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Super Fast Car Loan
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Super Fast Car Loan


Title

                               Norms

Purpose

Purchase of New Car

Eligibility

  • Salaried persons with minimum one year confirmed service.
  • Other than salaried with regular source of income.

Limit of loan

  • Maximum Rs. 150 lakh

Basis of Advance

  1. Salaried : Max 40 times of Avg Net Monthly Salary.
    Businessmen : Max 5 times of Net Cash Accruals.
  2. 80% of On-Road cost extended upto 100%
    1 or 2 whichever is lower

Repayment Period

Salaried & Businessmen: Max 7 years
Takeover of loans Takeover of car loans from other Banks/Institutions subject to norms

Rate of Interest (Fixed)

Period

General Customers

Loyalty Customers

upto 3 years 8.35% 8.25%
3 years to 5 years 8.55% 8.40%
Above 5 years to 7 years 11.25% 10.75%


Processing fees

0.50 % of the Loan amount for loans for 1st slab of Rs 10 lakh and balance amount above Rs 10 lakh : 0.20 % of loan amount

Processing fees waived from 1st Sept 2016 to 31st Mar 2017.

Shareholding

2.50% of loan amount, Maximum Rs. 25000/-

Security

  • Hypothecation of car

Documentation

  1. Duly filled prescribed application form
  2. Photo Identity & Residence Proof of the Applicant.
  3. Income proof a) or b) as applicable
    a)Salaried person : salary slips for last 3 months and bank statement for last 3 month or ITR/Form 16 of the latest one year
    b) Businessman/Professional/self employed: last 3 years profit & loss account and balance sheet, & ITR and Bank statement for last 3 months.  
  4. Proforma Invoice of the Authorized dealer

Conditions apply

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Saraswat-Bank
Saraswat-Bank