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IOB Pushpaka Loan (Used Car)
500 to Rs. 10,000
Avail loan to purchase a used car not more than 5 years old for personal use.
Borrow up to 75% of the market value of the car.
Flexi repayment shall be fixed with a maximum of 84 months, less age of the vehicle.
Interest rate of 10.05% for loans up to Rs. 10 Lacs and 11.05% for loans above Rs. 10 Lacs.
A processing fee of 0.50% or minimum Rs. 500 is applicable for loan up to Rs. 5 Lacs and 0.60% or minimum Rs. 10,000 for loan above Rs. 5 Lacs.
For NRIs, obtaining a suitable guarantee from Resident Indian is mandatory.
An application form
Salary certificate, IT return or assessment order as a proof of income.
Quotation/proforma invoice for a new car/ new two-wheeler
Valuation certificate from two reputed auto dealers for used car.
Permanent employment in a Government Office / Public sector undertaking, reputed private enterprise
Self-employed professional or Company/Firm
Non Resident Indian can also apply.
In confirmed service with a take home pay of more than 50% of the gross salary, after PF and Insurance deductions
The total monthly income of the applicant including that of spouse and other income should be not less than Rs. 8,000.
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