Shinhan Bank India | Personal

Car Loan

Owning a car has never been easier. Shinhan Bank offers car loans at the lowest ROI and fastest disbursal. Our prime and used car loans are available for salaried/self-employed professionals to purchase passenger, multi-utility, and sports utility vehicles for personal use.

Eligibility Criteria

Applicant should have a CIBIL score above 700
The maximum EMI/Net Monthly Income (NMI) ratio is 75% in case of no obligations and is restricted to 70% in case of existing obligations. Applicant should be above 21 years of age
Prime Car Loan(New) - No maximum loan amount capping
Prime Car Loan(Used)- Maximum of Rs. 20,00,000/- capping
LTV for New Car Loan - 85% and LTV for Used Car Loan - 80% of all in cost price, which includes Ex-showroom price, registration fees, road tax, insurance, etc.

*Turn Around Time for Car Loans shall be within 7 working days subject to submission of requisite documents and fulfillment of terms & conditions as per Bank's policy.

a) General Documents:

Duly filled Application form
2 passport-size photos of the applicant and co-applicant
Proof of ID - Voter ID Card/ Passport/ Driving License/PAN Card/ Aadhar Card
Proof of Residence
Proof of Residence
- Property tax receipts
- Utility Bills (Power Bill/Telephone Bill, etc.)
- Credit Card statement
- Income or Wealth Tax Assessment order
- Ration Card/ Valid Leave & License Agreement/ Lease Agreement
- Letter from Employer
- Statement of Bank Account/ Passbook for the 6 months

b) Proforma Invoice of the proposed vehicle /latest price list on dealers letterhead/ pre-printed format to be collected

c) Own contribution receipts for the margin money payment towards the seller/dealer

d) Statement of Bank accounts/Passbook for 12 months (statement should not be older than 1 month). If the applicant has existing loans, the latest 12 months' bank statement for such loan account

Additional documents for Salaried Persons

Last 3 months' salary slip
Employment continuity proof (Latest form no. 16/ Confirmation Letter/Appointment letter/ Work experience certificate) - any of these
Copy of Income Tax return for the last two financial years duly acknowledged by the IT department
Employment certificate

Additional documents for Professional/Self- employed

Proof of Business address
Copies of Income tax returns or assessment orders for the last two years duly acknowledged by the Income Tax Department
Financial Statements for the last two years duly certified by a Chartered Accountant

Loan Tenor

New Car- Tenor of 7 years (subject to the residual age of the applicant)
Used Car- Tenor of 5 years (subject to the residual age of the applicant and the age of the vehicle)

Rate of Interest

New Car Loan at the Rate of Interest (ROI) of 8.90%* and Used Car Loan at the Rate of Interest of 10.65%*
ROI is based on Shinhan Bank Interest Rate Guidelines as applicable from time to time

Fees

Processing fees is 1% of the loan amount (Maximum of Rs 10,000/-) plus taxes
Other charges: Stamping charges, Valuation charges (Used Car Loan) and RTO agency charges
Penal Charges as mentioned in the Sanction Letter

All the above mentioned charges are to be borne by the applicant.

Repayment fees/ Foreclosure charges : NIL

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