While loans such as personal loans can be availed for any reason, car loans have a more specific purpose. An individual availing for a car loan can only use the loan amount to purchase a car, new or used. However, the same purpose can be fulfilled with a simple gold or personal loan as well, though car loans provide you with a longer EMI due to its specificity.
There are many banks that provide a suitable car loan, however the Suhana Safar Scheme by Nainital Bank has many benefits for any salaried or self-employed individuals. They also provide benefits for any farmer looking to apply for a loan.
This scheme can only be availed by an individual looking to buy a four or two wheelers.
Eligible Borrowers:
- Salaried Employees, Pensioners, Staff members and Ex-staff members
- Farmers, Businessmen and professionals.
- Directors of any private and public ltd. co.
- Partners of a firm or proprietors.
Purpose:
- For purchasing a new car, Multi Utility Vehicles or SUVs for a private usage
- Purchasing a used car that will be used for personal use only for 3 years.
- Purchasing a two-wheeler for personal use.
Amount Provided:
- For a new four wheeler: A maximum amount of Rs. 75 lakh.
- For a used four wheeler: A maximum amount of Rs.25 lakh.
- Two wheelers: Rs. 5 lakh
Repayment Schedule:
- An individual gets a maximum of 84 months to repay an amount of up to 25 lakh, taken for a new car.
- A new car with a loan amount of above 25 lakhs
- allows a maximum of 120 months.
- Taking a loan for purchasing an old car will fetch you a maximum of 48 months.
- Lastly, a two wheeler would fetch you a maximum of 60 months.
Margin:
- NEW FOUR WHEELER: Minimum of 10% of the on-road price
- TWO WHEELER: Minimum 10% of the on-road price
- OLD VEHICLES: Minimum 25% of the present value.
