The Bank's Car Finance Scheme:
'CorpMobile' gives you greater value, flexibility, convenience and affordability. Perhaps you have been postponing your needs to have a four wheeler for quite a long time. The CorpMobile loan scheme has been designed for people like you, who would like to move up in life without paying through the nose for it. CorpMobile offers you the easiest Car loans with absolutely no hassles. It's time now you decide to have a car of your own
Purpose : For Purchase of Four wheelers- Brand new or up to 24 months old , For personal use.
Eligibility : Individuals with minimum gross annual income of Rs 1.50 lakh in case of salaried persons and Rs 1.20 lakh in case of businessman/ Practising Professionals.
Margin : Min 15 per cent(On Invoice value + life tax and insurance;25 per cent in case of second hand vehicle)
Security/Guarantee : Hypothecation of the vehicle and suitable third party guarantee
Repayment : Within a maximum period of 60 months equated in Monthly Instalments
Interest :
Loans to Individuals including Professionals
Irrespective of the loan amount where the repayment period of loan is above one year 12.25 per cent
Service Charges: 0.50 per cent of the loan amount subject to a minimum of Rs500