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HARCO BANK हरको बैंक

THE HARYANA STATE CO-OPERATIVE APEX BANK LTD

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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

Loan Details

Interest Rates

Documents

Fees & Charges

Car Loan

Sr.No. Condition Requirements
1. Maximum Limit Rs. 40 Lakhs or 25 times gross monthly income.
2. Eligibility
  • Confirmed/permanent employees of State/Central Govt., Boards/Corporations/Undertakings.
  • Businessmen with a taxable income of more than Rs. 4.00 lakh p.a. (as per latest ITR).
*For more details, read the complete scheme attached below.
3. Purpose
  • **New:** Car/Van/Jeep/Multi Utility Vehicle (MUV) or Sports Utility Vehicles (SUV).
  • **Old:** Car/van/jeep/MUV/SUV not older than three years (for Harco Bank Staff only).
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
  • The vehicle must be hypothecated to the bank, and the bank's name must be on the RC.
  • The vehicle must be comprehensively insured with the policy assigned to the bank and renewed annually.
7. Guarantee
  • **Govt. Employee:** No Guarantor required.
  • **Other than Govt. Employee:** Either spouse or legal heir as guarantor, **OR** one Govt. employee.
  • A post-dated cheque as security for the entire loan.
  • **Guarantor CIBIL Score:** Below 600 is not acceptable.

Rate of Interest (Fixed Rate Option)

Category CIBIL Score Interest Rate (p.a.)
For Public (New Car) 800 and above 7.75%
700 and below 799 8.00%
650 and below 699 8.50%
Below 650 Not accepted
0 to –1 8.00%
1 to up to 5 8.00%
For Harco Bank Employees (New Car) 800 and above 7.50%
700 and below 800 7.75%
650 and below 700 8.25%
Below 650 Not accepted
0 to –1 7.75%
1 to up to 5 7.75%

**Note:** Rate of interest is subject to change from time to time.

Charges & Penalties

Charge Type Details
Processing Fees
  • **For Public:** Rs. 1000/- + GST
  • **For Harco Bank Staff:** NIL
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.
Download Form & More Detail Scheme
Regarding Revision of Rate Of Interest