Used Vehicle Loan

Limit per Borrower: Maximum Limit Rs.60.00 Lacs
Margin :     Is Applicable from time to time
No. of EMIs:      Maximum 180 Months
(B.O.D. reserves right to change according to repayment capacity of applicant).
Rate of Interest:8.00% to 10.50%
Guarantors:Two guaranter (who holds property in surat district)

Eligibility

(a)  Value & Condition of Car       :

 1)   Bank Can finance Upto 75% of the cost of Old Vehicle(Term Apply)

Age of Vehicle                  Maximum Loan

Upto 2Years                      75%

2<3Years                            50%

Note : Loan amount will be considered on Buying Price/IDV of Existing Insurance/ Value of bank’s approved valuer valuation report, whichever is less.

2) Notarised sale agreement between seller & purchaser.

3) Original Bill / Receipt / Insurance / R.T.O.

4) Bank can finance against car used for maximum 3 years.

Processing Fees :- 

a) Processing Fees 0.50 % Sanction Amount + GST on PF

b) Due Diligence Fees 0.50% on Sanction Amount  + GST on PF

2. Repayment Capacity (Total Annual Income –Total Approx Annual Exp. –

      Total Annual Loan Liabilities (EMI*12) = Total Approx Annual Savings.

      (Approx finance up to 50 to 60 % on Total Approx Annual Savings)

3. Purchase of Residential Property, 80% loan amount of sale deed, satakhat, Construction cost will consider. Additional/ supplementary Finance Rs. 5 lacs  to the owner of house/ flat only for repairs ,additions, alterations etc…. irrespective of whether the house/flat is owner occupied or tenement occupied offer obtaining such security as the banks may deem appropriate. BOD /loan committee have reserve right to consider loan amount.  

4.Maximum Loan Amount & Margin: Individual housing loans up to a maximum of Rs.60 lacs per beneficiary of Dwelling unit. Subject to prudential exposure limits of RBI from time to time.

Period of Loans:

  • Housing loan may be repayable within a maximum period of 20 yrs. Including Moratorium  of repayment holiday.
  •  Processing Fees : –  Processing Fees 0.50 % on Sanction Amount  + GST on PF
  •  Moretorium: Home Loan for construction maximum 18 month and as per guideline of RBI from time to time.
  • Till completion of consturction, or 18 months from the date of disbursement of first installment of the loan which ever is earlier.
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