North Malabar Gramin Bank Car Loan

I want to apply for car loan in North Malabar Gramin Bank so can you please provide me the details of car loan?

Kerala Gramin Bank (KGB) is a Regional Rural Bank (RRB) formed by amalgamating the two RRBs of Kerala namely South Malabar Gramin Bank and North Malabar Gramin Bank through a notification by the government of India.

Personal Vehicle Loan

Purpose

For purchase of all types of Cars, Jeeps, Small Vans, two wheelers, three wheelers etc.
Both brand new and pre-owned vehicles except two wheelers.
In the case of pre-owned vehicles, the age of the vehicles should not be more than 2 years.
Pre-owned Two Wheelers are not eligible under the scheme

Eligibility-

Individuals including NRIs/ Firms/ Companies, who are having sufficient income to meet the repayment commitments

Income of the spouse or children may also can be taken into account for calculating the eligible amount of loan

Limit & Margin

New Vehicles
90% of the cost of vehicle.
Pre - owned Vehicles
70% of purchase consideration /insured value /value assessed by Automobile Engineer/ Insurance Surveyor, whichever is lower.
The vehicle considered for finance should be lien-free.

Security-

Upto 5 lakhs
Hypothecation of Vehicle
& Guarantee / Co obligation of a credit worthy person

Above 5 lakhs
Hypothecation of Vehicle
Equitable Mortgage of landed property of value not less than 150% of loan amount / Equivalent secuity of Approved securities.

Repayment-

Brand New Vehicle
Two Wheeler : Within 60 months in EMI
Four Wheeler : Within 84 months in EMI

Pre-owned Vehicle

To be repaid within a maximum period of 60 months or up to the appraised economic life of the vehicle as per the valuation cum road worthiness certificate, whichever is earlier

Contact-

Head Office

KGB Towers,
AK Road, Uphill,
PB No. 10,
Malappuram, Kerala, India,
PIN. 676 505.
Customer Care : 0483 2733509
Fax : 0483 2736987
Email : kgbho@keralagbank.com

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Answered By StudyChaCha Member