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Credit Policy For Car Loan Presented By Group No.8 ParagChheda Roll No.09 Rajesh Adiody Roll No.01 PoonamChaudhari Roll No.08 Manish Kansara Roll No.24 Rajesh Shetty Roll No.53 AvinashRane Roll No.43 GaneshTondwalkar Roll No.58
Credit Policy For Car Loan Broad Product Construct Loan Purpose Collateral : A Secured lending Product The Car hypothecated in favour of bank Loan Amt : INR 1 lakh to 32 Lakhs Tenure : 12 Months to 84 Months Repayment : EMI for selected tenor paid by Post dated cheques or ECS or standing instruction. Re-finance Top -up New Car
Residence Stability : At least 1 year in current city.
Emp. Stability : Salaried – Total 2 yrs work experience.
Self Emp.- 2 yrs in the same business.
Customers with rented Residence Cum Office will not be funded.
Credit Policy For Car Loan Basic Criteria
Bureau Score : CIBIL based Scoring (High/Med/Low)
High Score : CIBIL above 785 points Med. Score : CIBIL between 745 to 784 Low Score : CIBIL between 726 to 744.
Case below Fatal cut – off not eligible. (Below 725 CIBIL)
Bureau Policy : Customer new to credit (with no repayment history) can be funded with max. loan of 3.5 lac
Delinquency norms : No Delinquency in last 3 months.
Credit card default/ write off of o/s < 5000 of more than 1 year old can be ignored if service related issue
Credit Policy For Car Loan Income Assessment Cap Note : Evidence for at least 2 years is required
Credit Policy For Car Loan Loan To Value (LTV) Grid LTV grid for 36 Months NOTE : Changes to GRID :- 5% less LTV respectively for tenors between 36 to 84 Months. CAT 1 Cars :- Price Below Rs.5,00,000 Ex. Santro / Indica / Estillo etc. CAT 2a Cars :- Price between Rs.5,00,000 to 15,00,000 Ex. Corolla/ Honda City etc. CAT 2b Cars :- Price above Rs.15,00,000/- Ex. Mercedes/ BMW/Accord etc. CAT 3 Cars :- MUV / SUV Ex. Tavera/ Sumo/ Scorpio/ Maruti Van etc.
06 month bank statement of more than 12 month old A/c Minimum 12 customer initiated transaction in last 6 month There should be no Inward cheque return in last 3 month Average bank balance of last 6 months = 2*EMI
Credit Policy For Car Loan Low LTV Product (LL)