Depending on Net Annual Income EMI/NMI Ratio will be as under:
Up to Rs. 5 Lakhs : 50%
Above Rs. 10 Lakhs: 70%
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.
2% p.m. (over and above the applicable interest rate) on the overdue amount for the period of default.