Categorization of cars with loan, processing, eligibility and documents

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CATEGORY	Car Name (Best Selling as per Nov’15)	Price (Rs.)	Eligibility for loan	Loan taken	EMI (Rs.)	Interest Rate	Tenure	Down Payment	Processing Fees	Cash Discount	Freebies	Documents required
MPV	Maruti Ertiga	980,000	21 to 60 years for salaried class borrowers with a minimum one year in employment and 21 – 65 years for self-employed borrowers.	490,000	10,910	9.80% to 12.50%	1 to 7 years	10% of Ex- Showroom Price	Rs. 0 to Rs. 10,000	Rs. 20,000 Exchange discount	No Freebies	The application has to accompany the following documents: a)Two Passport size photographs. b)Quotation from the dealer for the car to be purchased / copy of Sale Agreement with the seller in case of a used car. c)Valuation Certificate from approved valuer in case of a used car. d)Proof of identification (Not required in case of existing account holders) – Copy of Passport, Identity Card issued by the employer, Voter Id Card, PAN Card etc., e)Proof of address – Copy of a utility bill (electricity, water, telephone, gas etc.) in borrower’s name at the given address, Voter Id Card, letter from employer, Credit Card statement etc. f)Proof of income : Latest salary Slip showing all deductions and g)Copy of Form 16 issued by the employer for past one/ two years or copies of income tax returns filed. h)Statement of Bank Account for last 12/24 months. i)Post dated cheques for the monthly installments of the loan
SEDAN	Honda Amaze	870,000	21 to 60 years for salaried class borrowers with a minimum one year in employment and 21 – 65 years for self-employed borrowers.	435,000	9,686	9.80% to 12.50%	1 to 7 years	10% of Ex- Showroom Price	Rs. 0 to Rs. 10,000	Rs. 20,000 Exchange bonus	1st year insurance	The application has to accompany the following documents: a)Two Passport size photographs. b)Quotation from the dealer for the car to be purchased / copy of Sale Agreement with the seller in case of a used car. c)Valuation Certificate from approved valuer in case of a used car. d)Proof of identification (Not required in case of existing account holders) – Copy of Passport, Identity Card issued by the employer, Voter Id Card, PAN Card etc., e)Proof of address – Copy of a utility bill (electricity, water, telephone, gas etc.) in borrower’s name at the given address, Voter Id Card, letter from employer, Credit Card statement etc. f)Proof of income : Latest salary Slip showing all deductions and g)Copy of Form 16 issued by the employer for past one/ two years or copies of income tax returns filed. h)Statement of Bank Account for last 12/24 months. i)Post dated cheques for the monthly installments of the loan
HATCHBACK	Ford Figo	741,000	21 to 60 years for salaried class borrowers with a minimum one year in employment and 21 – 65 years for self-employed borrowers.	370,500	8,250	9.80% to 12.50%	1 to 7 years	10% of Ex- Showroom Price	Rs. 0 to Rs. 10,000	Upto Rs. 25,000 Exchange Bonus	1st year insurance, extended warranty	The application has to accompany the following documents: a)Two Passport size photographs. b)Quotation from the dealer for the car to be purchased / copy of Sale Agreement with the seller in case of a used car. c)Valuation Certificate from approved valuer in case of a used car. d)Proof of identification (Not required in case of existing account holders) – Copy of Passport, Identity Card issued by the employer, Voter Id Card, PAN Card etc., e)Proof of address – Copy of a utility bill (electricity, water, telephone, gas etc.) in borrower’s name at the given address, Voter Id Card, letter from employer, Credit Card statement etc. f)Proof of income : Latest salary Slip showing all deductions and g)Copy of Form 16 issued by the employer for past one/ two years or copies of income tax returns filed. h)Statement of Bank Account for last 12/24 months. i)Post dated cheques for the monthly installments of the loan
EXECUTIVE SEDAN	Toyota Corolla	1,830,000	21 to 60 years for salaried class borrowers with a minimum one year in employment and 21 – 65 years for self-employed borrowers.	915,000	20,373	9.80% to 12.50%	1 to 7 years	10% of Ex- Showroom Price	Rs. 0 to Rs. 10,000	No Discount Schemes	Rs. 50,000 worth Accessories Package	The application has to accompany the following documents: a)Two Passport size photographs. b)Quotation from the dealer for the car to be purchased / copy of Sale Agreement with the seller in case of a used car. c)Valuation Certificate from approved valuer in case of a used car. d)Proof of identification (Not required in case of existing account holders) – Copy of Passport, Identity Card issued by the employer, Voter Id Card, PAN Card etc., e)Proof of address – Copy of a utility bill (electricity, water, telephone, gas etc.) in borrower’s name at the given address, Voter Id Card, letter from employer, Credit Card statement etc. f)Proof of income : Latest salary Slip showing all deductions and g)Copy of Form 16 issued by the employer for past one/ two years or copies of income tax returns filed. h)Statement of Bank Account for last 12/24 months. i)Post dated cheques for the monthly installments of the loan
SUV	Hyundai Creta	1,450,000	21 to 60 years for salaried class borrowers with a minimum one year in employment and 21 – 65 years for self-employed borrowers.	725,000	16,143	9.80% to 12.50%	1 to 7 years	10% of Ex- Showroom Price	Rs. 0 to Rs. 10,000	No Discount Schemes	No Freebies (Waiting Period of 4 weeks to 12 weeks)	The application has to accompany the following documents: a)Two Passport size photographs. b)Quotation from the dealer for the car to be purchased / copy of Sale Agreement with the seller in case of a used car. c)Valuation Certificate from approved valuer in case of a used car. d)Proof of identification (Not required in case of existing account holders) – Copy of Passport, Identity Card issued by the employer, Voter Id Card, PAN Card etc., e)Proof of address – Copy of a utility bill (electricity, water, telephone, gas etc.) in borrower’s name at the given address, Voter Id Card, letter from employer, Credit Card statement etc. f)Proof of income : Latest salary Slip showing all deductions and g)Copy of Form 16 issued by the employer for past one/ two years or copies of income tax returns filed. h)Statement of Bank Account for last 12/24 months. i)Post dated cheques for the monthly installments of the loan

 

Sr. No.	Assumption
1	Top end model is considered in each category.
2	For calculation of EMI, tenure taken as 5 years & bank interest rate is assumed to be 12.50%.
3	Loan taken is 50% of the car price.
4	City assumed is Mumbai.

Source:www.dilzer.net