Car Financing by Saraswat Bank India, used car finance, new car finance, car finance rates, indian car market

THE SARASWAT CO-OP. BANK LTD.
(SCHEDULED BANK)

The Saraswat Bank is a premier Urban Co-operative Banking Institution and was conferred with Scheduled Status by the Reserve Bank of India on September 1, 1988. It has a network of 64 fully computerized branches spread over in the state of Maharashtra.

Schemes for car loans.
It offers a variety of schemes for car loans. Besides a new car, it also finances the purchase of second hand cars. All cars are currently being financed by the Saraswat Bank.

Super Fast Car Loan

Terms, Conditions & Requirement

Limit of Loan	Maximum Rs.25.00 lakhs per applicant.
Basis of advance	(a) 90% of the cost of Car + Registration (b) 100% of the cost of Car + Registration In this case, Fixed Deposit amounting to 10% of the cost of Car + Registration should be kept with the Bank.
Repayment Period	Maximum 60 months.
Shareholding	2.5% of loan amount maximum Rs.25,000/-
Rate of Interest	15.75% P.A. (On Daily Reducing Balance)
Fixed Monthly instalments	(For Rs.10,000/-) 12 months Rs.904.74 24 months Rs.487.23 36 months Rs.349.20 48 months Rs.280.99 60 months Rs.240.70
Security	Hypothecation of car to be purchased. Guarantor of well placed means. (Well placed means – Salary above Rs.6,000/- per month).
Repaying Capacity	20 times of Net salary of applicant/2 times of net cash accruals.
Banking relations	Need not be an account holder. Applicant should be residing in the city where the branch is located.
Processing Fees	upto Rs.5.00 lakhs – 0.20% above Rs. 5.00 lakhs – 0.25%
Prepayment Charges	NIL
Commitment Charges	NIL
Bank Account	Not Required
Insurance	Required
Documents Required	(a) Loan application in the prescribed format. (b) Proforma Invoice from the dealer. (c) Income Tax PAN number. (d) Latest salary slip/certificate OR copy of Income Tax Return filed. (e) In case of businessman/professionals, 2 years Profit & Los. Account, Balance sheet. (f) In case of salaried executive, one well placed guarantor.

Zone-I: Madhusanch, Sadashiv Cross Lane, Girgaum, Mumbai 400 004 Tel.: 3828306, 3885618.

Address in Mumbai:
Mittal Court - A Wing
1st Floor,
Vidhan Sabha Marg, Nariman Point,
Mumbai 400 021
Tel: 2830891
Fax: 2853773

Interest rates are subject to change without prior notice.

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