Corp bank Car Loan – Details on Interest Rates, Documents And Charges & Fees of Corporation Bank For New Car loans.
Eligibility – for Corp bank Car Loan
Individuals [Professionals/Businessmen/ Salaried class and others] NRIs, Sole Proprietorships, Partnership Firms, HUFs, Companies, Trusts/ Institutions are eligible.
Main applicant shall have income.
Income of the spouse/close relative/s can be included if they join as Co-applicants to supplement repayment capacity.
In case of Company/Firm/Trust, Directors/Partners/Trustees having regular/ independent income can join as co- applicant/s to supplement repayment capacity.
In case of salaried class, applicant/co applicant must be confirmed in the service.
For 2 & 3 wheelers :Applicants to have a minimum NET annual income of Rs.0.50 lakhs.
For Four wheelers :Applicants to have a minimum NET annual income of Rs. 1.20 lakh.
Cash accruals/Depreciation also added to income, in case of borrowers other than salaried class.
Rate of Interest
| Loan tenor |
For Others |
For SRTOs covered under CGTMSE |
| Upto the tenor of 3 years |
12.00%
|
11.35%
|
| Above 3 years & upto 5 years |
12.00%
|
11.50%
|
| Above 5 years & upto 7 years |
12.50%
|
11.70%
|
- Fixed rate option is not available under the Scheme
Click to know more About Car loan Interest Rate
Source: Corporation Bank website
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Tags: Corp Bank Car loans
