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Car Finance
-FAQs
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Do you finance all makes of cars?
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Type of Asset Financed
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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?
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Type of Asset Financed
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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?
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Type of Asset Financed
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We do not provide finance directly to NRIs but we would be glad to provide the finance to your relative in India, where we have our branches. However, the sanction of finance is subject to our regular credit norms.
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Do you finance the vehicles alone or the accessories as well?
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Finance Quantum
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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?
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Finance Quantum
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No.
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Do you charge service or document charges?
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Rate of finance
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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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Do you quote on a flat rate basis or on diminishing balance basis?
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Rate of finance
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We quote on a flat rate basis.
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Will you give me a copy of the agreement duly filled in for my records?
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Turnaround Time
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Yes
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Is there a special scheme for the salaried class?
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Turnaround Time
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Yes. For details of any of the current schemes available Click here .
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How much time do you take to sanction a loan?
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Turnaround Time
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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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Do you need any collateral security?
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Collateral Security
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No.
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Will you require a guarantee always?
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Collateral Security
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No
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Can I change dealers at any point of time?
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Dealer Related
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Yes, provided payment has not been made.
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Do you have tie-up with leading automobile manufacturers/ dealers?
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Dealer Related
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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 issue cheques drawn on banks where you do not have branches?
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Repayment Procedure
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Yes. However, a charge is leviable for collection of such cheques.
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Can I make bulk payments to reduce the finance quantum?
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Repayment Procedure
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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?
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Repayment Procedure
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Yes you can replace your cheques. For this you can send your request through one of our nearest branches. Please see 'Our Network' to view list of our branches.
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Can I remit the instalment in any branch?
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Repayment Procedure
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Yes. You can remit your instalment in any of our branches. Click here to view list of our branches.
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What is the procedure in case I wish to foreclose my account?
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Foreclosure
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Under the finance agreement, foreclosure is not contemplated. However, upon your specific request, we may advise the settlement amount to you and on remittance of the same the necessary termination papers would be issued.
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Can the basic terms of the contract be altered? If so, which components could be altered?
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Foreclosure
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We can alter the amount of finance & tenure on execution of a supplemental agreement if agreed to.
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What should I do when my contract tenure gets over?
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Normal Closure of contracts
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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?
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Normal Closure of contracts
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The hire purchase termination letter, the no-objection letter addressed to the RTO and insurance endorsement cancellation letter.
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At what frequency do you send me periodical statement of account?
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Other Services
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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?
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Other Services
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You can intimate the branch, which you normally deal with. Otherwise send us e-mail by clicking here
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Is third party insurance cover alone sufficient?
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General
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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?
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General
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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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