#1
28th November 2017, 01:27 PM
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Used Car Loan Indian Bank
Please let me know more about IB Vehicle Loan offer by Indian Bank on New and Used cars, so that can check it easily?
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#2
28th November 2017, 02:29 PM
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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 |