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Car Finance

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Dealer Related
Do you have tie-up with leading automobile manufacturers/ dealers?
Yes. Special schemes in tie-up with various dealers will be running at various locations and at various points of time. Click here to send us a mail to find out whether any special scheme is running in your area.
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Can I change dealers at any point of time?
Yes, provided payment has not been made.
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Finance Quantum
Do you finance the vehicles alone or the accessories as well?
We do not fund any accessory unless it is a standard fitting.
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In case I have an existing fixed deposit with you, will you consider that amount as a security and give me higher funding?
No.
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Foreclosure
What is the procedure in case I wish to foreclose my account?
Under the finance agreement, foreclosure is not contemplated. However, upon specific request we can agree for the same subject to payment of penalty amount as per the agreement.
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Can the basic terms of the contract be altered? If so, which components could be altered?
We can alter the amount of finance & tenure on execution of a supplemental agreement if agreed to.
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Normal Closure of contracts
What should I do when my contract tenure gets over?
On payment of the last instalment and any other dues as per the agreement, the termination papers including the RTO related papers would be issued.
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What papers do I have to collect on termination?
The hire purchase termination letter, the no-objection letter addressed to the RTO and insurance endorsement cancellation letter.
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Rate of finance
Do you quote on a flat rate basis or on diminishing balance basis?
We quote on a flat rate basis.
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Do you charge service or document charges?
We do not charge service charges. However we collect stamp charges that vary depending on the place of execution of the contract
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Repayment Procedure
Can I make bulk payments to reduce the finance quantum?
Yes. However this can be accommodated only within six months from the date of agreement.
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What should I do in case I wish to replace my PDCs?
Yes you can replace your cheques. For this you can send your request through one of our nearest branches.
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Can I remit the instalment in any branch?
Yes. You can remit your instalment in any of our branches. Click here to view list of our branches.
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Can I issue cheques drawn on banks where you do not have branches?
Yes. However, a charge is leviable for collection of such cheques.
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Collateral Security
Do you need any collateral security?
No.
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Will you require a guarantee always?
No
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General
Is third party insurance cover alone sufficient?
No. Comprehensive coverage is required.
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Do you insist that insurance has to be done only through your agent? Can I take responsibility for insurance on my own?
We do not insist on this, but please take care to arrange for comprehensive insurance and produce the policy copy with our hire purchase endorsement in time. However, if you pay the premium along with monthly instalments we can take care of your insurance needs.
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Are the ‘0%’ schemes offered by the dealers / financiers really 0%?
Yes, for customers it is indeed 0%, though for the financiers, it is not 0%. Dealers offer certain discount either by themselves or pass on to the financiers some monetary benefits that the manufacturers give them. The discount so received is factored in the pricing by the financiers. In effect, the financiers absorb such discounts and protect their minimum estimated return, while for the customers, it works out as 0%. Due to these reasons, ‘0%’ schemes are offered only on specific products, quantum and for specified periods.
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Do you have a security deposit scheme?
No.
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Other Services
At what frequency do you send me periodical statement of account?
Statement of accounts would be sent only on a request from you.
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What should I do in the case of address change? Whom should I intimate?
You can intimate the branch, which you normally deal with. Otherwise send us e-mail by clicking here
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Turnaround Time
How much time do you take to sanction a loan?
Normally the approval is accorded in one working day on submission of all the required documents. To check the documents required Click here .
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Will you give me a copy of the agreement duly filled in for my records?
Yes
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Is there a special scheme for the salaried class?
Yes. Contact our nearest branch
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Type of Asset Financed
Do you finance all makes of cars?
Yes, we provide finance for all cars that are currently available in the market.
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Do you provide finance for an imported car?
Yes, we do provide such finance on a case to case basis and the quantum depends largely on the model, location and applicability of local levies..
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I am an NRI. Am I eligible to get finance from you? Can I get finance for the purchase of a car for my relatives in India?
Yes. Subject to the approval of RBI.
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