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Many little known banks offer Car Loan

4/17/2013

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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



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