#1
11th March 2016, 08:31 AM
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Car Loan Bank Of India
Sir I want to take the car loan from the bank of India so can you please tell met he details for the same
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#2
11th March 2016, 08:32 AM
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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. |