If you want to buy your dream car, don’t let anything steer you off course. Whether your dream car is a sedan, a four wheel drive or a hatchback Karur Vysya Bank car loan is here to give you easy finance and easy EMIs that you can repay in 5 years.
Karur Vysya Bank Car Loan Features:
- This is a hypothecation loan for vehicles
- It can be used by Individuals, proprietorships, partnerships and corporates (except those engaged in a car hiring business)
- The loan is for the purchase of a new or second hand car (not older than 5 years) which is for business or personal use, except for car hiring
- The loan is for eligible business entities older than 3 years and earning profits during the immediate preceding 2 years.
Loan Amount: Maximum Rs. 25.00 Lacs.
Margin 20% (30% for second hand cars not older than 5 years)
Documentation Charges: 0.5% (Minimum Rs. 250 and Maximum Rs. 1500)
Primary Security: Hypothecation of Car purchased out of bank finance
Repayment: Maximum 60 months in EMIs
For details of Processing Charges & Other charges, prospective customers are requested to contact nearby branches
Documents Required
- Audited Balance Sheet (ABS) or Income statements to be obtained to establish repayment capacity of the applicant
- Post dated cheques for the next 12 months should be collected in advance
