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Catholic Syrian Bank Car Loan
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Catholic Syrian Bank Car Loans
A car could be used for many purposes – going on a family trip, going on a long trip with friends, saving you from the rain or the hot sun when commuting to office or for those car lovers who would like to take the car for a drive just as a stress reliever. A single car could mean different things to different people.
India is a growing market for automobiles, the passenger car market has showed growth double digit growth over the years. International car manufacturers have also made their presence felt by making cars for the Indian soil.
From a period, where owning a car itself was difficult, we have moved to what type of car and brand should we choose. Not everyone can choose the car they want and pay in a single check. This is where a car loan from Catholic Syrian Bank can help you.
Introduction to Catholic Syrian Bank Car Loan
Catholic Syrian Bank provides funding for the purchase of all kinds of cars. The borrower can pay back Catholic Syrian Bank through equated monthly instalments or EMI(s). Catholic Syrian Bank believes in providing car loans to the right applicants and thereby helping them purchase a car which is also cost-effective.
Catholic Syrian Bank Car Loan Eligibility
The borrower must have following eligibility criteria to get car loans for the purchase of new and used cars. The catholic Syrian Bank car loan is provided to individuals, firms, institutions and companies. However, the following criteria are required to avail the loan.
| Age | The applicant should be 18 years old and above. |
| Salary Requirement | Income requirement depends on the loan amount and repaying ability. |
| Employment status | Should be in the current employment for a consistent period |
| Residential Stability | You should have proof of residence to show whether you live in a rented or owned or parental accommodation. |
Key Features of Catholic Syrian Bank Car Loan
Loan Amount: Up to 80% financing for the purchase of new cars and 100% financing on select models.
Tenure: 5 years for salaried individuals and for self-employed professionals, it could vary depending on the income and repaying capacity.
Margin: the borrower will have to pay a margin of 20%. However, for few models, no margin is required.
VIP Car Loans: This car loan is provided to exclusively for customers who are having an account with the bank and maintain a balance of INR 25 Lakhs per annum. Moreover, 100% financing is provided for such candidates.
Security: The vehicle itself acts as the collateral and it will be hypothecated in time of continuous loan defaults.
Catholic Syrian Bank Car Loan Interest Rates and Other Charges
The interest rate is fixed at the sole discretion of the bank. It can vary for different customers depending on the model of the cars.
Prepayment Charges: No charges are levied as foreclosure fees.
Documents required for Catholic Syrian Bank Car Loan
The following are the documents required for Catholic Syrian Bank car loan
- Age proof
- ID proof
- Photograph
- Residence proof
- Income proof
- Bank statement
- Signature verification proof
- Pro-forma Invoice or Rate List
- Aadhar card copy
- Latest salary slips or certificate
- Latest IT returns with computation
- Self-declaration by the borrower
Pre-Owned Car Loans
Many banks provide loans for pre-owned cars for up to 85% of the car value or in some cases insurance value. Insurance value is nothing but the value at which your car is insured for. There are some banks who do provide 100% finance for used cars but 70% to 85% is the norm.
The interest rate will be similar to the rate offered for new cars or slightly higher ranging between 0.05% to 2%. The processing fee also varies from bank to bank and is based on the bank policy.
The tenure for the used car loan will be lesser than that of the tenure for new car loans. The norm for new car loans is 7 years with it being a maximum of 5 years for used car loans.
Most of the charges that come with a loan are similar to that of a new car loan.
How to apply for a car loan with Catholic Syrian Bank
The customers can apply for a car loan with Catholic Syrian Bank through the following methods.
The car loan can be applied online or by visiting the nearby branch where you will be assisted by the official employee of the bank.
You can also contact the customer care to get in touch with the executives of the bank in car loan application.
Catholic Syrian Bank Car Loan Eligibility Check
Before a person applies for a Catholic Syrian Bank car loan it is best to do an eligibility check which is available on the Catholic Syrian Bank website and at CreditMantri.com This way your credit score will not be affected as the bank will only soft pull your credit score and compares with other internal criteria to make sure you are eligible.
Catholic Syrian Bank Car Loan – FAQs
1. What is the maximum tenure for Catholic Syrian Bank car loan?
The maximum loan tenure is up to 5 years for the purchase of new cars.
2. What is maximum loan amount for Catholic Syrian Bank car loan?
The customers can get up to 80% of financing for the purchase of new cars and 100% of financing on select models.
3. What type of cars do Catholic Syrian Bank provide car loans for?
Catholic Syrian Bank offers auto loans for most passenger cars, multi-utility vehicles and sports-utility vehicles that are available in India and are bought for personal use.
4. Do I have to provide any security to avail an Catholic Syrian Bank car loan?
Catholic Syrian Bank car loan is a form of secured loan where your car will act as a collateral.
5. Can I sell my vehicle before I repay the entire car loan taken from Catholic Syrian bank?
You cannot enter a transaction with any seller without a 'No Objection Certificate' (NOC) from Catholic Syrian Bank. The NOC can only be obtained after foreclosure or after you have paid off your loan.