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SVC BANK Car Loan
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SVC Bank Car Loan
Headquartered in Mumbai, Shamrao Vithal Co-operative Bank was founded in 1906. Since then they have been in the business of lending loans to people so that they can fulfill their dreams. The bank offers different types of loans such as home loans, mortgage loans, car loans, etc. The loans offered by SVC Bank has an affordable interest rate, so that even a common man can achieve their dreams.
Introduction to SVC Bank car loan?
The car loan offered by SVC Bank can be used for the purpose of buying new and pre-owned vehicles. When you think of buying a car from the showroom or from a used car dealer, the bank can cover a certain percentage of the total cost of the car as the loan amount. SVC Bank Car Loan has some major features which can encourage the customer to take the car loan instead of taking debt from somewhere else.
SVC Bank Car Loan Eligibility
| Minimum Age | The minimum age of the applicant should be 21 years. |
| Maximum Age | The maximum age of the applicant should not exceed 60 years. |
| Who can avail the car loan? | This loan can be availed by individuals, firms, private sector companies and public sector companies. |
SVC Bank Car Loan Features
The features of SVC Bank Car Loan are as below
Loan Coverage: SVC Bank Car Loan is a need-based loan. If the client is planning to buy a new car, the bank can give 90% of the quotation price as the loan amount.
Margin: In the case of personal use, the margin would be 10% (includes Cost of vehicle, Registration charges, and Insurance). In the case of commercial car loans, the margin would be 25% (includes Cost of vehicle, Registration charges, and Insurance). If the car that is purchased is already used i.e. its a second-hand car, the margin given by the bank is 40 %.
Repayment Period: SVC Bank Car Loan have prepared the repayment structure in such a way that the customer can get an ample amount of time to repay the loan. If the customer has used the loan to buy a new car, then the repayment period is 60 months maximum. If the client has purchased a pre-owned car, then the repayment period is 36 months.
Security: As security for the car loan issued, the bank will need the hypothecation of the vehicle purchased out of the loan.
Minimum Documentation: SVC Bank Car Loan procedure asks for minimum documentation for the sanctioning of the loan.
SVC Bank Car Loan Interest Rate and Charges
The interest rate of SVC Bank Car Loan ranges from 9.75 % to 14.00 %. The other charges given below are applicable to both new cars and used cars
| Charges | Car Loan |
|---|---|
| Processing Charges | 1% +the service tax as applicable at that time. |
| Prepayment Charges | Nil |
| Documentation Charges | On actuals |
Documents required for SVC Bank Car Loan
The customer will have to submit the below documents while applying for SVC Bank car loan.
- Duly filled loan application form
- Applicant’s recent passport size coloured photograph
- Proof of age such as Passport, Driving License, Voter’s ID, etc.
- KYC Documents such as Passport, Voter’s ID, Driving License, Aadhar Card, PAN Card, etc.
- ID proof such as Voter’s ID, Passport, Driving License, etc.
- Address proof such as Electricity bill, Telephone bill, Ration card, Driving License, etc.
- Income proof such as Form 16, Bank statement, salary certificate, or salary slip
- Bank statement for the last 6 months.
How to apply for a car loan from SVC Bank Car Loan?
If you are planning to buy a car, then you can apply for a car loan from SVC bank via their official website. All you need to do is to log in to the bank’s official website and go to the loans section. There you will find a section for vehicle loan under which you can opt for the car loan. The website will give you all the information about the features and benefits of the SVC Bank car loan. If you are happy with the features, all you have to do is to fill up the application form and upload the documents that are required for the sanctioning of the loan. Once the documents are uploaded, the bank will check if the documents are in order to continue with the loan proposal. If the bank is satisfied with the verification, they will proceed with the sanctioning of the car loan and you will get the amount credited to your account within one or two working days.
Another way to apply for SVC Bank car loans other than online is through the bank itself. You can pay a visit to the nearby branch of SVC bank and there a customer service associate who can help you with the loan proposal. You need to produce the documents required, along with the duly filled application form. If you are an existing customer then the bank can do the verification faster as your details are already in the bank’s database. If you are a new client then the bank might take a day or two extra for the loan verification.
SVC BANK Car Loan FAQs
1. Can I use the car bought out of the loan for commercial purposes?
Yes, you can. However, you need to mention this before you apply for the loan. The margin for the vehicle used for a commercial purpose is 25% (on Cost +Registration charges + Insurance).
2. Is there any prepayment penalty if the customer wants to pay off the loan before the repayment period?
No, there is no prepayment penalty if the client wants to pay off the loan amount before the repayment period. In fact, if paid before the repayment period, it will increase the customer’s credit rating.
3. Are there any documentation charges on SVC Bank Car Loan?
There are some documentation charges for the car loan. However, the charges are fixed by the bank and can change from time to time.
4. Who can apply for SVC Bank Car Loan?
The car loan can be applied by individuals employed or engaged in business or those who have a professional income and good financial capability.
5.What are the documents needed for the bank to decide the loan amount under SVC Bank Car Loan?
The customer needs to produce the invoice from any authorized dealer of the vehicle they are planning to buy. The bank will then decide on the percentage of the loan amount they need to pay.