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Car Loan For Public

1. Loan circular(s) Loan & ADVANCES CIRCULAR NO.43/2013

dated 24.09.2013

2. Purpose To Purchase new /old car for Private use
3. Eligibility Individuals /Business concerns
4 Extent of loan For individuals /Prop. Concerns 25 times of Net

income with a ceiling of Rs.25 lacs while for business

concerns  no ceiling of loan amount.

5. Nature of loan   Term Loan
6. Margin  For New  Car 15%  ( Chairman may reduce it to

10% while for Tie up     10%) while for Old car 30%

7. Primary security  JR of  Car with Bank clause
8. Collateral security   IIIrd party Guarantee acceptable to Bank.
9. Rate of interest As per bank guide lines issued/in force.
10. Loaning powers As per bank guide lines issued/in force.
11. Repayment  period Max repayment period 84 EMI for

New Cars while for Old Cars it is 60 EMI

13. Documentation Application Cum Appraisal/sanction, Performa Invoice,

Letter Of Hypothecation,Guarantee,Deed, Letter of sanction,

Confidential report,Considerationvouchers,

PDC/ECS/StandingInstruction Mandate etc.

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