2023 2024 Student Forum > Management Forum > Main Forum

 
  #2  
11th March 2016, 08:32 AM
Super Moderator
 
Join Date: May 2012
Re: Car Loan Bank Of India

Hey the Bank of India is commercial bank with headquarters in Mumbai, Maharashtra, India. Founded in 1906, it has been government-owned since nationalisation in 1969.


Car Loan Interest Rate

Base Rate Plus 1.25% p.a at monthly rests

New Vehicle
Repayment period up to 7 years

Second Hand Vehicle
Maximum Repayment period 3 years

Eligibility

1.Purchase of two/four wheeler vehicles (not requiring heavy duty license). For purchase
of used/second hand 2 and 4 wheeler. (age of the vehicle not to exceed 3 years)

2.Reimbursement of cost of four wheeler purchased from own sources

Maximum limits for finance :

Individuals (Resident in India) :

For Indian make vehicles - Rs.50 lacs

For imported vehicles - Rs.100 lacs.

For Companies and corporate entities - Rs.200 lacs (Can be a fleet of vehicles)
Non-resident Indians - Rs.50 lacs.

The limits are subject to :
24 times of gross monthly emoluments in case of salaried employees/pension/ or two times of gross average annual income as per last 3 years I.T. Returns
Two times average annual cash accrual (i.e. PAT + Dep.) as per firms/ companies last 3 years audited balance sheet, P&L A/c.


Security
Hypothecation of vehicle to be purchased out of Bank finance.
Charge to be registered with RTO.
Third party guarantee required in the following cases
Loans to NRIs – Guarantee of Resident Indian is required.
Vehicles not registered with RTO and for loans to individuals for limits exceeding Rs.25.00 lacs.


Quick Reply
Your Username: Click here to log in

Message:
Options

Thread Tools Search this Thread



All times are GMT +5. The time now is 09:31 PM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
SEO by vBSEO 3.6.0 PL2

1 2 3 4