Hi,
In this video I’ve shared all particulars/info associated to sbi used car loan/Pre owned licensed car loan.
watch the complete video to know extra.
Eligibility
Minimum Loan Amount: Rs. 3 lacs
Maximum Loan Amount: Rs.10 lacs.
Cost of the automobile (Valuation) :
Salaried : NAI- Rs. 2,50,000 & Above
Self Employed and Professionals & Other : NAI- Rs. 3,00,000 & Above
Persons engaged in Agriculture& allied actions: NAI- Rs. 4,00,000 & Above
Age of Vehicle : 8 yr.
Repayment : 8 years minus age of car most 5 years.
EMI/NMI :Depending on Net Annual Income EMI/NMI Ratio will likely be as underneath:
Up to Rs. 5 Lakhs : 50%
Above Rs. 10 Lakhs: 70%
Document Required
Stage smart Instructions:
At the time of software:
Proforma Invoive
Copy of Seller’s RC Book
Copy of Seller’s Motor Insurance
At the time of Disbursement:
Sale Agreement between Dealer and Seller, could or will not be stamped OR Undertaking from Seller that he has bought the automobile, obtained sale consideration and has no declare by any means.
Undertaking from the Dealer to the financier as an alternative of stamped Indemnity.
Hypothecation clearance letter from Bank together with copies of HPTER (Form 35) wherever relevant.
Correspondence with the Insurance Company concerning change in insured’s identify and financier.
Term & Condition
For loans above Rs.5 lacs, scoring from 2 CICs will likely be required like in car loan schemes
Margin 20%
Income Invoice value like Maruti’s True Value, Hyundai’s H-Promise, Honda’s Auto Terrace, Tata’s Assured, Mahindra’s First Choice and different OEM’s automobiles IDV.
Penal Interest : 2% p.m. (over and above the relevant rate of interest) on the overdue quantity for the interval of default.
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