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Old 17th November 2016, 10:59 AM
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Default Karur Vysya Bank Auto Loan

Can you tell me in detail about the Car/Auto Loan Scheme offered by Karur Vysya Bank as I am planning to purchase a one for my Father?
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Old 17th November 2016, 11:43 AM
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Default Re: Karur Vysya Bank Auto Loan

Karur Vysya Bank offers the Car Loan scheme called “Flexi Mobile Loan” through which all eligible borrowers can purchase the car of their choice at affordable repayment options.

It can be availed by all resident Individuals (except those engaged in a car hiring business). it is for the purchase of a new or second hand car (not older than 5 years) which is for business or personal use, except for car hiring.

Margin
15%- For New Cars
25% - For Old Cars (not Older than 5 Years)

Maximum Repayment Tenor
84 Months (New Vehicles)- EMI
60 Months (Second hand Vehicles)- EMI


Scheme ROI (Floating) P.A

Flexi mobile loan - (New vehicle) One-year MCLR + 1.35%

Flexi mobile loan - (Old vehicle) One-year MCLR + 3.60%

Primary security Hypothecation of Vehicle purchased out of bank finance.

Collateral security Optional (NSC/KVP/LIC Policies, Bank Deposits, Land & Building etc.,)

Guarantee
Optional
A suitable Guarantor with sufficient net worth, acceptable to the Bank (preferably spouse or family members or friends)

Insurance Coverage for the Borrower
Available to the extent of Loan amount with BAGIC, payable by the Borrower. (As per choice of the Borrower)

Other Terms & Conditions
The Net Take Home pay after deducting the proposed Loan Installments shall be at least 25% of gross pay.
Payment directly to seller by way of DD/NEFT/RTGS/ Account credit/ etc
An undertaking from the employer to deduct loan installments and interest from the salary of the borrower in case of salaried employees shall be insisted on.
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