Satr AUTOFIN-PPT.pptx

8/13/2019 Satr AUTOFIN-PPT.pptx

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STAR AUTOFIN

PURPOSE:

For purchase of new two wheelers/ four wheelers;

Second hand vehicle can also be financed if the age ofthe vehicle is up to 3 Years.

Finance can be granted against the second hand vehiclewhen Comprehensive Insurance Cover is available.

For purchase of light personal vehicles not requiringheavy duty driving license viz. Jeeps, Vans etc.


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LIMIT/ QUANTUM:

Maximum limits for finance :-

Individuals (Resident in India):

For Indian make vehicles: Rs.25 lakhs. For imported vehicles : Rs.75 lakhs.

For companies and corporate entities : Rs.100 lakhs (Can be a fleet ofvehicles)

Non-resident Indians : Rs. 25 lakhs

For vehicles run on non-conventional energy and not required to beregistered with RTO :

Two wheelers - Rs.50,000/- (Max.)

4 wheelers - Rs. 4.00 lacs.(Max.)


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ELIGIBILITY:

The limit is subject to:

(a) 24 times of gross monthly emoluments incase of salaried employees/pensioner / or 2 timesof gross average annual income as per last threeyears IT returns.

(b) Two times of average annual cash accrual (i.e.PAT + depreciation) as per firms/companies lastthree audited balance sheet, P & L Account.


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GUARANTEE :

1. (a)Third party guarantee not required in respect of loans toresident individuals up to Rs. 25 lakhs provided vehicle is

registered with RTO and Banks Charge is registered thereon;

(b) Third party guarantee can be waived by SanctioningAuthority in respect of loan to Corporates subject to Chargeregistered with ROC. [Vehicle registered in Companys Name];OR

(c) In case vehicle is not registered in Companys / firms Name,Guarantee of the Director in whose name the vehicle to beregistered is to be obtained.


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2. Third party guarantee of Resident Indians tobe obtained in respect of loans to Non-residentIndians, irrespective of limit.

3. Third party guarantee is required for loans tovehicles (irrespective of limit) not registered withRTO and for loans to individuals for limits exceedingRs.25.00 lacs.

4. Third party guarantee wherever applicable can bewaived by sanctioning authority with obtention oftangible collateral security of acceptable value.


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INTEREST:

As advised by Head Office from time to time.

Interest concession is available in respect of loanto woman beneficiary 0.25% p.a (Ref. Br. Cir. No.99/56 dt. 02.07.05.

PENAL INTEREST : As per guidelines issuedfrom time to time.


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MARGIN:

For New Vehicles:

Individuals : (Including NRIs)

Upto Rs.2 lakhs - 5% Rs.2 lacs to Rs.10 lacs - 10%

Above Rs. 10 lakhs upto Rs. 25 lakhs 15%

Above Rs. 25 lakhs min. 25%

For Corporate entities / firms etc. min margin : 25% For second hand vehicles: min 30% (on depreciated

value or value assessed by valuer or saleconsideration whichever is lower.)


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SECURITY:

1) Principal security Hypothecation of assetspurchased out of Bank finance & charge to beregistered with RTO and registered as Personalvehicles.

2) Comprehensive insurance of the vehicle with

Bank clause. 3) Collateral security is desirable and can be

insisted by sanctioning authority for loans toindividuals exceeding Rs. 25 lacs.


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Validity 01.10.2011 to 31.12.2011

100 % waiver for Processing charges.

Concession in applicable ROI as per festival package


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THANK YOU

Satr AUTOFIN-PPT.pptx

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