Organisation : Greater Bank
Facility : Apply for Vehicle Loan
Website : https://www.greaterbank.com/
Apply for Vehicle Loan
Purpose :
To provide finance for purchase of Four Wheelers viz.
** A new car, jeep, Multi Utility Vehicle (MUV) (any make or model)
Related : Greater Bank RuPay Debit Card : www.statusin.in/22885.html
** A used car / jeep / MUV (not more than 3 years old). (Any make or model)
** Finance will include vehicle registration charges, insurance, one-time road tax.
Eligibility :
For non-salaried category :
i. A maximum loan amount of 2.5 times the net annual cash accruals can be sanctioned.
For salaried category :
i. 25 times of the net monthly salary.
(For the salaried category, total deductions including EMI for Vehicle loan under consideration should not exceed 60 % of the Gross Monthly Income. Take Home Salary after this Loan EMI should be Rs.10,000/-)
** Net Annual Income Rs.100,000/- and above
** In case the applicant is married, spouse will be co-applicant.
** In case the applicant is unmarried, parents will be taken as co-applicant.
Basis of advance :
i) New Vehicles :
** 80 % of the On Road Price (cost of the vehicles + registration + insurance + one time road tax)
** For existing CC OD & mortgage loan customers – 90% of the On Road Price (cost of the vehicles + registration + insurance + one time road tax)
ii) Used Vehicles :
** 60% of the valuation cost, subject to vehicle being less than 2 years old.
iii) Repayment Period :
** 60 months in case of New Vehicles.
** 36 months in case of Used Vehicles. (Total period including loan tenure should not exceed 72 months from the date of first purchase of vehicle).
iv) Mode of Repayment :
** EMI will be applicable from the subsequent month of availment of the loan by way of ECS Debit / PDCs (In case of dishonor of PDC / ECS debit the charges levied would be Rs.200/- per return of instrument.)
v) Rate of Interest :
** New Vehicles – 10.00 % p.a for all four wheeler private vehicles .
** Commercial Vehicles – 12% p.a.for four wheeler passenger vehicles (T Permit) and 13.5% for all other commercial vehicles (excluding 3 wheelers)
** Used Vehicles – 14.00 % p.a.
** The above rates are applicable only for our exisiting borrowers having limits over Rs.5 Lakhs and Current Account / Saving Account Holders for atleast 1 year, with satisfactory conduct.
vi) Membership & Shareholding :
** Regular Membership i.e. 1 % of loan of total exposure upto 25 Lacs
** Nominal membership for guarantors.
vii) Guarantor :
** Two guarantor having regular source of income filing regular income tax returns.
** For existing CC, OD and mortgage loan customers- no guarantor
viii) Banking Relations :
** Previous banking relations are not necessary. Fresh A/c holders fulfilling above criteria may be considered.
ix) Documents to be submitted along with Loan Application by Applicant, Co-Applicant (Spouse/ Parent) & Guarantor :
** 5 passport size photographs of Applicant & Co-applicant & 2 passport size photographs of Guarantor.
** Photo ID Proof. (PAN Card / Voter Card / Passport)
** Proof of residence. (Ration Card / Electricity Bill)
** Valid Driving License.
** Latest salary-slip for 3 months showing all deductions
** I.T. Returns/Form 16 : 2 years for salaried employees and 3 years for professional/self-employed/businessmen duly accepted by the ITO wherever applicable to be submitted.
** Statement of Bank account for last 12 months.
** Credit Information Report (e.g. CIBIL Report)