Soneri Car Finance
Purpose of Finance
Purchase of brand new:
Un-registered cars for private use.
Un-registered light commercial vehicles for private use.
Eligible Borrowers*
Salaried Persons
Self Employed Professionals
Business Persons
Financing Amount
Upto Rs.1.5 Million
Down Payment
Minimum 20% of the vehicle price.
Tenure
Maximum repayment period is 5 years.
Mark-up Rate **
1 year KIBOR + 4.5% p.a., to be revised on each anniversary of finance.
Processing Fee
Rs. 3000/- per approved application.
Service Length
Minimum 2 years of confirmed service with present employer in case of Salaried Person
Age
At the time of Application for finance, applicant’s age must not be more than;
55 years in case of Salaried Person.
60 years in case of Self Employed / Business Person.
Debt Burden
Total monthly repayment installments not to exceed 40% of the net income (taking into account other
financing facilities availed from other Banks/DFIs). .
Pre-Payment Penalty
2% pre-payment penalty on outstanding principal amount of finance being pre-paid. .
Late Payment Charges
Rs. 500/- per installment per month.
Insurance of Cars / Motor Vehicles
Cars / Motor Vehicles financed are to be comprehensively insured with any of the Insurance Companies listed on the approved panel of Soneri Bank.
Insurance Premium is payable up-front for each year during the life of the loan.
Charges
Documentation Charges (at actual).
Income Estimation Charges (if applicable).
* Subject to fulfillment of eligibility criteria.
** Subject to change from time to time.
For further details, please call:
Consumer Finance Division # 111-567-890 ext 2435.
