Car Loan (Non-Commercial) for Individual

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Car Loan (Non-Commercial) for Individual

Purpose of Loan

The object of the policy is to provide fund to the Individual for buying car for personal use.

Eligible Person

i) Teaching and Non -Teaching staff - A permanent salaried employee of any Govt. Sponsored Secondary / Primary School or Sr. / Jr. Madrasah / College whose salary is disbursed in our bank account through salary disbursement arrangement under e-PRADAN system.

ii) Employees of other Govt. / Semi Govt. / Statutory Bodies- If there is any specific arrangement with concern department following the West Bengal Govt. E_Payment of Salary Scheme (ePS) (Finance Department Audit Branch Notification No 6621 (F)Y Dated : 29th June, 2011) and extended to a permanent salaried Central Govt. employee drawing salary from our Bank.

iii) Other Salaried Person- A person whose salary arrangement is not with our Bank and who has sufficient repayment capacity.

iv) Business-man and Professional whose annual gross income `7,00,000/- or more and who has sufficient repayment capacity.

Terms and conditions:

Deduction criteria for determination of quantum of loan (Salary Account holder)

i) Teaching and Non -Teaching staff - Total deduction per month inclusive of the instalment is restricted to 60% (Inclusive ECCS loan) of gross pay. Whereas, in deserving cases, where Gross Salary is `35,000/- or more, such deduction may be relaxed up to 70% (Including ECCS Loan).

ii) Employees of Govt. / Semi Govt. / Statutory Bodies - Total deduction per month inclusive of the instalment is restricted to 60%.

General

If borrower is individual then - Minimum age- 21 Years and Maximum Age -55 Years

SL	Particulars	Salary Account holder of our bank	Other Salary Account Holder	Business-man and Professional
1	Age	Minimum- 21 Years & Maximum- 6 months prior to date of retirement	Minimum- 21 Years & Maximum- 54 Years	Maximum -54 years
2	Repayment Period	Maximum-7 Years	Maximum-5 Years	Maximum-5 Years
3	Own Contribution	10% of on road price	20% of on road price	20% of on road price

Class of Car

New 4 wheeler car of Bharat Stage VI complied and above.

Quantum of Loan

i) Salaried person- Maximum `10 Lakhs; and

ii) Business and professional person- EMI of Loan should be within 40 % of Average Monthly income but Loan amount restricted to maximum 10 Lakhs (Calculation of Average Monthly Income- Average Annual Income of last Three years ( atleast 2 Years) divided by 12).

Nominal Membership

0.50 per thousand subject to minimum of `50.00 & maximum of `5,000.00 (As per bye-law of the bank). Provided that such membership fee as above shall be collected once only at the time of the first sanction of the loan & shall not be collected consequent upon enhancement of the loan component on subsequent occasions.

Securities

Salaried Person:

Salary of the Employee, Leave Salary, Gratuity and all other receivables.

Two guarantors (at least one permanent salary holder) acceptable by Branch manager.

Hypothecation of Car.

Business-Man and Professional Person:

Hypothecation of Car.

Term Deposit, NSC/KVP, Life Policy (surrendered value) consisting of 25% of loan amount.

Two guarantors acceptable by Branch manager.

Fully Covered by Liquid Collateral Security:

Term Deposit, NSC/KVP, Life Policy (surrendered value) consisting of 100% of loan amount.

Hypothecation of Car.

Insurance

Loan should be fully covered by our Group Insurance Policy

Charges

Form Cost `500/-.

Additional Document

Proof of income- Self Attested Income tax return (Latest 3 years but atleast 2 years) and Annual Financial Statement (Audited if applicable) only for Business-man and Professional Person.

3 (Three) Post dated Cheques (other than our bank) and ACH Debit Mandate for payment of installment on any bank other than our bank.

Documentation

Document	Form No	Purpose of use
Common Application Form		Part of Application Form
KYC Details of Borrower/ Co-Borrower / Guarantor		Part of Application Form
Verification of Service, Pay etc. of Borrower/ Co-Borrower		Part of Application Form
Application for Nominal Membership		Processing of Loan
SI / ECS Instruction		As a part of Loan Documents.
Agreement Bond		Part of Application Form
Letter of Guarantee		Part of Application Form
Lien/Assignment/Pledge
Time Promissory Note		On Rs.1/- Revenue Stamp
Hypothecation Agreement
Declaration as per Section 59 of WBCS Act
Loan Processing & Assessment of Amount of Loan that may be Sanctioned	CAR-I	Processing of Loan
Sanction Letter	CAR - II	Processing of Loan

All scheduled and non-scheduled banks - public, private, foreign, cooperative, regional rural and local area banks - will observe public holiday on second and fourth Saturdays from September 01, 2015; and will observe full working days on Saturdays other than second and fourth Saturdays (referred to as working Saturdays in the Press Release). Consequent to this, the Reserve Bank of India has announced the following changes in its functioning with effect from September 1, 2015.