Many little known banks offer Car Loan

There are several small or big banks and Non Banking Finance Companies that offer auto loan in India. One such less known bank is - Saraswat Bank. 

This bank provides quick auto loan. Some of the excerpts from the banks website is as under -

http://www.saraswatbank.com/view_section.jsp?lang=0&id=0,4,7,59

Vehicle Loan

Purpose

• For purchase of New cars

Category based on cost of vehicle

Small and Mid Segment: Maximum on road cost upto Rs.20 Lakh

High End: On road cost of Rs. 20 Lakh upto Rs. 100 Lakh

Eligibility

Small and Mid Segment:

• Salaried persons with one year confirmed service
• Businessman, Professionals and Commercial organizations.

High End:

• Salaried persons with one year confirmed service min salary Rs. 50000/- pm
• Businessman, Commercial organizations i.e. Partnerships/ Pvt. Ltd. Co./ Ltd. Co./ any other commercial organization, Avg Net cash accruals for last 3 years Rs. 4.00 Lac p.a

Basis of Advance

(1) Or (2) whichever is less

1. Small cars (On Road Cost less than Rs. 6 lakh) – 90% of On Road Cost (Ex- showroom cost + insurance + registration charges.)

1. Mid and High end Cars – 80% of On Road Cost (Ex- showroom cost + insurance + registration charges)

Or

Small and Mid Segment:

1. 20 times of the Average Net Salary (Salaried person) or 2 times of Average Net Cash Accruals (Businessman / professional).

High End:

1. 40 times of Net Monthly Salary /5 times of Net Cash Accruals

Repayment

• Salaried Class: Maximum up to 84 months

• Business Class: Maximum up to 60 months

Rate of Interest

Period

Fixed Rate

Loyalty

General

Upto 5 years

10.40%

5 to 7 years

11.50%

12.00%

Security

• Hypothecation of vehicle
• Guarantor depending on merits of the proposal

Processing Fees

0.5% Of the loan amount

Shareholding

2.50% of loan amount, Maximum Rs. 25000/-

Documents Required

• Duly filled Loan Application Form
• Proforma Invoice of the Authorized Dealer
• Latest Photograph, Photo Identity Proof, Residence proof of the Applicant and Guarantors

• For salaried person, copies of

(i) Salary slip for last 3 months

(ii) Bank Account statement (where Salary is credited) for last 6 months

(iii) ITR & Form 16 for last 3 years

• For businessman / professional, copies of

(i) Last 3 years’ Audited Profit & Loss & Balance Sheet

(ii) ITR with Computation of Income for last 3 years

(iii) Bank Account Statement (related to business/profession) for last 6 months.

Insurance

• Comprehensive Insurance of assets charged to the Bank
• Optional Life Insurance cover at concessional rates