| 1. |
Purpose |
To finance new Maruti Suzuki vehicles |
| 2. |
Eligibility:
| (i) |
Employees of Central/ State Government PSUs, Organisations. |
| (ii) |
Employees of established & recognized schools/ colleges / local registered bodies, where loan installment is paid by salary deduction or undertaking from employer for remitting the terminal benefits is available. |
| (iii) |
Employees of Corporate clients of Bank, where loan installment is paid by salary deduction or undertaking from employer for remitting the terminal benefits is available. |
| (iv) |
Employees of reputed Corporates in regular service and having permanent residence proof. |
| (v) |
Professionals/ Self employed, CAs doctors , Architects and General public. |
|
Quantum of Loan
| (i) to (iv): |
Thrice the average of annual income of past three years as per ITR/ Salary details subject to a maximum of Rs.10 lac . ( Income of spouse can be clubbed) |
| |
|
| (v) |
Thrice the average of annual income of the past three years as per ITR ( Income of spouse can be clubbed ) . Maxm.Rs.10 lac . 40% of the total income to meet day to day expenses should be ensured. |
|
| 3. |
Age limit |
21 to 65 years |
| 4. |
Margin |
10% (for Govt. employees 5%) |
| 5. |
Turnaround time |
Maximum 6 days |
| 6. |
Rate of interest |
| |
|
| Loans Upto Rs. 3 lac: |
BPLR-1.75% i.e. 11.75% |
| Above Rs 3 lac & |
|
| Upto Rs.10 lac: |
BPLR-1.25% i.e. 12.25% |
| |
|
| Interest rates valid upto 31.3.10 are as under. |
| |
Upto Rs.3 lac |
Above Rs.3 lac upto Rs.10 lac |
Above Rs.10lac upto Rs.20 lac |
Above Rs.20 lac |
| New Vehicles |
BPLR-3.0% (Floor Rate 10.0%) |
BPLR-2.50% (Floor Rate 10.50%) |
BPLR-2.00% (Floor Rate11.0%) |
BPLR-1.25% (Floor Rate 11.75%) |
| Old Vehicles |
BPLR+1.0% |
BPLR+1.0% |
BPLR+1.0% |
BPLR+1.0% |
| Collateral Linked |
BPLR-3.75% (Floor Rate 9.50%) |
BPLR-3.25% (Floor Rate 9.50%) |
BPLR-2.75% (Floor Rate 9.50%) |
BPLR-2.00% (Floor Rate 9.50%) |
|
| 7. |
Repayment |
| (i) |
Maximum 84 months. In case the remaining service of the employee is less than 84 months, then the repayment period to coincide with date of retirement. |
| (ii) |
Post dated cheques for required EMIs be obtained in all the cases where loan instalment from salary deduction is not available. |
|
| 8. |
Security |
Hypothecation of vehicle. To be registered in the joint name of borrower and Bank. |
| 9. |
Insurance |
Comprehensive insurance policy with agreed bank clause and policy to remain deposited with bank. |
| 10. |
Guarantee |
Third party / mutual guarantee / guarantee of spouse .
Guarantee may be waived where employees are in regular service and furnish PDCs for EMIs. |
| 11. |
Processing fee |
Processing fee waived. |
| 12. |
Prepayment charges |
1% of the outstanding balance.
However , where the prepayment is made by the borrower from his / her own legitimate resources , no charges be levied. |
| 13. |
Obligations |
Bank will be on the MSIL preferred list of financiers,. However, credit decision will be sole discretion of the Bank . MSIL shall advise its dealers that they should offer such promotional incentives or such subvention compensations to the customers financed by our Bank as those financed by other preferred financiers.. MSIL will provide Bank with access to its dealerships for procurement of Car Finance Business
Bank branches / Controlling offices may extend the needed cooperation to MSIL officers / authorized dealers as and when they approach for publicity, sale promotion compaign etc. |
| 14. |
Discretionary powers |
In terms of RMD Cir. No.44 dated 22.12.2006 |
| 15. |
Documents to be obtained /verified for for appraisal of the proposal |
| (i) |
Latest 3 months Bank Statement |
| (ii) |
Latest 2 salary slips |
| (iii) |
Proof of identity , any one : Passport / Driving licence/Voters ID / PAN Card/ Employers identification certificate. |
| (iv) |
Last 3 years ITR with computation of income or any other document(s) justifying the repaying capacity of the borrower for repayment of Bank dues. |
| (v) |
Proof of residence: Ration Card / Utility bill / LIC policy receipt. |
| (vi) |
Proof of office : lease deed / utility bill / Municipal Tax receipt / title Deed . |
| |
|
| |
In case of salaried class documents at Sr. No.(i) , (ii) , (iii) and (iv) above required. |
| |
|
For others documents at Sr. No.(i) , (iii) , (iv) , (v) , and (vi) above required |
|
| 16. |
Statewise / Distt. Wise list of Hub Branches and Link Branches |
Click the link |
