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28th November 2017, 02:29 PM
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Join Date: Aug 2012
Re: Used Car Loan Indian Bank

As you want to know details of Indian Bank, IB Vehicle Loan for used and new cars, here I will gather information for you.

Eligibility
Minimum Gross monthly income for purchase of a car should be Rs.20,000/- p.m.

For Salaried Class: 20 times of Gross monthly Salary (Income of spouse may be included). Net Take Home Pay after deducting proposed Loan EMI, must be ensured at 40% of Gross Pay.

For professionals and Businessmen: 20 Months Income to be calculated based on their average income earned in the last 2 years and Capacity / ability to repay the loan

Amount of Loan
Maximum loan ceiling:
Two Wheelers: Rs. 10 Lakhs
Four Wheelers: Rs. 200 Lakhs

Repayment
Four wheeler: Maximum 84 EMIs (No holiday period)

For 2 wheeler: Maximum 60 EMIs (No holiday period)

Security
Hypothecation of Vehicle to be purchased out of Loan.

If the loan amount exceeds Rs. 10 lakhs, additional security equivalent to amount exceeding Rs. 10 lakhs to be provided in the form of Fixed Deposit Receipts / NSCs / LIC Policy (with surrender value equivalent to the security to be provided) / Mortgage of immovable property.

Margin
15% for New Vehicle.

40% for used vehicle (Four wheeler).

Processing fee
0.229% on loan amount with a max. of Rs.10191/-

Address:-
Indian Bank
PB No: 5555, 254-260, Avvai Shanmugam Salai,
Royapettah, Chennai - 600 014

Phone:-
044 28134300


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