Features and Benefits
- 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 hire.
Charges and Limits
|Margin||10% - For New Cars |
40% - For Old Cars (not Older than 5 Years).
|Maximum Repayment Tenor||84 Months (New Vehicles) - EMI. |
60 Months (Second-hand Vehicles) - EMI.
|Primary Security||Hypothecation of vehicle purchased out of bank finance.|
|Collateral Security||Optional (NSC / KVP / LIC Policies, Bank Deposits, Land & Building etc.,).|
|Guarantee||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 the loan amount with BAGIC, payable by the borrower. (as per the choice of the borrower).|
|Loan value up to Rs. 10 Lakhs||Rs. 3,000/-|
|Loan value above Rs. 10 Lakhs||Rs. 7,500/-|
|Other Terms & Conditions|| |