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 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).
Processing Charges
Loan value up to Rs. 10 Lakhs Rs. 3,000/-
Loan value above Rs. 10 Lakhs Rs. 7,500/-
Other Terms & Conditions
  • The take home pay after deducting the proposed loan installments shall be at least 25% of gross pay.
  • Payment directly to the seller by way of DD / NEFT / RTGS / Account Credit etc.,
Interest Rate
Nature of Facility ROI
For New Cars Minimum 9.65% Maximum 11.65%
For Used / Old Cars Minimum 12.75% Maximum 16.75%

Note : Rate of Interest linked to MCLR. Rates will change based on prevalent MCLR.

To check Interest rate: Click here

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