturity: 65 years.
  • Minimum experience in the business for individuals: 2 years.
  • Minimum period of existence in case of firms & companies: 2 years in business.
  • Borrower should reside within the service area of the branch.

Nature of Facility

  • Term Loan

Margin

  • 25% of valuation amount.

Maximum Loan Amount per borrower

  • Loan amount for each used vehicle shall be equal to the value of vehicle less margin amount, subject to a maximum limit of  7.50 lacs/ vehicle with an aggregate limit of  15 lacs per borrower.

Repayment

  • Maximum repayment period of 60 months for vehicles having age less than 3 years.
  • Maximum repayment period of 48 months for vehicles having age of 3 years to 6 years.
  • The minimum repayment period shall be 6 months.
  • The repayment shall be in Equal Monthly Installments.

Security

  • Primary:
    Hypothecation of vehicle to be purchased. Banks name as hypothecate to be got noted in the books of the RTO and on the Registration Certificate.
  • Collateral:
Upto 10 lacs 3rd party mortgage of 2 persons
Above 10 lacs Mortgage of immovable property equivalent to 100% of initial loan amoun

Prepayment

  • Prepayment shall be allowed without any prepayment charges.

Upfront fee

  • 0.5% of the loan amount subject to a minimum of  500.

Rate of Interest         Click here for rate of Interest   


Valuation of the Vehicle

  • The value of the vehicle will be ascertained on the basis of present market value of the new vehicle of same variety & configuration less the depreciation, which shall be as follows:
S.No Age of the vehicle % Of Depreciation for fixing value
1 Not exceeding 6 months. 5%
2 Exceeding 6 months but not exceeding 1 year 15%
3 Exceeding 1 year but not exceeding 2 years 20%
4 Exceeding 2 years but not exceeding 3 years 30%
5 Exceeding 3 years but not exceeding 4 years 40%
6 Exceeding 4 years but not exceeding 5 years 50%
7 Exceeding 5 years 60%


OR

  • The valuation as per the Registered Chartered Automobile Engineer, which ever is less.

 

(Conditions Apply)

   School Bus Finance   Purpose

  • Financing acquisition of passenger buses required by private educational institutions for providing to and fro transport facility to the students on roll from their residence to the Educational Institution. The facility shall be restricted to purchase of buses of standard make and which are built strictly as per the specification laid down for the purpose by Honorable High Court of Jammu and Kashmir.

Eligibility

  • Private schools in the state of Jammu and Kashmir recognized by Director of School Education (as required for schools running classes up to 8th standard) with formal approval of the recognition by School Education Department, Government of Jammu and Kashmir or by J&K State Board of School Education (applicable in case of schools running classes from 9th standard to 12th standard) with formal approval of School education Department, Government of Jammu and Kashmir. The certificate of recognition by the Education Department, Government of Jammu and Kashmir must be in force as on date of application. In case of schools affiliated to CBSE or other State Boards, the certificate of affiliation and NOC by the Education department, Government of Jammu and Kashmir must be in force as on date of application.
  • The applicant school must be of sound financial position and have satisfactory repayment record in respect of credit facilities availed, if any, from any bank.

Margin

  • 10% of the cost of chasis plus fabrication and actual registration and insurance charges

Maximum Loan Amount

  • Loan shall be restricted to maximum of 13.95 lacs (being 90% cost of chasis plus fabrication) per bus.

Repayment Period

  • The principal together with monthly interest shall be repaid within a maximum period of 10 years in equated monthly installments.

Rate of Interest Click here for rate of Interest


Insurance

  • The hypothecated vehicle/s to be comprehensively insured against all risks, at the cost of the borrower, with usual bank clause and policy drawn in the joint name of the bank and the borrower.

Security

No. of buses Primary Collateral
Upto 3 buses Hypothecation of vehicle financed Personal guarantee of trustees/promoters
of the educational institution.
More than 3 buses hypothecation of vehicles financed Mortgage of immovable property of value Equal to at least 50% of the loan amount

Repayment

  • The principal together with monthly interest shall be repaid within a maximum period of 10 years in equated monthly installments.

Processing Charges

  • Bank’s charge on the hypothecated vehicle/s to be got registered in the records of concerned RTO. Copy of the ownership certificate, duly attested by Manager Advances of the branch, evidencing among other things the fact of hypothecation of the vehicle in favour of the Bank to be obtained and kept on record.

    Purpose

  • The finance under this scheme shall be available for purchase of fresh commercial vehicles or new chassis and/or fabrication. The commercial vehicles will include passenger buses & mini-buses only.

Eligibility

  • Individuals / Proprietorship/partnership firms & Limited companies owning / operating passenger’s buses/mini-buses and registered with the RTO of Doda, Bhaderwah or Kishtwar. Transporters having route permit to ply on Batote-Kishtwar Road shall be eligible irrespective of the place of registration.
  • The borrower should have sufficient net worth to pay for the margin and initial recurring expenses. In case where a borrower does not meet this requirement, a co-borrower having sufficient net worth can be included.
  • Ownership of a pre-owned commercial vehicle is mandatory.
  • Minimum age of Applicant: 21 years
  • Maximum age of Applicant at loan maturity: 65 years
  • Commercial Driving License (for self-operating by individuals).
  • Existing /Erstwhile borrowers with no history of default and subject to other eligibility conditions shall also be eligible.

Nature of Facility

  • Term Loan

Margin

  • 15%
    Margin will be calculated on the project cost of vehicle (chassis, body building & initial insurance) excluding registration charges. The borrower will be required to deposit the entire margin upfront with the bank to be released subsequently along with the loan component directly in favour of the supplier/fabricator to ensure proper end use of funds.

Maximum Quantum of Finance

  • Maximum number of vehicles to be financed under the scheme shall be 3 subject to a maximum finance amount of  30 lacs. The cost of each vehicle shall include cost of initial insurance also.
  • Finance proposals in excess of the above should be considered under the extant JK Bank Commercial Vehicles finance.
  • Maximum number of vehicles to be financed per applicant shall not exceed the existing number of vehicles owned by the applicant.

Repayment Period

  • Maximum repayment period of 72 months including an initial moratorium of 2 months. The repayment shall be in Equal Monthly Installments.

Rate of Interest Click here for rate of Interest 


Security

Primary Collateral
Hypothecation of vehicle to be purchased. Banks name as hypothecate to be got noted in the books of the RTO and also the Registration Certificate. 3rd party guarantee of 2 persons

Upfront fee

  • 0.20% subject to a minimum of  500/-

Prepayment

  • Prepayment shall be allowed without any prepayment charges.

 Old Passenger Buses/mini-buses Finance ( For Doda, Bhaderwah & Kishtwar only)   Purpose

  • The finance under this scheme shall be available for repairing/ overhauling of engine, replacement of minor/major spares and body re-fabrication but excluding optional accessories like Music Systems,etc. However, refurbishing has to be undertaken at authorized workshops only.

Eligibility

  • Individuals / Proprietorship/partnership firms owning / operating passenger’s buses/mini-buses and registered with the RTO of Doda, Bhaderwah or Kishtwar. Transporters having route permit to ply on Batote-Kishtwar Road shall be eligible irrespective of the place of registration.
  • Ownership of a pre-owned commercial vehicle is mandatory.
  • Vehicle should not be older than 3 years.
  • Minimum age of Applicant: 21 years
  • Maximum age of Applicant at loan maturity: 65 years
  • Commercial Driving License (for self-operating by individuals)
  • Existing /Erstwhile borrowers with no history of default and subject to other eligibility conditions shall also be eligible.
  • Only vehicles financed by J&K Bank or vehicles with non-encumbrance shall be financed for refurbishing/overhauling.

Nature of Facility

  • Term Loan

Margin

  • 30%
    The borrower will be required to deposit the entire margin upfront with the bank to be released subsequently along with the loan component directly in favor of authorized workshops to ensure proper end use of funds.

Maximum Quantum of Finance

  •  1 lac. per vehicle or 70% of the cost of refurbishing, whichever is less.
  • Maximum of 2 vehicles per party to be considered under the product.

Repayment Period

  • Maximum repayment period of 36 months including an initial moratorium of 2 months. The repayment shall be in Equal Monthly Installments

Rate of Interest Click here for rate of Interest 


Security

Primary Collateral
Hypothecation of vehicle to be refurbished. 3rd party guarantee of 2 persons

Upfront fee

  • 0.20% of the loan amount subject to a minimum of  100/-

Prepayment

  • Prepayment shall be allowed without any prepayment charges.

Two Wheeler Finance   Purpose

  • For purchase of new two wheelers viz. Scooters, Motor cycles, Mopeds, etc. (Any make or model)

Eligibility

  • Employees of Government/Semi-Government Undertakings, Autonomous bodies, Public Sector Undertakings, Private Companies or Reputed Establishments, Professionals or self employed individuals / Businessmen.
  • Students, aged 18 yrs & above, with parent as co-borrower.
  • Minimum age of Applicant: 18 years
  • Maximum age of Applicant at loan maturity: 58 years or age of retirement, whichever is higher for Government employees & 65 years for others.
  • Minimum employment: The applicant must have been in current employment for a period not less than 1 year or must have a business standing of at least 2 years.
  • Minimum Net Annual Income:  50,000.
  • Employees on Adhoc basis shall not be eligible. However, employees on contractual basis in Government/Semi-Government Undertakings, Autonomous bodies & Public Sector Undertakings shall also be eligible, if they have been in current contractual job for a period not less than I year and the remaining contract period is longer than the chosen repayment period.

Margin

  • 10% of the Sales Invoice Value for employees of state/central Government/State /Central Government Undertakings, Autonomous bodies, Multinational companies/Public Sector Undertakings/Platinum /Gold current account holders. 10% margin shall also apply to Professionals & self employed persons with yearly income of  2,50,000 & above.
  • 20% of the sales invoice value in case of all the other eligible individuals/entities except employees of private sector organizations & employees on contractual basis.
  • 25% of the sales invoice value in case of employees of private sector organizations & employees on contractual basis.

Maximum Loan Amount

  • 12 times net monthly salary/income, i.e. equal to net annual income subject to a maximum of  1 lac. Certified income of spouse, children or parents can also be considered provided they guarantee the loan.

Repayment Period

  • Flexible repayment options from 12 months to 60 months.

Rate of Interest Click here for rate of Interest 


Insurance

  • Comprehensive insurance of the vehicle against all types of risks with usual bank clause and policy to be drawn in the joint names of the borrower and the bank.

Security

  • Primary

Hypothecation of Two-Wheeler to be purchased.

  • Collateral
    • No third party guarantee required in respect of permanent employees of Government/Semi-Government Undertakings, Autonomous bodies, Public Sector Undertakings drawing salary through our Bank & where letter of confirmation from employer for deduction of monthly instalments is available. Guarantee of one person in case of employees drawing salary through our branches but where letter of confirmation from employer is not available.
    • Guarantee of one person for loans upto  50,000 & Guarantee of two persons for loans above  50,000 for all other cases. However, Branch Heads shall have the discretionary powers of relaxing the Guarantee requirement in case of select borrowers.

Prepayment

  • Prepayment of any amount allowed at prepayment penalty @2% for the amount prepaid.

Processing Charges

  • 0.50% of Loan amount to be paid upfront subject to a
    minimum of  300/-.

 

KARNATAKA BANK CAR LOAN INTEREST RATE

KARNATAKA BANK CAR LOAN INTEREST RATE

At Karnataka Bank, we understand that all customers are different in unique ways, which is why, regardless of the size of your business or your aspirations, we treat every one as individual and special. This means offering you choices, not only in relation to our products and services but also in the way you interact with us. We understand the changes in your lifestyle, recognize these changes and support you with a high standard of professionalism and service.

As a premier bank, we have developed comprehensive range of customized products & services suitable for every kind of market, trade or perceived need – Business or Personal. They include, borrowing facilities, deposits, providing optimum returns on surplus funds or helping with overseas transactions.

We believe in total quality at all levels. We have deployed the most modern information technology to deliver products & services for your benefit with an aim to develop an effective long-term relationship. But most of all, Technology is matched to your expectations of service, for today & for the future.

KBL CAR FINANCE (For New and Second Hand Cars)

Who is Eligible?

 a) An individual who is an income tax assessee.

 b) A company / firm/ trust/ association/societies  availing the loan in its name or in the name of its executive / managing director /  managing partner/managing trustee/president/secretory.

c) NRIs are also eligible.

Purpose:

Purchase of new vehicle / second hand vehicle not older than 3 years from the date of its registration.

Amount of Loan:

Upto 85% of the invoice value excluding road tax and insurance for new vehicles.

Maximum of Rs.15 lakh in the case of second hand / used vehicle.

Period:

Upto 60 months (new vehicle) and 34 months (second hand vehicle).

Security:

a) Hypothecation of vehicle to be purchased.

b) Third party co-obligation / guarantee in the case of individual.

Rate of interest: Click Here for Latest Rate of Interest

3

KBL- Car Finance

 

i. New vehicles upto Rs. 50.00 lakhs

10.75

0.50

11.25

ii. Old vehicles upto Rs. 20.00 lakhs

10.75

4.25

15.00

 

KARUR VYSYA BANK CAR LOAN INTEREST RATE

KARUR VYSYA BANK CAR LOAN INTEREST RATE

OUR VISION:

OUR VISION: DELIGHT THE CUSTOMERS CONTINUALLY BY BLENDING TRADITION WITH TECHNOLOGY TO DELIVER INNOVATIVE PRODUCTS AND SERVICES AT AFFORDABLE RATES THROUGH A PAN INDIA BRANCH NETWORK

Welcome to Karur Vysya Bank – the bank that carries with it a tradition of 96 years and yet is young enough to adapt itself to the rapidly changing scenario in the banking industry.

Origins:

Karur Vysya Bank was started in the year 1916 in Karur, then a small textile town with a vast agricultural background, by two illustrious sons of the soil – Sri M.A. Venkatarama Chettiar and Sri Athi Krishna Chettiar. What started as a venture with a seed capital of Rs. 1.00 lakh has grown into a leading financial institution that offers the wide gamut of financial services to millions of its customers under one roof.

If you want to buy your dream car, you can always have our Flexi Mobile Loan at your doorsteps with many attractive features.

Features

  • It can be availed by all resident Individuals (except those engaged in a car hiring business)
  • The loan is for the purchase of a new or second hand car (not older than 5 years) which is for business or personal use, except for car hiring.
Maximum Loan Amount Rs.75.00 Lakhs #
#- Higher loan amount considered based on merits.
Margin 15%- For New Cars
25% – For Old Cars (not Older than 5 Years)
Maximum Repayment Tenor 84 Months (New Vehicles)- EMI
60 Months (Second hand Vehicles)- EMI
ROI Click Here

Base Rate @ 10.75% w.e.f 03.02.2013

Flexi mobile loan (Newvehicle) BR + 3.25%
Flexi mobile loan (Oldvehicle) BR + 3.25%

Primary securityHypothecation of Vehicle purchased out of bank finance.Collateral securityOptional (NSC/KVP/LIC Policies, Bank Deposits, Land & Building etc.,)GuaranteeOptional. A suitable Guarantor with sufficient net worth , acceptable to the Bank (preferably spouse or family members or friends)Insurance Coverage for the BorrowerAvailable to the extent of Loan amount with BAGIC,  payable by the Borrower. (As per choice of the Borrower)Processing chargesRs.4000.00+ST  for Loans up to Rs.10.00 Lakhs
Rs.8000.00 +ST For loans above Rs.10.00 LakhsOther Terms & Conditions

  • The Net take Home pay after deducting the proposed loan installment should not exceed 25% of the gross Pay.
  • Payment directly to seller by way of DD/NEFT/RTGS/ Account credit/ etc.,
  • An undertaking from the employer to deduct loan installments and interest from the salary of the borrower in case of salaried employees shall be insisted on.