Car Financing by The Associates India Financial Services Private Limited

The Associates

Associates First Capital Corporation Ltd. is a diversified finance company providing consumer and commercial finance, leasing, insurance and related services worldwide. Formally known as the Avco Financial Services in India, The Associates has a presence in 14 countries and services over 22 million customers worldwide.

It finances both cars and two-wheelers. Its schemes include the Margin Money Plan, the Advance EMI Plan, the Residual Value Scheme and the Step-Up Scheme. While the first two apply for both car and two-wheeler finance, the rest of the schemes are meant specifically for car finance. The Associates finances both new and used two-wheelers.

The documents required for processing the finance amount are:
Completed application form
Proof of income
Proof of identity
Proof of current address

Margin Money Plan - under this scheme, cars are financed upto 70 or even 90% and two-wheelers upto 95%. The amount can then be paid back in EMIs.

Advance EMI Plan - in this scheme, a few of the EMIs have to be paid up front and the balance EMIS spread over the duration of the tenure opted for. This scheme is available for both cars and two-wheelers.

Residual Value Scheme - this is only for car finance. In ths scheme, you have the option of paying a lower EMI in the nmormal payment schedule and a balloon payment of as much as 30% of the finance amount in the last installment.

Step-Up Scheme - this scheme is also available for the finance of cars only. Through this, you caould pay as much as 25% of the finance in the first year, 35% in the second year and 40% in the last year, payable in equal monthly installments over a 3 year plan.

Advance EMI Plan for 2 Wheelers

Type of Finance Schemes		Number of Months
Type of Finance Schemes		6	12	18	24	30	36
	EMI	1	1	2	3	3	4
	EMI:(Rs.)	1,774	941	663	524	449	394
Advance EMI Plan	EMI	2	3	4	5	6	7
Advance EMI Plan	EMI:(Rs.)	1,741	908	638	499	424	369

Advance EMI Plan for Cars
NEW CARS*

Type of Finance Schemes	Number of Months
		12	24	36	48	60
Margin Money	EMI:(Rs.)	9033	4919	3562	2894	2502
Advance EMI	No. of Advance EMIs: EMI:(Rs.)	2 8911	3 4785	5 3373	6 2703	7 2305

Residual Value Step up Scheme	EMI:(Rs.) Last EMI:(Rs.) EMI:(Rs.)	7403 30525	4157 4785	3151 30525

		!st Year 2nd Year 3rd Year 2746 3844 4393

USED CARS*

Type of Finance Schemes	Number of Months
Type of Finance Schemes		12	24	36
Margin Money	EMI:(Rs.)	9271	5184	3847

*Above rates are subject to change without intimation

Car Finance	Two Wheeler Finance	Commercial Veh. Finance	Banks / Financial institutions
The First Step	Monthly Rent System	Loan Schemes	Hire Purchase