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Consumer Finance Product Program- Auto Finance

Name

Consumer Finance Product Program- Auto Finance

Description

1.   Product Description

The auto loan facility (including sale & lease back) is an installment based loan extended to individuals as well as to Corporate / Small Medium Enterprise (SME) clients for the purchase of new / used vehicle(s). The Bank provides financing for advance booking of the vehicle as well as ready delivery purchase of the vehicle from authorized dealers. The registration may be done either in the name of the Bank or in the name of the customer with Hire Purchase Agreement in favor of the Bank, depending on the customer profile.
The loan will be granted to worthy customers meeting our eligibility criteria. It will be secured against the vehicle. The repayment will be in the form of equal monthly installments.

2.   Pricing Mechanism

The portfolio is priced under a floating rate linked with 1 Year Inter- Bank Offered Rate which is re-priced on an annual basis plus a pre- defined margin agreed with the customer. Upon re- pricing, the rate will change only if there is a change in benchmark rate over the tenor of the loan.

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Standard (Non-IT) Audit Program

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Subscription Level

Premium

Type

Procedures

Language

English