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| Auto Loans |
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| Indian Overseas Bank |
autocityindia.com
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| Scheme Name |
: Pushpaka Loan Scheme |
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| Eligibility |
: Minimum Age (Yrs): 21 Maximum Age (Yrs): 60 |
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| Other Eligibility |
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Individuals in confirmed service in Government, Public Sector Undertakings, reputed private sector organisations and institutions. |
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| Loan Slab |
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| Min. Amount(Rs.) |
Max. Amount(Rs.) |
Min. Period(Yrs) |
Max. Period(Yrs) |
Interest Rate(%) |
Max. Finance(%) |
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| NA |
Depends on the car price |
1 |
5 |
15.5 |
75 |
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| List of Cars financed by FEDERAL BANK |
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| FEES/CHARGES |
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| Processing Fee |
: 100 |
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| Advance Payment |
: NULL |
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| Other Upfront Payment |
: NULL |
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| Prepayment charge |
: NA |
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| DOCUMENTATION / SECURITY |
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| Documentation |
: a). Application
b). Proof of income (salary certificate from employer or I.T. return/assessment order as the case may be)
c). Quotation/proforma invoice
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| Guarantors |
: Not Available |
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| Security |
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The loan is secured by hypothecation of the vehicle purchased. Bank's lien on the vehicle should be marked in the R.C. book of the vehicle. The vehicle should be insured for the full value with the bank clause. |
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| Exceptions |
: Not Available |
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| OTHER INFO. |
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| Basis |
: Annual Reducing Balance |
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| Repay Method |
: The loan is repayable in 60 equated monthly instalments. |
| Additional Info. |
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The Salaried persons should have a net salary of 50% of the gross monthly salary. Salary certificate from the employer must be produced giving details of gross income and deductions. |
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