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

 

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All Rights Reserved by The Kalupur Commercial Co-operative Bank LTD.

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