Associates First Capital Corporation Ltd. is a diversified finance company providing consumer and commercial finance, leasing, insurance and related services worldwide. Formally known as the Avco Financial Services in India, The Associates has a presence in 14 countries and services over 22 million customers worldwide.
It finances both cars and two-wheelers. Its schemes include the Margin Money Plan, the Advance EMI Plan, the Residual Value Scheme and the Step-Up Scheme. While the first two apply for both car and two-wheeler finance, the rest of the schemes are meant specifically for car finance. The Associates finances both new and used two-wheelers.
The documents required for processing the finance
amount are:
Completed application form
Proof of income
Proof of identity
Proof of current address
Margin Money Plan - under this scheme, cars are
financed upto 70 or even 90% and two-wheelers upto 95%. The amount can
then be paid back in EMIs.
Advance EMI Plan - in
this scheme, a few of the EMIs have to be paid up front and the balance
EMIS spread over the duration of the tenure opted for. This scheme is
available for both cars and two-wheelers.
Residual Value Scheme - this is only for car finance.
In ths scheme, you have the option of paying a lower EMI in the nmormal
payment schedule and a balloon payment of as much as 30% of the finance
amount in the last installment.
Step-Up Scheme - this scheme is also available for the
finance of cars only. Through this, you caould pay as much as 25% of the
finance in the first year, 35% in the second year and 40% in the last
year, payable in equal monthly installments over a 3 year plan.
| Type
of Finance Schemes |
Number
of Months |
| 6 |
12 |
18 |
24 |
30 |
36 |
|
EMI |
1 |
1 |
2 |
3 |
3 |
4 |
| EMI:(Rs.) |
1,774 |
941 |
663 |
524 |
449 |
394 |
| Advance
EMI Plan |
EMI |
2 |
3 |
4 |
5 |
6 |
7 |
| EMI:(Rs.) |
1,741 |
908 |
638 |
499 |
424 |
369 |
| Type
of Finance Schemes |
Number
of Months |
|
12 |
24 |
36 |
48 |
60 |
| Margin
Money |
EMI:(Rs.) |
9033 |
4919 |
3562 |
2894 |
2502 |
| Advance
EMI |
No.
of Advance EMIs:
EMI:(Rs.) |
2
8911 |
3
4785 |
5
3373 |
6
2703 |
7
2305 |
Residual
Value
Step up Scheme |
EMI:(Rs.)
Last EMI:(Rs.)
EMI:(Rs.) |
7403
30525 |
4157
4785 |
3151
30525 |
|
|
!st
Year 2nd Year 3rd Year
2746 3844 4393 |
| Type
of Finance Schemes |
Number
of Months |
|
12 |
24 |
36 |
| Margin Money |
EMI:(Rs.) |
9271 |
5184 |
3847 |
*Above rates are subject to change without intimation
|
