Frequently asked questions (FAQ)



New Car Loan

1. What is the maximum loan can be given on a new car ?

One can avail upto the 100% of the ex-showroom price of the car subject to the financial eligibility of the customer .


2. What are the eligibility norms to avail a car loan ?

A salaried person can avail upto the 3 times of the annual salary and a self employed can avail upto the 6 times of the annual declared profit .

Used car Loan

1. What is the Age of the car in a Used Car Loan ?

Petrol Car :-
The age of car for a petrol version is 10 years i.e. if a customer is purchasing a used petrol car of a 2012 model and he is applying a used car loan in 2017 than the maximum tenure of loan offered to him would be 5 years .

Diesel Car :-
The age of car for a diesel version is 08 years i.e. if a customer is purchasing a used diesel car of a 2012 model and he is applying a used car loan in 2017 than the maximum tenure of loan offered to him would be 3 years .


2. What is the maximum loan amount can be funded over a Used Car

The maximum loan amount can be funded over a used car is 90 % of the Valuation declared by bank for that particular model .
There are certain programs with some bank wherein the customer can avail upto the 150 % of the original loan amount approved over a car into a Balance transfer case

Home Loan

1. What is the maximum funding can be done on a flat purchase ?

The maximum funding over a flat purchase is upto 100 % of the agreement value or 90 % of the market value which ever is lower.

2. What is the maximum funding that can be done on a raw house purchase ?

A bank can fund upto 150 % of the agreement value or 90 % of the market value which ever is lower .


3. What is the maximum funding can be done over a land purchase ?

It could be maximum 75 % of the registry value


4. What kind of properties can be funded under home loan ?

Any property which is approved by a local govt . authority and abiding to the construction norms of the authority can be funded .


5. What is the maximum tenure into a Home Loan ?

Salaried :-
30 Years subject to the age of the applicant should not cross 65 years at the completion of the loan

Self employed :-
20 Years subject to the age of the applicant should not cross 70 years at the completion of the loan .

Mortgage Loan

1. What is the maximum funding that can be availed in a mortgage loan program ?

The maximum funding that can be availed is different into different property types :-

Residential :-
Maximum upto 75 % of the market value subject to financial eligibility.

Commercial :-
Maximum 65 % of the market value subject to financial eligibility.

Industrial :-
Maximum 55 % of the market value subject to financial eligibility.

Open Land :-
Maximum 45 % of the market value subject to financial eligibility .

2. What are the different loan types can be given into a Mortgage Loan Program?

The different loan types could be :-
Term Loan / EMI Loan :- Loan funded into a Equated Monthly Installment form . DOD :- Drop Line Overdraft Limit .
CC Limit :- Traditional Cash credit facility


3. What is the maximum Tenure into a Mortgage Loan ?

The maximum tenure for a mortgage loan could be 15 years


Personal Loan

1. What are the minimum salary norms for availing Personal Loan. ?

The minimum salary to be credited should be 20000/- to avail a personal loan .

2. Is a customer who is getting cash salary eligible for a personal Loan.

No.


3. What is the maximum tenure for a personal loan.

5 Years


4. What are the minimum stability norms to avail a personal loan.

The minimum stability norms are for 2 years , else have to submit the continuity proof of 2 years .

Lease Rental Discounting

If a customer holds a commercial property and the same has been leased out to a Category A company or firm the customer can avail a loan against that property considering the rental income coming from that property as his Income .

The Maximum tenure for which the loan will be the amount of tenure left for lease as per the Lease agreement between the lessor and the lessee. The maximum loan that can be funded under this program would be 60-65 % of the market value of the property
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