Contact Information(Head Office)
| Address: PB No.1384, 66, Rajaji Salai, Chennai 600 001, Tamil Nadu |
| Phone Nos: 044-25233231/25231253/25231254 |
| Fax No: 044-25231278 |
| E-mail: indianbank@vsnl.com and indbank@vsnl.com |
| Website: www.indianbank.in |
| Target Group |
| Salaried class, Professionals, Businessmen and Self-employed persons |
| Eligible Amount |
- Maximum Amount:
Two wheelers : Rs.50,000
Four wheelers : Rs.7,50,000
- Minimum gross monthly income/salary for availing loan for purchase of car should be Rs.20,000/-
- Salaried class: 20 times the gross monthly income (income of spouse also can be included with personal guarantee of spouse)
- Professionals/Businessmen: Based on their income earned and capacity/ability to repay the loan.
Pensioners and Bank Employees are not eligible for the loan.
|
| Repayment |
- Repayment in 60 equated monthly instalments (on Equated Monthly Instalment basis).
- For non-salaried class, post-dated cheques for twelve months to be given.
|
| Security |
| Hypothecation of vehicle purchased out of the loan amount |
| Response Time |
| Sanction in 48 hours in all focus branches, if the application is complete in all respects. |
| Purpose |
| For purchasing new/second hand two/four wheelers. Age of second-hand vehicle should not be more than 3 years and vehicle to be certified by Automobile Association of India/reputed Automobile Engineer/Valuer acceptable to the Bank as to the market value. |
| Margin |
- New vehicle : 10%
- Second hand vehicles : 40%
|
| Interest rate |
- 10.50% fixed - irrespective of the tenor not exceeding 60 EMIs.
- (EMI Rs 214.77 per Rs 10,000- for 60 M)
For 4 Wheelers only -
9% (fixed) upto 36 months
(EMI Rs 317.98 per Rs 10,000- for 36 M)
9.5% (fixed) beyond 36 months
(EMI Rs 209.96 per Rs 10,000- for 60 M)
|
| Service charges |
| Front end fee of Rs.250/- per lakh or part thereof with a minimum of Rs.250/- |
| Insurance |
| Insurance of vehicle with Bank clause at borrower's cost,to be renewed annually |
