With an RBC Royal Bank Car Loan, you can:

• Choose a term of 1 to 7 years.
• Choose from a wide range of payment options — monthly, semi-monthly or even bi-weekly — deducted automatically from your chequing account, even if it’s not at RBC Royal Bank.
• Pay more than your fixed payment at any time — or even pay off your loan in full — without penalty.
• Skip up to the equivalent of 1 monthly payment each year(3), without penalty.
• Choose fixed (for terms of up to 5 years) or variable interest rates and switch between them at any time.

Special Features Of Cosmos Bank Loans :-

• Minimum Documents.
• Fast Processing of Loans.
• Immediate Loan Sanction.
• Schemes under Capital Subsidy, Technology Up-gradation Fund etc also available.

Eligibility:

Salaried Persons

• The applicant must be a permanent employee having completed 2 years of service and remaining period of service of more than 5 years. The minimum monthly take-home pay must be Rs. 7,500/- + EMI.

Professional & Businessmen

• Minimum income should be Rs. 1.20 Lac per annum as per Income Tax Return/Assessment. LIC Policy equal to the amount of loan should be assigned in favour of the Bank.

Quantum of loan: The amount of loan would be 85% of the cost of vehicle or Rs. 7.50 lacs whichever is lower in case of purchase of new car. For purchase of old car, the maximum quantum would be 60% ( if age of car is more than 4 years old ) and 70% ( if the age of car is upto 4 years old) of the cost of the vehicle or Rs.3.50 lacs maximum. For second hand vehicle “certificate of fitness” and valuation certificate is required.

1% service charge is applicable subject to a ceiling of Rs.1000/- only.

Repayment: The loan amount together with interest will have to be repaid within a maximum of 60 months. In case where at source deduction is not possible, repayment should be made by post dated cheques in 60 installments. In case of second hand/Pre-used vehicle the loan with interest should be repaid within the residual economic life of the vehicle but not exceeding 36 installments.

That’s where a car loan could help. Personal loans from Halifax are available to existing customer and offer a range of borrowing amounts and repayment terms to suit your budget.

• For loans from £7,000 to £15,000 benefit from a great 8.8% APR representative rate
• Repay motor loans over 1 to 7 years
• Fixed repayments to suit your budget
• Online car loan decisions
• Halifax also offer loans for other amounts too

Lloyds TSB Bank Personal loans are available to existing customers and offer tailored borrowing amounts and flexible repayment options to get a loan for a car that’s right for you.

Lloyds TSB Bank Car Loan Features & Benefits

• Choose to borrow up to £25,000.
• Repay over time that suits you, from 1 to 7 years.
• Payments fixed for the life of your loan.
• Optional repayment holidays if you’d like to take a break later on.
• Use the affordability calculator to find out how much you can borrow.
• Manage your loan along with your finances in Internet Banking.

How much we lend (if any) depends on Lloyds TSB Bank assessment of your circumstances. To apply, you must be 18 or over and a UK resident. Written quotations are available on request, please contact your nearest branch.

The rates term and repayments may vary depending on how you contact Lloyds TSB Bank to apply for your loan. Rates may also vary according to a combination of factors which Lloyds TSB Bank consider to set your personal loan rate for you. These include past credit repayment history, your past account history and other personal details held on Lloyds TSB Bank records.

Insurance

• Inclusive of comprehensive insurance from one of the most reputable insurance companies at very nominal rates.

Eligibility

For Salaried Individuals:

• You should be aged between 21 and 60 years (or your retirement age)

For Self Employed/Businessmen: 

• You should be aged between 21 and 65 years (loan maturity to fall in the same age bracket)
• You have employment history or work experience of at least 2 years incase you are salaried, self employed or a businessperson
• You have a minimum net income of Rs.30,000/- per month

Purpose:

To provide term loan to the promoter/partner of the SME units [having borrowing arrangements with the Bank and or maintaining current account satisfactorily for a period of one year] or to their family members either in their own names or in the unit’s name (i.e in the name of the Company, Partnership firm / Proprietorship firm) for purchase of New passenger cars, jeeps, multi utility vehicles (MUVs) and sports utility vehicles (SUVs) etc. or Pre-owned Cars / Jeeps / MUVs / SUVs

Eligibility

Case I – When the loan is availed of in the name of an individual:

Income: An individual must have a net annual income of Rs.75,000/- and above for the last year as per income tax return.

Case II – When the loan is availed of in the name of Unit:

Since the promoter / partner will be the joint applicant in this case and liable to repay the loan, he/she should meet the following criterion:
Income: The joint applicant must have a net annual income of Rs.75,000/- and above for the last year as per income tax return.
Nature of facility Term Loan

Quantum of Loan

• 3 times of Net Annual Income.
• Maximum Loan amount: No ceiling for New vehicles.
• For used vehicles Rs.15.00 lacs only.
• Income of the spouse can be included, if he/she agrees to be a Co-borower or Guarantor

Margin

• 15% of the on road price of the vehicle

Security

1. Only hypothecation of the vehicle(s) purchased will be taken as a security.
2. This hypothecation charge must be mentioned in the books of the RTO.
3. No additional security is required.
4. Guarantee of Spouse, if income of spouse has been taken into account for computing eligibility of loan amount.

Repayment

New Vehicles:

• Maximum of 84 months

Used vehicles :

• Vehicles upto 5 years old can be financed.

Maximum repayment period will be fixed as per age of the vehicle such that the entire loan is repaid within the first seven years of the life of the vehicle.

Valuation of used vehicles:

Certificate of fitness / valuation from a reputed garage would be required which should be retained with the loan documents. No valuation certificate is required if the car is sold under the Maruti True Value scheme or Automartindia.

Eligibility

• For Private use
• Individuals as well as Business Concerns (Corporate or non-corporate).

Amount of Loan

1. For Individuals / Proprietorship Concerns: 25 times of the monthly net salary OR Rs.25 lacs (for one or more vehicles), whichever is lower. Income of parent(s) / spouse can be taken into account for determining loan amount. In such cases, the parent(s)/ spouse shall stand as additional guarantor.
2. For Business Concerns (Corporate or non-corporate): No ceiling on loan amount (for one or more vehicles).

Margin

• For New Vehicles: 20%
• For Old Vehicles: 30%

Security

The vehicle purchased with the amount of loan is to be hypothecated to the Bank. It will be registered in the name of the borrower jointly with the Bank.

Guarantee / Collateral Security

1. Guarantee of spouse, if employed/ earning or third party guarantee, OR
2. Collateral Security in the shape of either Immovable Property or Liquid Security equivalent to 100% of loan amount.
3. Additional guarantee of parent(s)/ spouse to be taken incase their income has been taken account for determining loan amount.

Repayment

• For New Vehicle: The loan amount together with interest is to be repaid maximum in 84 Equated Monthly Installments (EMIs).
• For Old Vehicle: The loan amount together with interest is to be repaid maximum in 60 Equated Monthly Instalments (EMIs)

Disbursement: The intending borrower will be required to settle the transaction for purchase of vehicle needed by him/her with the seller and will be required to deposit the difference of the cost of the vehicle to amount of loan, and thereafter, the advance will be allowed to him/her from the bank by paying the entire price of the vehicle to the seller directly on behalf of the borrower.

Purpose

1. Purchase of new Vehicle for personal use/official use for Companies /Partnership Firms.
2. Purchase of pre-owned vehicle, which is not more than 3 years old for personal use/official use for Companies /Partnership Firms.
3. The term Vehicles includes : Car, Van, JEEP, Multi Utility Vehicles (MUVs).

Target Group

1. Allahabad Bank existing corporate customers, their Directors and employees.
2. Full-time permanent employees of Govt. / Quasi Govt. Undertakings / Public Sector Corporations / Companies of repute / Institutions / Medical & Engineering Colleges / Universities, who have served at least for three years and have still 5 years of service to put in before the date of their normal retirement.
3. Eminent professionals like Doctors, Lawyers, Chartered Accountants, Engineers as also Businessmen with proven track record.
4. Partnership Firms and Corporate accounts.
5. Agriculturist having income to repay the loan.
6. Pensioners of Central, State Govt. and our Bank’s employee pensioners, who are drawing pension from our branches.

Eligibility(Income)

1. Salaried Person: Minimum monthly gross income of Rs.15, 000/- and above per month, having a net take home pay of at least 50%, after adjustment of the monthly installments of proposed loan, within the permissible repayment period.
2. Agriculturist: Minimum 5 acres of irrigated land should be owned. However, take home criteria after deduction of proposed installment will be 40%, after adjustment of all existing deductions (If any) and the monthly installment of proposed loan.
3. Professional & Self-Employed / Businessmen: An IT assessee. For full collateral security, IT assessment order / IT return may be waived. However, take home criteria after deduction of proposed installment will be 40%, after adjustment of all existing deductions (If any) and the monthly installment of proposed loan.
4. Retired individuals: Drawing monthly pension of Rs 15000/= and above. However, net take home pension of at least 50%, of gross pension after considering all existing deductions (If any) and the monthly installment of proposed loan.
5. Firm/ Companies: Net profit is sufficient to meet repayment of Car Loan

Margin

• For New Vehicle: 15% of the cost of vehicle on Road (i.e. one time registration + first time Road tax & insurance charges etc.).
• For Pre-owned Vehicle – the loan amount will be restricted to 85% of the“Agreed Purchase Price” or 60% of the Valuation of the Vehicle, whichever is lower.

Loan Limit

1. Upto a Maximum of 2 times of Net Annual Income / Net Annual Salary.
2. Income of spouse can also be clubbed provided the spouse becomes a co-borrower/ guarantor.
3. Income of son/ unmarried daughter/ father/ mother can also be clubbed, provided he/she/ they become a co-borrower

Security In both cases (New / Pre-owned Vehicle)

Primary : Hypothecation of Vehicle

Collateral : Guarantee of the Spouse if his / her income is considered for eligibility irrespective of loan amount.

For loans Upto Rs. 10.00 lac – Guarantee of one person of means and standing acceptable to the Bank. Wherever possible additional security such as LIC policy, DDP etc. be obtained.

For loans above Rs. 10.00 lac – Pledge of FDR/NSC/KVP etc. and/or assignment of Life Insurance Policy having surrender value covering the full value of loan amount

Repayment Period

For New Vehicle:

• Individuals: Maximum 84 Months
• For Firm/ Companies: Maximum 60 Months

For Pre-owned Vehicle: Maximum 60 months / Residual life of the vehicle, whichever is lower. (Residual life certificate to be obtained from a reputed Garage)

Mode of Repayment

• Salary tie-up/ Standing instruction for the account maintained with us with undertaking to maintain sufficient balance in the deposit account for servicing the EMIs. In addition, 3 PDCs be obtained for use in case balance in the account linked to Salary tie-up/ Standing instruction is inadequate to realise EMIs
• In case of Salary tie-up/ Standing instruction is not available: It is mandatory to obtain initially PDCs for next 24 months and thereafter 12 advance PDCs should be obtained every year with undertaking to maintain sufficient balance in the deposit account.