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HDFC Bank slashed the personal loans and commercial vehicles loans rates

admin — Thu, 26 Feb 2009 09:49:05 +0000

HDFC Bank has slashed the interest rates on personal loans and commercial vehicles from February 23rd.

Personal loan rates have been reduced by 75 to 100 basis points from the existing rate of 17% to 17.5% while interest rate on commercial vehicle loans and two-wheeler loans have declined by 125 basis points to 13.5% to14% and 150 basis points to 24% to 24.5% respectively.

Personal Loans India : Two Wheeler Loan from Canara Bank

admin — Sat, 14 Jun 2008 11:04:03 +0000

You are the proud owner of this two wheeler, which accompanies you wherever you go and every time you think about making it different from others. Yes, it is a motor bike, passion of today’s younger generation. But to get a motor bike is not at all an easy task today. With the price of bikes soaring high, it needs a good finance to avail a bike of your choice.
The two-wheelers are becoming an essential part of almost every aspect of our life. Whether a person wants to impress his girl-friend or wants to take her on a date, or whether he wants to reach the office at time, the two-wheelers are surely the best way to enjoy various parts of life and the two-wheeler loans are the best way to have such wonderful experiences.

The large Indian middle class is on the path of economic revival. As though to bestow wheels to its pace, the automobiles industry is also quickly and furiously pacing up its campaign to get as many consumers as possible. Still there are some inescapable facts about the Indian economic assumptions. One such hard fact is that the cost of living is also rising day by day.

Under these conditions the salaried class is most often left without enough funds after meeting their routine needs and wishes. This is to fulfill the requirements of this section that the Indian automobiles sector is devising more and newer financing schemes on daily basis to make the path easier for the people falling in the category of middle class.

There are innumerable lenders in the loan market, who provide motor bike loans on competitive rates. However, before selecting any lender, you should research properly. You should compare every offer of motor bike loans on the basis of its annual percentage rate. From the loan quotes provided by the lender, you can understand the details of annual percentage rate. After getting all possible inputs regarding this annual percentage rate and other loan terms, you can choose the best offer.

Two wheeler loan from Canara Bank

ELIGIBILITY:

Individuals including professionals and salaried class.

Quantum of loan:

* Salaried class : 80 % of the invoice value or 15 months of net salary whichever is less.

* Professionals & other non-salaried class : 80 % of the invoice value or to the extent of 50 % of their annual net income in the immediate previous year whichever is less.

Repayment:

PLEASE VISIT OUR PAGE ON RATE OF INTEREST ON PERSONAL LOANS

Rate of interest:

* In convenient EMIs of 48 months. Selectively 60 months also considered

Documents / Formalities

* Stipulated Loan Application with 2 passport size photos

* Latest salary certificate and Form No.16 / income – proof like ITAO / IT Return, Financial Statements as the case may be

* Proforma Invoice or valuation report (as the case may be)

* Guarantee / co-obligation. Waiver considered selectively

Processing charges:

* 0.1 % of the loan amount subject to minimum of Rs.100/- and maximum of Rs.250/-.

Sources : http://www.canarabank.com/

Personal Loans India : Two Wheeler Loan From ICICI Bank

admin — Fri, 25 Jan 2008 09:21:31 +0000

Now, you can get motor bike loans both as secured and unsecured form. If you are ready to place your home or any related assets as security, you can get motor bike loans in secured form. Whereas, if you do not own any property or do not want to place any security for the loaned amount, you can avail these loans in unsecured form.

Two Wheeler Loan from ICICI Bank

Income Requirement
For Salaried
Minimum Age
21 yr.

Maximum Age
60 yr.

Income

For Loan amount less than equal to Rs. 60000

A category cities -
(Mumbai, Delhi, Calcutta, Hyderabad, Chennai and Bangalore)
two wheeler loans financial services, two wheeler loan repayment schemes     Minimum gross salary of Rs.5000/- per month for funding amount icici two wheeler loans, icici two wheeler finance     Minimum gross salary of Rs.6000/- per month for funding amount greater than or equal Rs.45000

For B Category cities-
(All other cities excluding "A" category cities)
two wheeler loans interest rate     Minimum gross salary of Rs.4000/- per month for funding less than Rs. 45000
low interest two wheeler loan     Minimum gross salary of Rs.5000/- per month for funding greater than or equal Rs.45000

For Loan amount greater than Rs. 60000

Gross salary to be Rs 7500 for all cities.

For Self Employed
Minimum Age
21 yr.

Maximum Age
65 yr.
For self employed/ proprietorship /partnership firm
For funding amount less than equal to Rs.50000, gross income (PBDT) of Rs.42k per annum as per ITR and computation
Tax Challans aggregating to greater than 15000(equivalent to declared annual income of Rs. 42000)
For funding amounts greater than Rs.50000, gross income (PBDT) of Rs.60000 per annum as per ITR and computation
For Partnership Firms:
Income is calculated as: Net Profit + remuneration to Partners + interest on partner’s capital + depreciation
Tax Challans aggregating to greater than 15000
For Private /Public ltd. Co’s:
Minimum PBDT of Rs.60000
PBDT shall be calculated as:
Net Profit + Depreciation + Tax
( In all cases of Partnerships or Pvt ltd. Companies the Partner/Director would mandatory be taken as a co applicant )

Sources : http://www.icicibank.com/

Personal Loans India : Diwali offer by various banks on interest rates for personal loans

admin — Wed, 07 Nov 2007 10:49:03 +0000

Diwali offers on loans can fulfil your dream home may just be within your reach. The slash in retail asset growth and competitive pressure have forced banks to reduce rates on retail loans.

ICICI has cut rates marginally by 25-50 basis points on home, car and personal loans, as part of its festive offer. On home loans, the rate cut is only for floating loans. But it has not cut rates on deposits.

As for SBI, it has slashed the interest rate from 10.75% to 10% for home loans up to Rs 20 lakh with a tenor of up to five years. For loans between five and 15 years, the rate cut is at 10.25% from the earlier 11.25%.

For 15-20-year tenors, the rate has dropped from 11.25% to 10.5%. For loans over Rs 20 lakh, the rate cuts are 25 bps lesser on comparable tenors.

Similarly, SBI’s new car and two-wheeler rates have been slashed by 1%, depending on the loan’s amount and maturity. Car loans are now available at 11-12%, depending on the amount, maturity and type of loans. And personal loans are now cheaper by 0.50-1%. Also, the bank is offering a 50% concession in processing charges on all personal loans.

Meanwhile, Dena Bank has decided to cut its lending rates for fresh home loans, by 50 basis points from October 10.

The discount on lending rates, fixed as well as floating rate options, will be applicable till December 31, 2007. Canara Bank has also slashed its home loan rates by 50 basis points across tenures for fresh loans.

Kotak Mahindra Bank has reduced its floating home loan rates by 50 basis points. ICICI Bank, the largest private sector bank in the country, last week cut its retail loan rates, except for home loans, by 50 basis points.

HDFC has also reduced floating home loan rates by 50 basis point, it is now the turn of Axis Bank, which has reduced its floating home loan rates by 50 basis points to 10.50 per cent for existing and new customers.

Personal Loans India : Diwali offers on two wheelers loans

Contributor — Fri, 02 Nov 2007 06:40:58 +0000

The ongoing festival season is one of the best times of the year to buy a two-wheeler.
There are many banks offers on Diwali, if you are looking for a two wheeler loan you can check the offers on internet on the various sites of banks.Here some information on two wheeler loan you must check the following information before taking a two wheeler loan.
Two-wheeler Loans are available at attractive interest rates and with flexible options. Private and Public sector banks have been facilitating quick and easy processing of loans the amounts varying from Rs. 5,000 to Rs.150,000.

The two-wheeler loan installment period ranges from 6 months to 3 years, depending on the finance option chosen by the customer. For a new two-wheeler, banks finance 90 percent of the cost of the vehicle, while for an old two-wheeler, banks will finance about 85 percent of the vehicle cost.

Documentation Required:

1. Proof of Residence
(a) Ration Card (b) Election ID (c) Utility Bill (d) Passport
2. Photo Identity Card
(a) Passport (b) Election ID (c) Driving Licence (d) PAN Card
3. One recent Passport size photograph
4. Proof of Income
For Self Employed People
ITS(2) for last year along with Computation
Profit & Loss Account & Balance Sheet
For Salaried Individuals
Last Salary Slip or Salary Certificate
5. Bank Passbook or Statement for last 6 months

In cases where all the above documentation is not available we also offer low documentation schemes where the finance amount is restricted to a maximum of 75% of the vehicle value

Documentation Required:

1. Proof of Residence
2. Photo Identity Card
3. Photograph

Interest Rates on Two Wheeler Loans
Although Public sector banks are offering lower interest rate than their private counterparts but they are lagging behind due to poor quality of service. Interest rates depend on the two wheeler model, loan tenure. Interest is generally calculated on a monthly reducing balanc
Few Banks Offering Two Wheeler Loans

State Bank of India – Scheme For Loan For Two Wheelers
Bank of India – Star Autofin Scheme
Andhra Bank – Quantum of Finance For Two Wheelers
Union Bank of India – Union Miles
Bank of Baroda – Baroda Two Wheeler Loan
ICICI Bank – Deals on Two Wheeler Loans
HDFC Bank – FastTrack Schemes