CERTIFIED PRE-OWNED CAR LOAN SCHEME

Sr. No. Parameters Instructions
1. Minimum Loan Amount Rs. 3 lacs
2. Maximum Loan Amount Rs.10 lacs. (For loans above Rs.5 lacs, scoring from 2 CICs will be required like in car loan schemes)
3. Margin 20%
4. Income Invoice price like Maruti's True Value, Hyundai's H-Promise, Honda's Auto Terrace, Tata's Assured, Mahindra's First Choice and other OEM's cars IDV.
5. Cost of the vehicle (Valuation) Salaried
NAI- Rs. 2,50,000 & Above

Self Employed and Professionals & Othersr
NAI- Rs. 3,00,000 & Abover

Persons engaged in Agriculture& allied activitiesr
NAI- Rs. 4,00,000 & Abover
 
6. Age of Vehicle 8 year.
7. Repayment 8 years minus age of vehicle maximum 5 years.
8. EMI/NMI Depending on Net Annual Income EMI/NMI Ratio will be as under:

Up to Rs. 5 Lakhs : 50%

Above Rs. 10 Lakhs: 70%
 
9. Document Stage wise Instructions:

At the time of application:
a. Proforma Invoive

b. Copy of Seller's RC Book

c. Copy of Seller's Motor Insurance

At the time of Disbursement:
a. Sale Agreement between Dealer and Seller, may or may not be stamped OR Undertaking from Seller that he has sold the vehicle, received sale consideration and has no claim whatsoever.

b. Undertaking from the Dealer to the financier instead of stamped Indemnity.

c. Hypothecation clearance letter from Bank along with copies of HPTER (Form 35) wherever applicable.

d. Correspondence with the Insurance Company regarding change in insured's name and financier.
 
10. Penal Interest 2% p.m. (over and above the applicable interest rate) on the overdue amount for the period of default.