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Features |
Details
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1.Purpose |
To provide
term loan to the
firms/companies, having existing
credit facilities from our Bank,
for purchase of passenger cars,
jeeps, multi utility vehicles (MUVs),
and staff transport vehicles,
etc. and the loan is proposed to
be availed in the name of the
firm / company. The borrower can
be from either SIB or C&I
segment. |
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2.Authorized
branches |
At the branch
where the firm/company is
availing the existing credit
facilities from our Bank. |
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3. Eligibility |
Minimum 1
year credit relationship with
our Bank and satisfactory
conduct of account. The unit
should have continuous record of
profitability during the past 3
years and the past cash accruals
should be sufficient to indicate
that the EMIs fixed for the car
loan are within the repaying
capacity of the unit. For units
of less than 3 years duration,
the profitability record since
inception to be taken.
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4.Nature of facility |
Term loan.
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5. Loan amount |
The
assessment of the eligible
amount for car loan is 10% of
the fund based exposure from our
Bank, with a maximum of Rs.30
lacs or equal to the existing
credit limits whichever is less
provided that the unit has
sufficient cash accruals and
been maintaining profitable
record for the last three years. |
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6 Margin |
Same as
applicable for car loans under
the Personal Segment. Presently
15% of the on-road price of the
vehicle. |
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7. Repayment |
1-5 years
maximum in equated monthly
instalments. Higher instalments
can be fixed in initial years if
so desired by the borrower.
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8.Rate of Interest
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Rates
applicable upto
31.03.2010
(Under
special scheme Ezee Car Loan)
Period
Term Loan
1st
year 8%
fixed
2nd
& 3rd
10% fixed
After 3rd
year: The interest rate will be
reset at the then prevailing
rate linked with BPLR with
monthly rests.
ii) No
pre-payment penalty if the
borrower wishes to pre-pay the
loan on reset date.
iii) No other
interest concession will be
given under any tie-up
arrangement or otherwise below
the offer rate. |
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Normal rates
BPLR 12.25%
Product/ Tenure Upto
3 years
New vehicles
11% (1.25% < BPLR)
(6250- 7501)
Used vehicles
14.25% (2% > BPLR)
(6250-7501) |
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9. Penal Interest |
Penal
interest @ 2.00% p.a., over and
above the applicable rate. In
respect of bounced PDC (Post
Dated Cheque) obtained for
repayment of the loan, a penalty
of Rs.250/- per cheque will be
recovered in addition to the
penal interest. (Same as for
loans under Personal Segment).
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10.Prepayment penalty |
Prepayment
fee of 2% of the amount of the
loan prepaid will be levied
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