Flexi Mobile Loan

Flexi Mobile Loan

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.

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

 
SCHEME ROI (floating) p.a.
Flexi mobile loan - (New vehicle)
Flexi mobile loan - (Old vehicle)
One-year  MCLR + 1.35%
One-year  MCLR + 3.60%
 

Primary security

Hypothecation of Vehicle purchased out of bank finance.

Collateral security

Optional (NSC/KVP/LIC Policies, Bank Deposits, Land & Building etc.,)

Guarantee

Optional. A suitable Guarantor with sufficient net worth , acceptable to the Bank (preferably spouse or family members or friends)

Insurance Coverage for the Borrower

Available to the extent of Loan amount with BAGIC,  payable by the Borrower. (As per choice of the Borrower)

Processing charges

Waived for loans upto Rs. 10 lakhs
Rs.8000.00 +ST For loans above Rs.10.00 Lakhs

Other Terms & Conditions

  • The Net Take Home pay after deducting the proposed Loan Installments shall be at least 25% of 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.