Car Loan

Car Loan to Individuals for Personal Use

 

Eligibility for Loan:

 

1. Regular employees of the Government of India / U.P.
2. Permanent Employees of Semi-Government/ Self Governing/ Institute/ Educational Institute (Approved by Government of India / U.P.).
3. In addition to the above, Self-employed persons or individuals working in private sector, who has income tax assessed in the last 3 years and Permanent Account Number (PAN) is allocated to him.
4. Self-employed person or individuals working in private sector maximum age 60 years, whose annual income is at least Rs 2.00 Lakhs according to tax returns for the last year.
5. 60 years employees will be eligible for loans and repayment must be 1 year before the retirement.
6. The applicant should not be defaulter of any bank or financial institution.
7. The applicant and guarantor should be the A/c holder and nominal member of our bank.
8. Credit Score of loan applicant should be 700 and more.

 

Maximum Amount of Loan:

 

• The maximum amount of the loan will be 80% of cost of new vehicle or Rs 15.00 Lakh whichever is less. The remaining 20% of vehicles’ cost will be deposited by applicant as margin money.

 

Term of Loan:

 

• The maximum term of the loan will be 60 months (5 years).

 

Interest Rate:

 

1. The loan will be charged at 8.50% rate of interest. The interest rate will be applied till the full payment period. Interest on the loan amount will be charged on a monthly basis and compounded.
2. If the amount of the monthly installments are not paid on time, the due installment payment will be charged at the rate of 2% as penal interest.

 

Processing Fee:

 

• 0.50% of sanctioned loan.

 

 

** For more information please visit the nearest branch of District Co-operative Bank Ltd. Pilibhit.