GOOD NEWS FOR THE EMPLOYEES OF M/S
MARUTI SUZUKI INDIA LIMITED
GOOD NEWS FOR THE EMPLOYEES OF M/S
MARUTI SUZUKI INDIA LIMITED
M/S Maruti sujuki's employees will now enjoy the renewed special package under Housing loan and Canara Vehicle Loan Scheme.
HOUSING LOAN
HOUSING LOAN
PURPOSE:- Purpose of the loan shall be towards purchase of a ready builthouse/flat, construction of ahouse/flat, purchase of a site andconstruction of a house thereon/for undertaking repairs /additions/up gradation /renovationof residential house/flat.For taking over of the HL liability from HF Cos, Housing Boards and Commercial Banks (both publicsector and private sector banks)including SBI and its subsidiaries and foreign banks.
For repairs and renovations maximum eligible loan quantum shall be Rs 15 lacs.
QUANTUM:- Higher quantum of loan upto 5 years gross salary with a minimum NTH upto 25% after EMI by the
respective sanctioning authority.For repairs and renovations maximum eligible loan quantum shall be Rs 15 lacs.
TO WHOM :- Sanction of HLs under the package to confirmed employees with 3 years service. Wherever the age of the borrower is more than 55 years at the time of availing the loan, legal heir/close relative having sufficient repayment capacity should join the loan. However, the entire loan with upto date interest is to be repaid within the maximum permissible repayment period of 30 years OR the borrower attaining the age of 70 years whichever is earlier.
MARGIN:- Uniform margin of 20% irrespective of New/Old/House / Flat for loans up to
Rs. 75 lakhs. For loan amount above Rs 75 Lacs It is 25% (For Housing loans upto Rs.20 lacs in case of new
house/flat, margin of 10% may be stipulated in terms of HO Cir 315/2015)
REPAYMENT:- Entire loan together with interest including repayment holiday if any, shall be repaid in equated
monthly installments within a maximum period of 30 years from the date of disbursement or the borrower attaining the age of 70 years whichever is earlier.
PROCESSING CHARGES:- Fully waived
RATE OF INTEREST:- For loan amount upto Rs 75 Lacs- Base Rate i.e. presently 10.00% pa floating.
For loan amount above Rs 75 Lacs- Base Rate+0.20% i.e. presently 10.20% pa Floating.
(As per card rate).Loans under Can YAR/HNI /HL-CRE schemes ,the interest rates are as per the respective
scheme norms.
CANARA VEHICLE LOAN (Four Wheeler):-
PURPOSE: Purchase of New/ Used car
B. For 2nd hand vehicles/used vehicles, 75% of the appraised value.
TO WHOM :- Loans under the package for confirmed employee with basic pay of Rs.9000/- and above
MARGIN:- A. 10% on road price for new vehicles.
B. 25% for old vehicles.
REPAYMENT:- A. 84 months for new vehicle.
B. In the case of old vehicles, the maximum repayment
period is restricted to 5 years or the residual life of the vehicle whichever is earlier.
PROCESSING CHARGES:- Fully waived
RATE OF INTEREST:- Base Rate + 0.50% i.e. presently 10.50% pa floating (With respect to ROI, guidelines
issued from time to time may be taken note of.
GENERAL TERMS AND CONDITIONS FOR THE EMPLOYEES OF M/S MARUTI SUZUKI INDIA LIMITED UNDER HOUSING LOAN SCHEME AND CANARA VEHICLE LOAN SCHEME.
1. The borrower should be a confirmed employee of the company with requisite
service as per scheme guidelines.
2. Branches to ensure compliance of all KYC guidelines and due diligence
requirements of the applicants.
3. The maximum limits for the above loans quoted are subject to the income
/compliance of NTH norms and repaying capacity of the employees.
4. Salary Mandate as per format advised vide Ho Cir 262/2015 is to be registered
with the employer and ensure deduction of instalments from salaries of the
prospective borrowers directly by the employer.
5. Sanction of loans under the special package is as per the delegated powers.
6. For Canara Vehicle Loans, repayment to commence immediately after one month from the date of disbursement.
7. In respect of Housing Scheme norms.
8. The rate of interest shall be as per card rates only (floating).
10.In respect of take over of Housing Loan proposals, norms of take over to be
adhered to with due diligence in terms of
11.All other terms and conditions as per Housing Loan Scheme and Canara Vehicle Loan Scheme norms to be strictly complied.
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