Car Loan Scheme

Who can apply?

A confirmed employee of Govt / MNC / PSU / Corporation / Autonomous body /reputed organization, a professional & self-employed person, a businessperson, or a pensioner.

What should be the purpose? For purchasing a brand new car for self-use
What is the Income criteria? Up to Rs.7.50 lacs Loan amount. (Minimum Taxable Income should be more than 4 times of yearly E.M.I ) Above Rs. 7.50 Lacs (Minimum Taxable Income should be more than 5 times of Yearly E.M.I )
Net worth Minimum 4 times of cost of vehicle.
Margin 15% of On Road Coast( Including Showroom Cost + Insurance + Taxes + Accessories)
Rate of interest a) Car loan rate of interest is 9.50% fixed
b) No collateral security
c) 85 % of on Road Cost ( Including Showroom Cost + Insurance + Taxes + Accessories)
d) CIBIL score should be 700 and above.
e) One Guarantor required within close family member.
f) Waiver of process fees.
Repayment period Maximum upto 60 EMIs by PDCs/ECS No pre-payment penalty
What will be the share linkage? Share linkage : 1.00% of loan amount.
What will be the repayment period? Maximum 60 EMIs.
Loan Limit Maximum up to Rs. 50,00,000/-
Requirement of documents a) Application in prescribed format
b) Photographs
d) CIBIL REPORT (MANDATORY) Borrowers & Guarantors
e) Address proof : Passport /telephone/electricity bill, Ration card/ Voter identity card ( any one)
f) Identity proof : Passport/Voter identity card/ PAN Card /Driving License/Adhar Card ( any one)
g) Income proof :- For Salaried Person:-
1) Last 3 months Salary certificates,
2) Last 3 Years Form-16 & IT Return copies
3) 1 year Latest Bank Statement (Salary A/C)
For professional & self-employed & Businessmen :-
1) Copies of audited Profit & Loss A/c & Balance sheet of last 3 years
2) I.T. Return copies for last 3 years,
3) 1 year latest Bank Statement
h) Pro-forma invoice from dealer
1) Pre sanction visit report place of Residence & office
What about guarantors? One Gaurantor
Insurance Vehicle shall be fully insured with Bank clause
Disbursement of Loan By way of direct disbursement to dealer by Bank R.T.G.S / Pay order against pro-forma invoices.
Disbursement of Loan By way of direct disbursement to dealer by Bank R.T.G.S / Pay order against pro-forma invoices.
Loan Documentation 1) D.P Note Form No-24
2) Agreement for Vehicle Hypothecation Form No-82
3) Agreement for Loan Form No-33
4) Letter of Lien & Set-off Form No-36
5) Letter of Guarantee Form No-45
6) Letter of Lien & Set Off signed by Guarantor Form No-55
7) All R.T O related documents:
a) FORM No: 26 Intimation of loss or destruction etc. of the certificate of registration and application for the issue of Duplicate Certificate Of Registration
b) FROM No: 28 Form of application for ‘No Objection Certificate and grant of Certificate
c) FROM No: 29 Form of notice of Transfer of Ownership of Motor Vehicle
d) FORM No: 30 Report of Transfer of Ownership of a Motor Vehicle
e) FORM No: 31 Application for the transfer of ownership in the name of person succeeding to the possession of the vehicle.
f) FROM No: 34 Application for making an entry of an agreement of hire - purchase/ lease / hypothecation subsequent to registration.
g) FORM No: 35 Notice of Termination of an Agreement of Hire Purchase /Lease /Hypothecation

Concession Rate 0.25% p.a. of Interest to Women borrower for Housing Loan, Education Loan, Gold Loan, Business Loan.

National Co-operative Bank