Drive Your Dreams:
Harco Bank's Car Loan Scheme
Get on the road with our competitive car loan interest rates and flexible repayment options.
Key Features at a Glance
Car Loan
| Sr.No. | Condition | Requirements |
|---|---|---|
| 1. | Maximum Limit | Rs. 40 Lakhs or 25 times gross monthly income. |
| 2. | Eligibility |
|
| 3. | Purpose |
|
| 4. | Repayment | Maximum tenure up to **84 months EMI** for a new vehicle or up to **70 years of age**. |
| 5. | Margin | For New Vehicle: **10%** of Ex-showroom price. |
| 6. | Security |
|
| 7. | Guarantee |
|
Rate of Interest (Fixed Rate Option)
| Category | CIBIL Score | Interest Rate Public (p.a.) | Interest Rate Staff (p.a.) |
|---|---|---|---|
| Car Loan(upto Rs. 20 lacs) | 800 & above | 8.00% | 7.75% |
| 751 to 799 | 8.25% | 8.00% | |
| 701 to 750 | 8.50% | 8.25% | |
| 650 to 700 | 8.85% | 8.60% | |
| –1 (No Credit History) | 8.25% | 8.00% | |
| Below 650 | Not accepted | ||
| Car Loan(Above Rs. 20 lacs) | 800 & above | 8.15% | 7.90% |
| 751 to 799 | 8.40% | 8.15% | |
| 701 to 750 | 8.65% | 8.40% | |
| 650 to 700 | 9.00% | 8.75% | |
| –1 (No Credit History) | 8.40% | 8.15% | |
| Score Below 650 | Not Accepted | ||
**Note:** Rate of interest is subject to change from time to time.
Charges & Penalties
| Charge Type | Details |
|---|---|
| Processing Fees |
|
| Pre-payment Charges | NIL |
| Penal Interest | **2% p.a.** on the defaulted amount after 15 days of default. |
| Late Payment Charges | Rs. 250/- + taxes after 15 days of default. |
| Cheque Bounce Charges | Rs. 250/- + taxes per cheque. |
Documentation Checklist
- Application–cum–appraisal/sanction Form.
- Proforma Invoice.
- Letter of Sanction.
- Letter of Hypothecation.
- Irrevocable letter of authority from the borrower authorizing the employer to remit salary/installment.
- Guarantee Deed.
- PDCs / Standing Instructions mandate with advance cheques to keep remedy alive under Section-138 of Negotiable Instruments Act.
- An undertaking that the vehicle would be driven by a valid driving license holder.