It is meant to assist you in the decision making process. We cannot however give you an opinion. Lastly we cannot in any way assume any kind of responsibility for any decisions arrived at and consequences thereof.

Motor Finance Process

• Submission of filled out Application Form.
• Login, with all required documents.
• Residence verification, Office verification and Tele- verification at residence & office. Normally done by external agencies.
• CAM (credit approval memo) report.
• Industry credit match with other banks and finance institutions for credit history.
• Final credit approval and amount of loan eligibility are determined at this point.
• Submission of signed agreement, post dated cheques along with other necessary documents.
• Pre-disbursal check at operations.
• Pre-disbursal call to the customer for confirming the EMI and interest rate as documented by the customer.
• Disbursement.
• Release of payment and vehicle release order to the specified authorized dealer.
• Letter of communication send to the customer with all details for future reference.

Vehicle Segments:

Segment A	Maruti 800,Omni.
Segment B	Alto, Zen, Wagon R, Swift, Indica, Santro, Palio etc
Segment C1	Esteem, Baleno, Accent, Indigo, Ikon, Honda City etc
Segment C2	Corolla, Skoda, Civic etc
Segment D	Honda Accord, Toyota Camry etc
Super Luxury	M-Benz, BMW etc

The segment nomenclature defined above is what is followed by most banks and financial institutions and is not necessarily similar to that of SIAM [Society of Indian Automobile Manufacturers].

LTV Eligibility:

Profile	Loan to Value
A. Salaried	Up to 100% Ex- Showroom Price [subject to segment].
B. Business Class
i) Self Employed	Up to 100% Ex-Showroom Price [subject to segment].
ii) Partnership, Pvt Ltd.	Up to 90% Ex-Showroom Price (Segment A,B,C1) Up to 85% Ex-Showroom for Segment C2.
iii) Public Limited Company.	Up to 90% Ex-Showroom Price (Segment A,B,C1) Up to 85% Ex-Showroom for Segment C2.
C. No Income Proof Class
i) Rental Income (Deed must)	Up to 75% Ex-Showroom Price [Subject to segment].
ii) Pensioners	Up to 75% Ex-Showroom Price [Subject to segment].
iii) Bank Statement	Up to 75% Ex-Showroom Price [Subject to segment].
iv) Previous/Existing Loan           Repayment Record	Up to 75% Ex-Showroom Price [Subject to segment].
v) Credit Card Statement	Up to 75% Ex-Showroom Price [Subject to segment].
D. Agri-Holding     [minimum 3 acres cultivable land].	Up to 70% Ex-Showroom Price [subject to segment].

The above are only to be considered as indicators. Based on the strengths of an individual application the above percentages could be enhanced over the mentioned figures.
It is also relevant to note that all approvals are at the sole discretion of the financing institution and that the offerings are subject to change from time to time.

Loan Structures Available:

Scheme	Scheme Profile	Description
Straight EMI	All profiles	First Installment in advance OR first installment after first month.
Step up EMI	Salaried & Self employed. Up to 5 yrs tenor	First Installment in advance
Step down EMI	Salaried & Self employed. Up to 5 yrs tenor	First Installment in advance.
Balloon EMIs	Salaried.Up to 5 yrs tenor	Annual OR end of tenor. [First Installment in advance]

*For description, see Table

Scheme	Description
Regular EMI's	This is the simplest and most commonly availed scheme. The interest rate charged in this variant is the lowest for a given profile amongst all structures. The EMI remains the same throughout the tenor. There are two types: i. Monthly in Advance: Here the first installment is paid in advance. The number of installments is equal to the number of months in the tenor [for example: 60 installments if the tenor is 60 months]. ii. Monthly in Arrears: The first installment is due at the end of each month. The number of installments would be one less than the months in the tenor[for example: 59 months if the tenor is 60 months ]. The interest rate for an arrears payment would always be slightly higher than the advance payment version.
Step up EMI	Here the scheme is structured that an EMI increases each year until the end of the tenor. The first year is the lowest and the last year is the highest. The interest rate for a given profile would always be higher than a straight EMI scheme.
Step down EMI	Here the scheme is structured that an EMI decreases each year until the end of the tenor. The first year is the highest and the last year is the lowest. The interest rate for a given profile would always be higher than a straight EMI scheme.
End of Tenor / Annual Balloon.	A Balloon scheme allows a one time payment at the end of the tenor of up to 20% of the principal. Normally the interest rates charged are higher than in a straight EMI scheme. The interest is however calculated for the entire principal and is recovered in the monthly installments. An annual Balloon allows such bullets to be made at the end of each 12 month period. The rest of the operation remains the same.

Please click here to view the EMI Chart