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Purpose of Finance
Purchase of brand new:
- Un-registered cars for private use.
- Un-registered light commercial vehicles for private use.
Eligible Borrowers*
- Salaried Persons
- Self Employed Professionals
- Business Persons
Financing Amount
- For Cars upto 2000 CC: Rs. 1.0 Million
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For Cars exceeding 2000 CC: Rs. 2.0 Million
Down Payment
- On finance upto Rs. 1.0 M: Minimum 15% of the vehicle price.
- On finance over Rs. 1.0 M: Minimum 20% of the vehicle price.
Tenure
- Maximum repayment period is 5 years
Mark-up Rate **
- 1 year KIBOR + 4% p.a., to be revised on each anniversary of finance.
Processing Fee
- Rs. 2000/- per approved application.
Service Length
- Minimum 2 years of confirmed service with present employer in case of Salaried Person.
Age
At the time of Application for finance applicant’s age must not be more than;
- 55 years in case of Salaried Persons
- 60 years in case of Self Employed / Business Persons
Debt Burden
- Monthly repayment installments not to exceed 40% of the net take home salary or 40% of declared monthly income (taking into account other financing facilities availed from other Banks/DFIs).
Pre-Payment Penalty
- 2% pre-payment penalty on outstanding principal amount of finance being pre-paid.
Late Payment Charges
- Rs. 500/- per installment per month.
Insurance of Cars / Motor Vehicles
- Cars / Motor Vehicles financed are to be comprehensively insured with any of the Insurance Companies listed on the approved panel of Soneri Bank.
- Insurance Premium is payable up-front for each year during the life of the loan.
Charges
- Documentation Charges at actual.
- Income Estimation Charges (if applicable).
* Subject to fulfillment of our eligibility criteria.
** Subject to change and revised rates to be communicated from time to time.
For further details please call:
Consumer Finance Division #(0213) 2434027, (0213) 2439562-67 ext - 325,
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