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  • Catholic Syrian Bank Car Loan Interest Rates 20 Oct 2019

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  • Catholic Syrian Bank offers two car loan schemes – a regular vehicle loan scheme and a VIP car loan scheme. The interest rates for both range from 9.9% p.a. to 10.75% p.a. The maximum tenure option available under the scheme is 5 years. The processing fee charged can be a maximum of 1% of the loan/limit approved by the bank.

    Catholic Syrian Bank Car Loan

    Features New Car VIP Car

    Interest Rate

    9.9% to 10.75% p.a.

    Loan amount

    80% of the on-road price

    100% of invoice value

    Loan Tenure

    Up to 60 Months

    Processing fee

    • Loans up to Rs.25,000: Nil
    • New credit facilities and extension of current working capital limits: 1% for loans above Rs.25,000
    • Renewal of current working capital limits: 0.5% for loans above Rs.25,000

    Documentation fee

    Rs.100 to Rs.500

    Lowest EMI per Lakh

    Rs.2,120 (at 9.9% p.a. interest for a 5-year tenure)

    Factors Affecting Catholic Syrian Bank Car Loan Interest Rates

    A few of the factors that affect the interest rate offered to you are explained below:

    • Guarantee: If an individual with good means or substantial income or existing relationship with Catholic Syrian Bank vouches for an applicant, he/she would be considered positively for the car loan. This also gives the borrower the added advantage of negotiating for a lower rate of interest.
    • Loan Duration: Longer the payback period, higher will be the interest rate and vice-versa. Generally, borrowers prefer to avail a longer tenure so that the EMI amount can be reduced. However, this increases your expenses since longer tenures means higher rate of interest rate.
    • Debt-to-Income Ratio: The lower your debt-to-income ratio the better your chances are for claiming an attractive rate of interest. This is because the bank will be assured that you have a good repayment capacity and are therefore creditworthy. In such cases banks are willing to negotiate a lower rate of interest on the loan amount borrowed as there is minimal risk of defaulting on the loan.
    • Credit Score: A high credit score will influence the bank to lower the rate of interest that is applicable on the loan quantum of your choice. If an applicant has a credit score which is 750 or above, he/she is considered eligible for a car loan by most creditors and has a higher chance of being offered with a low rate of interest.
    • Existing Customers: Those who are existing customers of Catholic Syrian Bank have a higher probability of getting a car loan quickly, at lower rates of interest. Catholic Syrian Bank offers various car loan benefits for established customers of the bank and for those who have any deposits in Catholic Syrian Bank who apply for a car loan.

    FAQs

    1. Does the loan amount cover cost of registration and road tax?
    2. The new car loan covers invoice price, cost of registration, road tax, and insurance premium. However, the VIP car loan does not include the charges mentioned above or other incidental charges.

    3. What type of cars can be purchased under this car loan scheme?
    4. You can buy any non-commercial vehicle such as a car, van, jeep, etc.

    5. What are the eligibility criteria to get a VIP car loan?
      • Existing customers of Catholic Syrian Bank should have fund-based advances of at least Rs.25 lakh for a minimum of one year.
      • Depositors need to have at least Rs.25 lakh as deposit. Joint deposits are also considered.
    6. What should I offer as security?
    7. Hypothecation of your car will suffice as security under this loan scheme. No additional security will be required besides the Rs.25 lakh deposit in case of VIP car loans.

    8. Can institutions and firms apply for the car loan?
    9. Yes, along with individuals, institutions and firms can also apply for the loan.

    10. How do I know how much I should pay as the EMI?
    11. You can use the online EMI calculator by BankBazaar to find out the amount you have to pay each month as the EMI. You only have to enter basic details such as the interest rate, loan tenure, and loan amount. You can view a detailed amortisation table as well.

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