This Auto Loan is designed for financing the purchase of vehicles (car, jeep etc.) for personal purpose to the individuals having identifiable and stable income sources.
1 Million – up to Single Obligator Limit (SOL)|
The maximum tenure is 10 years from the date of disbursement.In the case of second hand vehicle, the manufacturing year of the vehicle is to be taken as 1 year and subsequent time of loan is taken accordingly.
|Repayment||Loan is to be repaid on
Equated Monthly Installment (EMI) basis.|
The total financing should not exceed 50% of the total purchase cost for the vehicle. In case of second hand vehicle, financing cost should not exceed 50% of valuated cost.
The Total financing should not exceed 80% of the total purchase cost for Electric Vehicles (EVs) only.(For the purchase of second hand vehicles, price of the vehicle must be valuated/certified by the authorized valuators of Garima Bikas Bank Ltd.)
|Eligibility||Employed and self-employed professionals
(Doctors/ Engineers/ Bankers /CAs /Teachers etc.) and other individuals having
reliable and stable source of income.|
The applicant should provide at least the following documents before initiating the credit proposal.