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Super Fast Car loan - Pre-owned Cars
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Super Fast Car loan - Pre-owned Cars


Title

Norms

Purpose

  • Purchase of pre-owned Car ( personal vehicles)

Eligibility

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

Limit of loan

  • Min. Rs. 1 Lakh, Max Rs. 100 lakh

Basis of Advance

  1.  Lower of value assessed by valuer or agreed price of the car
    1. Incase of cars age <= 3 year then 60% of pt 1. above
    2. Incase of cars age > 3 year then 50% of pt 1. above
  2.  20 times of Avg Net Monthly Salary or 3 times of Avg Net Cash Accruals (1 or 2 stipulated above, whichever is lower)

Repayment Period

  • Maximum 36 months for Cars more than 3 years but less than 5 years old.
  • Maximum 60 months for Cars less than or equal to 3 years.

Rate of Interest

  • Fixed: High End : 12% p.a.
  •          Small cars: 12.50% p.a.

Processing fees

  • 0.5% of the loan amount

Shareholding

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

Security

  • Hypothecation of car to be purchased.
  • One guarantor

Documentation

  1. Duly filled prescribed application form
  2. Latest Photograph, 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 months or ITR/Form 16 of latest one year.
    b) Businessman/Professional/self employed: last three years profit & loss account and balance sheet, & ITR copies of last 3 years and Bank statement of business account for last 3 months.  
  4. Vehicle inspection report, RC/TC Book Copy.
Conditions apply
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Saraswat-Bank
Saraswat-Bank