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Summer Internship- Auto Loan

Summer Internship- Auto Loan

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Published by Rajesh Kumar

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Published by: Rajesh Kumar on Jun 25, 2012
Copyright:Attribution Non-commercial


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1. Background:
Auto finance for Salaried Class, Business Borrowers (Merchants, Traders, small timemanufacturers, etc), Big & small corporate has immense potential in India.
1.1 Objectives:
To extend car loans for new cars to .  
Salaried Individuals.  
Self Employed / Businessman  
Professionals  
Retention of our own existing Assets and Liability clientele from attrition tocompetition.
1.2 Advantage:
Emerging as one of the major player in the Auto Finance business withreasonable volumes and sustained profitability  
Scope for adding a new secured asset base, moving towards a one-stop shopscenario and leveraging the increased base to cross sell other products.  
Sourcing safe and good customers, at the same time retaining our nichecustomer segment from moving to competition.  
Presence of limited players in this business opens huge opportunities for newentrants to earn money in a matured marketplace.  
To create a strong brand and recall in customers mind through aggressive branch promotions of the product resulting in higher customer base/ business leading to strong formidable bottom line.
Target clientele, And Eligibility Criteria
Salaried, Self Employed Professionals and Businessmen. Excluding Non Resident Indians, HinduUndivided Family, Trusts, Association of Persons, Partnership, Pvt. /Public Ltd. Companies.
Age:Category Min Max. At LoanMaturity
Salaried22 60/retirement ageSEPs & Businessmen22 65
A) SalariedMinimum Net Adjusted Income (NAI) Rs. 150000/- p. a.
At least 1 year in current employment and 2 years of total work experience. (OR) Below 1 year incurrent employment (Confirmed Employee) and 3 years of total work experience.Variable Pay: 6 mths Avg of OT / Incentives / Allowance/Bonus ( if paid mthly) ; Annual Bonus:50 % of 2 Yrs avg; 100 % of Reimbursements ( if appearing in monthly bank statement) 50 % of Reimbursement ( if appearing in Appointment letter only)B) SEPs & Businessmen  
Minimum Net Adjusted Income Rs. 150000/- p.a.  
Min. 2 years in profession.  
Income Statement, Balance sheet and ITR for last 2 years. NAI: Net profit + 2/3 of Depreciation + Appropriations +Interest paid other than interest paid on working capital loans.
Amount of Loan/Facility:
Min. Rs. 2 Lakhs,Max. No Limit
Maximum Repayment Period
60 months
Security- Primary
-Hypothecation of car on the copy of registration certificate, tax invoice.-Insurance of vehicle in favor of IDBI Bank to be mandatory.
Rate of Interest
Vehicle Segment Tenor up to 36 months Tenor up to 60 monthsSegment A:
Small/Mid-size/ Utility 12.75% (BR+2.00%) 13.25% (BR+2.50%)Multi-utility Vehicles (MUV) 13.25% (BR+2.50%) 14.25% (BR+3.50%)
Segment B: 
Premium 12.75% (BR+2.00%) 13.25% (BR+2.50%)
Segment C:
Luxury & SUV 12.75% (BR+2.00%) 13.00% (BR+2.25%)
Segment D
:Classic 12.75% (BR+2.00%) 13.00% (BR+2.25%)
Processing FeesFor Segment A & B vehicles:
Rs.2500 plus applicable service tax.
For Segment C & D Vehicles:
Rs. 5000 plus applicable service tax
Small/ Mid size/ Utility
Maruti:- Maruti 800, Omni, Alto, Estillo, Ritz, A- Star, Wagon R, Swift Hyundai:- Xing, Getz,i10, i20 TATA:- Indica Xeta, Indica Vista, Indica CS GM:- Spark, U-VA Fiat:- Palio Skoda:-Fabia
Multi-utility Vehicles (MUV)
Innova, Sumo Vita, Travera, Scorpio, Bolero, Xylo, Versa
Maruti:- Swift Dzire, SX4, Hyundai:- Accent, Verna, Tata:- Indigo, Marina, Safari, GM:, Aveo,Optra, SRV Ford:- Fiesta, Ikon, Fusion Fiat:- Linea, Mahindra:- Logan, Mitsubishi:- Lancer,Cedia,Honda:- City
Skoda:- Octavia, Laura, Superb, Combi, Hyundai:- Sonata, Elantra, Honda:- Civic, Accord,Toyota:- Altis, Camry, Volkswagen:- Jetta, Passat, Nissan:- Teana
BMW, Mercedes, Audi, Land Rover, Porsche
Documents Required
1. ID, Address and Signature Proof 2. Income Proof-
a. Latest 3 month salary slip b. Last 6 months bank statement showing salary credits.c. Form 16/ITR for last 2years.
Self employed (SEP/SENP)
:a. ITR for Last 2 years with computation of income / certifiedfinancials, b. Incase of Partners/ Directors: Audited / attested P & L Accountand Balance sheet with all schedules.Additional documents required:Private ltd: Copy of MOA & Board Resolution.Partnership firm: Copy of Partnership Deed.c. In case of Proprietorship duly certified financials by a practicingCA is required.d. Business continuity proof.e. Bank Statements of the last 6 months.

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