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Q:
What are the documents required for
availing loan from NRFSI?
A:
Identity Proof: PAN Card and any one of
the following: Passport copy, Voters ID
card, Proof of possession of Aadhar,
Driving License, Job card issued by
MNREGA.
Residence Proof: Any one of the
following: Voters ID card, Passport
copy, Proof of possession of Aadhar,
Driving License, Job card issued by
MNREGA.
Income Proof:
Salaried:
Latest month payslip (not older
than 2 months) and 3 months
salary credit bank statements.
Self Employed:
Latest 2 years ITR / Own House
proof and 3 months bank
statements.
Q:
What are the tenure options available?
A:
Customers can choose any repayment
option from 12 to 84 months. Options are
designed to suit customer requirements.
Q:
How much finance can be availed on New
Car Loan?
A:
Up to 100% of the invoice value can be
borrowed, subject to terms & conditions.
However, the minimum loan amount should
be Rs. 1,00,000.
Q:
Who can avail NRFSI’s New Car Loan?
A:
Salaried individuals in the age
group of 21-60 years
Self-employed individuals in the
age group of 25-65 years
Partnership Firms
Public & Private Companies
HUFs & Trusts
Q:
Is a Guarantor / Co-borrower required to
avail New Car Loan?
A:
No. However, if the customer does not
meet the credit criteria, then in such
cases, a Guarantor/Co-borrower would be
required.
Q:
So how do I avail loan from NRFSI?
A:
The customer is required to visit the
nearest dealer.
Q:
What are the lending rates?
A:
The lending rates vary based on car
models and credit profile of the
customer. For more information, please
visit your nearest dealer.
Q:
How is the interest charged/calculated?
A:
Interest is calculated on a monthly
reducing balance basis.
Q:
What is a Monthly Reducing Balance?
A:
In the case of monthly reducing balance
method, the principal gets reduced at
the end of each month and the interest
is calculated on the outstanding
principal at the end of each month.