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    Catholic Syrian Bank Car Loan Reviews

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    Catholic Syrian Bank Car Loan

    Car Loan BYTES FROM OUR KITCHEN

    Overview About Catholic Syrian Bank Car Loan

    Owning a car is not just a convenience, but it is also a necessity. Having a vehicle of your own ensures easy transport, higher security, better amenities and comfort for you and your family. If financing this dream is the cause of concern, affordable car loans that can be repaid in easy installments are readily available in the market.

    Catholic Syrian Bank (CSB) was established in Thrissur, Kerala, in the year 1920. It offers transparent, quick and simple car loan processing that enables you to own your dream car at the earliest. Customers can avail CSB car loans for the purpose of purchasing a car, jeep, van, etc. for personal use.

    Why choose Catholic Syrian Bank Car Loans

    Catholic Syrian Bank Car Loan provides a highly cost-efficient and affordable car loan scheme to its customers. The car loan is offered at an attractively low interest rate and it also offers exceptional features and benefits to the borrower.

    Features of Car Loan from Catholic Syrian Bank

    • Comparatively low interest rates on car loan
    • 80% of the value of the car (Invoice value including road tax) is provided as loan amount to the regular car loan borrower.
    • 100% of the Invoice value of the car is offered as loan under VIP car loan scheme, excluding road tax, insurance, etc.
    • Hypothecation of the vehicle is to be pledged as collateral/security.
    • Faster processing.

    Catholic Syrian Bank Car Loan Interest Rates

    The MCLR rate has affected the interest rate on all the bank’s loan interest rates. MCLR is calculated by taking the following factors into consideration – cost of maintaining CRR, operating expenses, marginal cost of funds and loan tenure. Existing Catholic Syrian Bank car loan borrowers have the option to continue with the interest based on the Base Rate or to migrate to the new MCLR lending rate system. MCLR rates are subject to change from the next reset date, as per RBI regulations.

    The Base Rate applicable on Catholic Syrian Bank car loan is 10.25% per annum.

    The MCLR Rate is as follows:

    Loan Tenure MCLR (%)
    Overnight 9%
    1 month 9%
    3 months 10%
    6 months 10.20%
    1 year 10.20%

    Eligibility criteria for a Car Loan from Catholic Syrian Bank

    Regular Car Loan Scheme

    Individuals who own assets and/or earns an income that would justify their ability to make regular payment of the advance, are eligible for this car loan scheme. This should be backed by proper documentation/ proof.

    VIP Car Loan Scheme

    Individuals or Groups who fulfill the following conditions, are eligible to apply for a VIP car loan scheme:

    • Having fund limits of Rs.25 lakh or more

    • Having a Term Deposit in Catholic Syrian Bank, with a fund value of Rs.25 lakh or more.

    How to calculate EMI on Catholic Syrian Bank Car Loans

    Generally, car loan are repaid in Equated Monthly Installments (EMIs). By calculating the amortization schedule and analyzing the EMI pay-out per month, you can put your budget and finances in order. This helps you to understand the affordability of availing a particular loan amount and for a definite loan tenure. Since it is really complicated to calculate the amortization schedule manually, online car loan EMI calculators are available, which makes the process easier and quicker.

    BankBazaar.com offers car loan EMI calculator tool which is convenient, easy to use and efficient. It offers accurate information to the user, based on the input provided. This service is provided free of cost by BankBazaar.com. If you wish to use this EMI calculator, simply visit the BankBazaar website and Click on “Finance Tools” tab on the main page. Select “Car Loan EMI calculator” option. You will be redirected to a page with a simple questionnaire regarding information such as desired amount of loan, loan tenure, interest rate in percentage, processing fees, etc. Once you key-in the relevant details and click on the “Calculate” icon, the page displays your monthly EMI amount and detailed amortization schedule (monthly/yearly basis). Based on this information you can weigh your options and make a decision about your loan amount, tenure, etc.

    Catholic Syrian Bank FAQs

    1. Should I pledge a collateral in order to avail a car loan from Catholic Syrian Bank?

      Yes, Hypothecation of the vehicle is to be pledged as collateral/security.

    2. Is a guarantor required in order to avail a car loan from Catholic Syrian Bank?

      A guarantor is not mandatory but you can name one individual with good means/ financial standing as a guarantor, if you do not have a collateral security to offer or if an undertaking for salary deduction is unavailable.

    3. Can my spouse provide guarantee for me?

      Yes, a spouse can be a guarantor and this is given high preference by the Bank.

    4. What is the loan quantum offered to borrowers under the VIP Car Loan scheme? Does it include road tax?

      The loan quantum offered to eligible borrowers under the VIP car loan scheme, is 100% of the car’s Invoice value. Other costs and charges such as road tax, insurance, registration, etc. are not considered.

    5. I have a term deposit of Rs. 20 Lakhs with Catholic Syrian Bank. Am I eligible to apply for a VIP car loan scheme?

      No, only those who have a term deposit of Rs. 25 lakhs and above are eligible for a VIP car loan from Catholic Syrian Bank.

    6. Where can I get a Car Loan Application form?

      Car Loan application forms are available at any Catholic Syrian Bank branch.

    7. How do I apply for a Catholic Syrian Bank Car Loan?

      To apply for a car loan from Catholic Syrian Bank, please visit the nearest Catholic Syrian Bank branch.

    8. For what kind of vehicles does Catholic Syrian Bank provide car loans?

      You can finance any car, van, jeep, etc. with a loan from Catholic Syrian Bank.

    9. Can I avail of a loan to finance a used vehicle?

      Catholic Syrian Bank finances only new cars. If you are seeking finance for a pre-owned vehicle, you can approach the bank with your request.

    10. Can I finance a commercial vehicle through CSB?

      No, the Catholic Syrian Bank offers car loans for personal use vehicles only.

    11. Can I check the status of my Catholic Syrian Bank loan application online?

      The bank does not have the facility yet to track your loan status online.

    12. What is the eligibility criteria for a Catholic Syrian Bank car loan?

      Any person who has income or assets that are sufficient to repay the loan regularly is eligible to apply.

    13. What are the income requirements for Catholic Syrian Bank Car Loan?

      There are no minimum income requirements specified by the bank. Your income should be enough to meet regular EMIs of the loan.

    14. What is the age requirement for a four wheeler loan?

      The minimum and maximum age eligibility has not been mentioned. Generally, you should be at least 18 years old. The bank will determine your eligibility based on your income or assets.

    15. What are the Credit score requirements?

      When you make an application for a car loan, the bank has the authority to enquire about your credit score. A good score of 750 and above will help you get a loan with ease. Some banks may relax this score to 550.

    16. What is the maximum loan amount I can get with a Catholic Syrian Bank Car Loan?

      The quantum of finance is calculated as 80% of the invoice value of the vehicle + road tax.

    17. What does “invoice value” mean?

      Invoice value is the cost of the car plus sales tax, excise duty and so on. It does not include registration, insurance and related charges.

    18. What is the minimum loan amount offered by Catholic Syrian Bank?

      Catholic Syrian Bank has not set a minimum cap on loan quantum.

    19. How is the CSB car loan quantum determined?

      Your eligible car loan amount depends on your income and assets. It also depends on the invoice value of the car plus road tax.

    20. What is the minimum car loan tenure on a Catholic Syrian Bank four wheeler vehicle loan?

      Catholic Syrian Bank does not specify any minimum time period for repayment. The usual minimum tenure is 1 year.

    21. What is the maximum loan tenure for a Catholic Syrian Bank four wheeler vehicle loan?

      Though the maximum loan tenure has not been mentioned, it is usually 5 years or 60 months.

    22. What is the interest rate offered on Catholic Syrian Bank Car Loan?

      The interest rate is 11% per annum.

    23. Are there any concessions on Interest rates?

      Please enquire with the bank about concessionary interest rates. Banks offer concessions for women, staff, retired staff and pensioners drawing pension through the bank.

    24. Are there any processing fees on Catholic Syrian Bank Car Loans?

      The processing charges levied by Catholic Syrian Bank are as follows.

      Loan Quantum

      Processing fee

      Minimum charge

      Up to Rs. 25,000

      Nil

      Nil

      Above Rs. 25,000

      1% of the loan amount

      Rs. 250

    25. What are the document charges on car loans?

      The document charges levied by Catholic Syrian Bank are as follows.

      Loan Quantum

      Processing fee

      Above Rs. 10,000 to Rs. 1 lakh

      Rs. 100

      Rs. 1 lakh to Rs. 10 lakhs

      Rs. 300

      Above Rs. 10 lakhs

      Rs. 500

    26. Are there any service charges applicable on car loans?

      Yes, CSB levies service charges depending on the loan quantum. Please refer to the table below for the schedule of charges.

      Loan amount

      Service charge per annum

      Up to Rs. 25,000

      Rs. 10

      Above 25,000 to Rs. 2 lakhs

      Rs. 25

      Above Rs. 2 lakhs to Rs. 3 lakhs

      Rs. 75

      Above Rs. 3 lakhs to Rs. 5 lakhs

      Rs. 125

      Above Rs. 5 lakhs to Rs. 10 lakhs

      Rs. 175

      Above Rs. 10 lakhs to Rs. 25 lakhs

      Rs. 250

      Above Rs. 25 lakhs to Rs. 50 lakhs

      Rs. 500

      Above Rs. 50 lakhs to Rs. 75 lakhs

      Rs. 750

      Above Rs. 75 lakhs to Rs. 1 crore

      Rs. 1,000

      Above Rs. 1 crore

      Rs. 2,000

    27. What security or collateral is required by Catholic Syrian Bank?

      Only the hypothecation of the vehicle is required.

    28. Does Catholic Syrian Bank require third party guarantees?

      Third party guarantee is required only in the following cases.

      • Collateral is not available.
      • Undertaking for salary deduction is not available.
    29. Who can stand as a third party guarantor?

      Anyone of sufficient means that is acceptable to the bank can be a guarantor. The guarantee of your spouse will be given first preference.

    30. What are the margin requirements for new vehicles?

      The margin required by Catholic Syrian Bank is 20%.

    31. What are the penalties for late payments?

      Generally, banks charge a nominal fee or increase the interest rate. However, Catholic Syrian Bank has not mentioned the fees that will be charged. This should be communicated to you at the time of loan application.

    32. What is the VIP car loan offered by Catholic Syrian Bank?

      CSB offers a special loan scheme with 100% finance to certain VIP individuals of the bank. 100% of the invoice value is considered excluding registration, road tax and insurance. The rest of the loan terms remain the same as regular car loans.

    33. Who qualifies for a VIP car loan?

      To qualify or be eligible for a VIP car loan, you should meet the following criteria.

      • You should have a minimum of Rs. 25 lakhs funded limits.
      • You should have a term deposits of minimum Rs. 25 lakhs with CSB.
    34. How do I contact the Catholic Syrian Bank Customer Care for car loan queries?

      You can send your queries to [email protected]

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