Car Loan

Gujarat has become automobile hub of India. Car manufacturing units are Coming to Gujarat one by one. Car Finance has become a lucrative business of banks. We are not lagging behind. Drop in at of our branches and avail car loan on easy terms. Wish you happy riding.

Particulars

Purpose

For Purchase of new car

Eligibility

(i) Car loan for Salaried Employees, Businessmen,Professional self employed

Loan Amount

80% of Quotation of vehicles (Basicprice + insurance + R.T.O. charges)

Margin

20% of quotation of vehicles

Repayment Period

Max 72 months

Rate of interest

CIR SCORE	Interest Rate
700 & above	8.75%
650-699 & (0 to 5 or -1 Score )	8.85%
Less than 650	9.00%

Note: #Loyalty customer will continue to get concession of 0.25% in above mentioned revised interest rates. GOE will cortinue to have powers of further reduction of 25 basis points for Car Loan advances.

Processing fee

Upto Rs. 5 lacs : Zero Processing Fee
Above Rs. 5 lacs to Rs. 10 lacs : Rs. 1000 + GST
Above Rs. 10 lacs : Rs. 1500 + GST

Share linking

1% of the loan amount sanctioned ( Max. 25000/- )

Guarantee

Category of customer	Average CIR score is	Third party quarantee
New and Existing customers	700 and above	There is no requirement of Third party quarantee.
Existing borrower customer enjoying credit facilities with our bank for last 12 months and conduct of the account is satisfactory	-1 or 0,Less than 700	One guarantor is requted. However, Branch Managers/respective sanctioning authority are delegated powers to waive third party guarantee based on merits of the case. They have to incorporate justification for waiver of guarantee
New customers	-1 or 0, 625 & above and less than 700	One guarantor is required. However,one level higher than sanctioning authority is delegated powers to waive third party guarantee based on merits of the case
New customers	Less than 625	Two guarantors are requted. However,GOE is delegated powers to waive third party guarantee based on merits of the case.

Security

Hypothecation of Vehicles