SUCO CAR LOAN (SCL)

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SUCO CAR LOAN (SCL)

SUCO Car Loan (SCL) has been in operation since 12.01.2018. However looking into the present banking scenario, we propose the following modifications with Immediate Effect.

Salient Feature of the Loan Product

ELIGIBILITY

All individual borrowers including Professionals / Agriculturists / Reputed firms / Companies with a good track record and a minimum CIBIL score of 650 & above.

Quantum of Loan / Margin

a) NEW Vehicle : 85% of the Vehicle value as per quotation including Registration charges, first year Insurance premium & Vehicle Life Tax.
b) Used Vehicle : 70% of the used Car value (3 years or less old) as per valuation given by reputed engineer / agencies.

Processing Charges

Processing charges shall be collected @ 0.5% of the loan amount.

Sanctioning Authority

Cluster Managers can sanction loans upto Rs. 5 lakh. In case of Loans to be sanctioned is above Rs. 5 lakh, the proposal shall be sent to HO for sanction with due recommendation from cluster Manager.

DOCUMENTATION

i) Loan Proposal along with Inspection Report
ii) Particulars of assets and liabilities of borrower / Co – obligant
iii) Quotation from the authorised dealer for new vehicle / Valuation Certificate issued by the Valuator for Second hand vehicle.
iv) Copy of Permanent Driving License OR Driving License of the driver in case the driver is engaged.

v) Salaried Persons :
a. Salary Certificate of borrower and co-obligant.
b. ECS Mandate / Irrevocable Mandate from the borrower for recovery of
Loan installments from salary.
c. Undertaking letter from the Pay Drawing Officer
vii) I.T. returns of preceding 3 years.
viii) In case of agriculturists copy of RORs (Pahani)
B) Disbursement of loan :
i) Promissory Note & TDL
ii) Stamped Hypothecation Agreement
iii) RTO Forms : Blank Form No.s 29, 30 & 35 in duplicate duly signed by the borrower
C) Post Sanction :
Following documents to be collected from the Borrower/Dealer after
disbursement of loan.
i) Original Invoice & Cash Receipt
ii) Duplicate Key of the Vehicle
iii) Insurance Policy
iv) Smart Card of R.C. & B – register extract

Purpose of Loan

To purchase four wheel vehicles such as CAR / JEEP / SUV etc.

RATE OF INTEREST

Interest rate shall be as per guidelines issued from time to time by Head Office. Present interest rate will be as under :
New Vehicle – 11%
Used (Second Hand) Vehicle -ROI shall be as under:

12% If security is Equivalent to the loan amount is provided.
14% For all other cases

Penal interest shall be @ 3% pa on overdue loan amount.

SECURITY

a) Hypothecation of 4 wheeler proposed to be purchased as prime security.
b) Co-obligation of creditworthy individuals having a good networth to the satisfaction of the sanctioning authority.

Repayment Period :

a) New Vehicle : Repayable within a period of 84 months in equated monthly installments (EMI).
b) Used Vehicle : Repayable within a period of 48 equated monthly installments.

OTHER TERMS & CONDITIONS

(i) Borrower should be a member and his KYC is to be ensured.
(ii) CIBIL report of the borrower and the co-obligant is to be extracted and
verified.
Minimum credit score of 650 & above should be considered for the sanction
of loan.
(iii) Insurance of the vehicle (Primary Security) is to be ensured with “Bank’s
Hypothecation”Clause.
(iv) Borrower must be permanent resident of the place where the Branch is
located having their own house or ancestral home.
(v) Income and repaying capacity of the borrower shall be ensured by taking
into account all the existing (if any) as well as the proposed liability.
(vi) Issue DD for quotation amount (loan + margin amount) favoring dealer and
send along with letter to the dealer requesting to release the vehicle as per
quotation and to submit RC card, Receipt, Original Invoice of vehicle &
Insurance Policy directly to the branch.