• 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.

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    Catholic Syrian Bank Car Loan Reviews

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