Rate of Interest :-
Floating Rate :- Interest on the loan will be charged at prevailing floating rate on a daily reducing balance at monthly rests. The rate of interest is subject to revision from time to time
Penal Interest :-If borrower defaults in payment of EMIs or account becomes irregular, the Bank will levy a higher rate of interest (2% over regular rate) on the irregular amount for the period of irregularity.
Unified Processing Charges :- Unified processing charges (which includes processing charges, documentation charges, document verification charges and pre & one time post sanction inspection charges) to be levied as detailed below :-
Loans upto Rs 15/- Lacs : 0.75% (Maximum Rs 10000/-)
Loans above Rs 15/- Lacs : 0.50% (Minimum Rs 10000/-)
(Service Tax to be recovered separately in addition to the above)
Other Expenses: - like stamp duty for execution of documents, registration charges varying from State to State and other related charges/ expenses for the loan shall be borne by the Borrower.
Prepayment Charges: No prepayment Charges on foreclosure of loan.
Inspection : Bank will have the right to inspect the Vehicle at any time...
Insurance: Comprehensive Insurance of the Vehicle with Bank’s clause is required. Charges to be borne by borrower. In case of 2nd hand car, the existing insurance policy be got transferred to the name of borrower with Bank’s clause.
Other Terms & Conditions:-
- Bank will directly make the payment of Car to car dealer by issuing Banker’s Cheque or Demand Draft.
- In case of 2nd hand cars, certificate as to value and residual life of the Car shall be obtained by borrower with his own expenses.
Credit Information Report: Bank is authorized to make enquiries from any of the Credit Information Bureau and get the Credit Information Reports. Bank is also authorized to disclose from time to time any information relating to the loan to any Credit Bureau approved by Govt of India or Reserve Bank of India without any notice to the borrower.
For Latest Rate of Interest, Margin etc. please visit http://www.bankofbaroda.co.in/pfs/carloans_more_test.asp link at our internet site