UTI Bank Car Loans

http://www.utibank.com/

Our Offering

Today, some of the world’s finest cars are available in India. But as expected, they come with a price tag that put them beyond the reach of most people. Our Power Drive scheme attempts to bridge that distance, by financing a major part of the cost of your new car. So that you don’t have to put the brakes on your ambition.

Terms

The maximum you can apply for is 85% of the cost of the vehicle,plus registration and insurance costs, or 20 times your net monthly salary (or equivalent of net annual income for self-employed persons), whichever is lower. You are charged a competitive interest rate, and you can choose to repay your loan in 12, 24, 36, 48 or 60 Equated Monthly Installments, which will be collected directly from your employer under the check-off facility. For companies and self-employed persons, post-dated cheques will be collected.

Documentation

Papers required to be submitted along with an application
 

Parameters	Salaried	Others	Firms
Proof of Identity	Passport / Voter's identity Card / Driving Licence & Photograph	Passport / Voter's identity Card / Driving Licence & Photograph	Passport / Voter's identity Card / Driving Licence & Photograph (For Partner signing the documents) & Partnership Deed
Proof of Income	Latest salary slip showing all deductions or Form 16 along with recent salary certificate.	IT Returns for the last 2 years and Computation of income for the last 2 years certified by a CA	Audited Financial Statements, IT Returns & Computation of Income for last 2 years certified by CA.
Proof of Residence	Ration Card/ Latest Electricity Bill/ Latest Telephone Bill/ Passport/Latest Credit Card Bill	Ration Card/ Latest Electricity Bill/ Latest Telephone Bill/ Passport/ Latest Credit Card Bill	Municipal Registration Certificate / Latest Electricity Bill /  Latest Telephone Bill
Bank Statement / Pass Book where salary/income is credited	Last 6 months	Last 6 months	Last 6 months
Invoice	Yes	Yes	Yes
Guarantor Form	Yes	Yes	Yes

Eligibility

A) Salaried Individuals
i) Any individual who is in permanent service in Government / reputed companies and having his / her salary account with our branch with a net minimum salary of Rs. 7500/-

OR

ii) Any individual with a minimum net monthly salary of Rs.10000/- p.m.

B) Self Employed Individuals
In case of self employed individuals, minimum net annual income should be Rs.2 lakhs.
The applicant in both cases should be above 24 years of age at the time of loan commencement and 55 years or less at the time of loan maturity.

Loan Amount

Cost of the vehicle plus registration and insurance OR 20 times of net monthly salary in case of salaried persons / equivalent of net annual income as per latest IT Assessment Order in case of others, whichever is less.

Margin

• 15% for Salaried Individuals
• 15% for self employed customers who have a previous banking relationship and/or combined deposit of at least Rs. 50000/-, for period of six months
• 25% for self employed customers who do not have a previous banking relationship

  Interest Rates

The Bank offers very competitive Interest Rates on the Loan Amount. The current rate of interest is 13.00% p.a. on a monthly reducing basis

• Service Charges : 1% of loan sanctioned, payable upfront.
• Pre-payment charges : No Pre-payment charges
• Insurance : The vehicle will be comprehensively insured for the full amount favouring the Bank.
  

Security

• Hypothecation of the vehicle with Bank's charge being noted on the Registration Certificate
• 3rd party guarantee of a person of satisfactory means not belonging to the immediate family of the applicant
• The branch will obtain collateral security such as units of UTI, NSCs, demat shares, Bank deposits, Life Insurance policy and such other investments that are acceptable to the Bank as under : For salaried persons 25% of the loan amount. For others 50% of the loan amount.

At a mutually convenient time,you may approach the branch for verification of documents and getting the loan sanctioned or for further clarifications