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Corporation Bank

J

Corporation Bank

Vehicle Loan

Mangalore



A Quality Product from
Corporation Bank [View Profile]
Mangalore - India

Description :
Corp Mobile - The Bank's Vehicle Finance Scheme
'CorpMobile' gives you greater value, flexibility, convenience and affordability. Perhaps you have been postponing your needs to have a two wheeler/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 motor cycle/Car loans with absolutely no hassles. Isn't it time to get a motor cycle/car of your own?

1. Eligibility : Individuals [professionals, businessmen, salaried class and others] sole proprietorship, partnership firm, HUF, Limited Companies and others. Individuals minimum annual gross income of Rs.1.20 lakhs for purchase of Four Wheelers and Rs.50000/ for purchase of Two/ Three Wheelers.

Income of spouse/ close relative could be included if they join as co-obligant.

For others - Cash Accruals and Viability to meet repayment obligations.

2. Purpose : For purchase of Four/ Three Wheelers / Two Wheelers for personal or professional / business use.

Loans for purchase of vehicles upto three years old from
the date of first purchase of the vehicle may also be considered.

3. Loan Amount : Maximum loan amount : Rs.1 lakh for Two / Three Wheelers and Rs.75 lakhs for Four Wheelers

4. Margin : [i] For purchase of new vehicles
Minimum 10% of the invoice value, life tax and insurance premium - 15% for Transport Operators.

[ii] For purchase of old vehicles : Minimum 25%.

5. Rate of Interest : Up to three years tenor 9.25% p.a. irrespective of amt. Above three years – loans upto Rs.5 lac. 9.75 % p.a.
– loans above Rs.5 lac 9.50% p.a.

6. Security : Hypothecation of the vehicle along with noting of Bank's lien in the Registration Certificate and Insurance Policy.

7. Guarantee : Not Mandatory. However, third party guarantee or any collateral securities may be stipulated, on case to case basis, by the Sanctioning Authority at his/her discretion and based on risk perception.

8. Repayment : Maximum 84 months in equated monthly instalments.
Maximum 60 months for purchase of 2/3 wheelers.
In case of second hand vehicles, maximum repayment period will be reduced by the extent of the age of the vehicle.

9. Service Charges: 0.50% of the loan amount sanctioned with a minimum of Rs.500/-. (for any type of vehicle)


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Corporation Bank

Services of Personal: Savings Bank, Corp 4 - in - 1 a/c (Current a/c), Current Account, Term Deposit, ATM Locator, Loans, Home Loan + Insurance, Home Loan FAQs, BMI Calculator, Loss of share certificates 14.03.05, EGM-Notice to share holders, EGM-Paper Publication, 8th AGM of shareholders, Notice, Loss of Share Certificates 07.06.05, Investor Services, Financials, Stock Performance, Share Holding, Directors' Report, Management Discussion, Corporate Governance. Corporate: Cash Management, Forex, Term Finance, Working Capital, Project Finance, Gold Card Scheme for Exporters, Corp Fast, Corp Rental, Corp Vyapar. NRI Services: Corp Xpress Money, Corp Quick Remit, Remittances, Deposits, NRI Loans, Portfolio Services, Taxation, Forex Facilities for Residents, Forex Facilities for NRIs/PIOs, FEMA, NRI Status, Frequently Asked Questions, Help Desk.



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