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What are the loan tenure options?
The tenure of the loan could
range from one to seven years for new cars and from one to five
years for used cars.
What are the lending rates?
The lending rates vary on
the basis of discounts, which are offered by manufacturers and dealers.
Alphazee has a tie-up with most of the manufacturers and
authorised dealers and our sales team will help you negotiate the
best deal on your car loan.
How is the interest charged/calculated?
Interest is calculated on
a monthly reducing balance basis.
Do I have to pay any additional
charges?
We charge a processing fee
of Rs.750 for used car loans on loan amounts upto Rs.1.01 lac.
How do I approach Alphazee for a Car
Loan?
You can approach us in any of the following
ways:
You can email us at customercare@alphazee.net
& alphaze@gmail.com
You can Call us at Telefax
044 2445 5551 / 2.
You can Visit Us at :
Alphazee
Automobiles Pvt. Ltd.
Alphazee,
# 1 & 2, (old 4/575), Rajiv Salai, (OMR),
(Opposite to YMCA HOSTEL)
Kottivakkam, Chennai - 600 041.
Telefax: 044 - 2454 3000/1, 2445 5551/2, Mobile: 98400 67809
E-mail: alphaze@gmail.com
How much time will it take for my loan
to be approved?
The loans are generally approved within 24 hours of submission of
complete documentation.
Who can be the co-applicants
for the loan?
Your spouse or any blood
relative staying in the same residence can be a co-applicant.
Is a personal guarantor
a must?
No, a personal guarantor
is not a must.
What security/collateral
do I have to provide?
No additional security/collateral
needs to be provided, apart from the car against which the loan
is granted, being hypothecated to Alphazee.
Can I prepay my loan?
We charge prepayment fee
of 5% on the outstanding principal amount,Service Tax will be charged
as applicable.
What is a Monthly Reducing
Balance?
In the case of monthly reducing
balance method, the principal gets reduced at the end of every month
and the interest is calculated on the outstanding principal at the
end of the month.
Does Alphazee Services have a loan for the car I want?
Alphazee Car loans are available for almost all passenger cars
- new as well as used.
If I am not able to furnish
my income documents is there a special scheme for persons like me?
Yes, Alphazee has
tailor made schemes for persons like you.We offer funding without
the income proof also.
Please call us at Telefax
044 2445 5551 / 2,
4207 6446 / 7.
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Car
Overdraft
Can I avail of a loan on
my existing car?
Yes, we do offer loans on
existing cars, provided the cars are not hypothecated to any financier.
What
is a revolving credit?
Every accountholder is entitled to withdraw funds from his Car overdraft
account upto the limit sanctioned in the account. This limit will
get reduced each time the accountholder withdraws from the account
to the extent of the funds withdrawn either by cheque or cash. The
limit will increase on re-payment of the funds withdrawn. Therefore
this credit line in the account will keep revolving depending on
withdrawals and payments
What is the purpose of the limit set
up?
Revolving line of credit for any purpose of customers' choice, with
their car as security
What is the advantage of Car overdraft
over Car Loans and Personal Loans?
The flexibility of withdrawing money as
and when the customer needs it.
- The flexibility to repay in variable
amounts, to minimise the interest liability of the customer.
- The interest is charged on a daily reducing
balance.
- The interest is charged on the use of
the credit line only - the interest is not charged on the total
sanctioned overdraft amount (limit) , but only on the amount of
money used by the customer
E.g. if out of the total sanctioned overdraft limit of Rs. 100000,
a customer withdraws Rs. 25000 for 14 days, the Bank charges interest
from the customer for 14 days on Rs. 25000 only.
Who is the eligible for a
Car Overdraft?
- Salaried and self employed individuals.
Self-employed individuals include sole Proprietors, Partners in
Partnership Firm, Partnership Firms.
- Customers with repayment track record
from approved Financiers - serving as a surrogate of ability to
pay
What are the Car OD product features?
- Revolving Credit Facility: Only product
which offers a clean revolving credit facility in a Banking account
based on any one or more of the following
- Income base (Based on income of
the applicant)
- Credit behaviour (past repayment
track records with approved financiers)
- Surrogates (Credit Card / Bank Statements
of applicant)
- Cash Advance: This product provides
the customer Car overdraft through ICICI Bank and ICICI Bank ATMs
across the country. The entire credit limit can be withdrawn as
a Cash advance. Cash can also be withdrawn through the Bank's
branches across the country.
- Multicity Banking: Customer will be
issued Multicity chequebooks on request at no additional cost.
- Repayment: Customer will have the flexibility
of paying the entire outstanding lumpsum or repaying the minimum
outstanding of 5% as billed each month, till the end of the tenor
of the OD facility
- Cheque Drop Box Facility: Cheque Drop
Boxes are placed at convenient locations; customers can use these
Drop Boxes to drop their repayment cheques.
- Interest: Interest to be paid by the
customer on debit outstanding: The interest to be paid by the
customer is calculated only on outstanding debit balance in the
Car overdraft account on a daily basis and charged to the customer
on a monthly basis. A minimum payment of 5% per month is due from
the customer.
Under the Car OD schemes,
what is the Loan to Value ratio against the cars for setting up
the limit?
The customer can get a limit of upto 60
to 80% of valuation of car depending on the car model and his income.
What is the tenure for the
Car OD facility?
The Car OD facility is given for a period of one year and can be
renewed for one more year. The renewal is at the sole discretion
of the Bank.
What are the advantages of having a
Car OD account?
Car Overdraft provides the following advantages
- Flexibility / Convenience
- Withdrawals permitted through Multicity
cheque book / HPCL DEBIT card as and when the customer wishes
Customer can plan his finances and choose to repay, provided
the minimum dues are paid each month
- No customer financial contribution
(i.e. down payment) required for account set up
- HPCL debit card issuance is a value
add for the customer
- Limit set up against a movable asset
- "unlock the cash potential of a used car" (in case of car cash
in).
- Interest charged only for the period
the funds are utilised.
How does an applicant apply
for a Car OD account?
Through an account opening form and completion of other formalities
like valuation of car etc.
How is the car, against which
the overdraft limit set up, valuated?
Valuation of the car is done at the request
of the customer. In case the customer is to buy a new car with the
limit facility, the invoice price of the new car serves as the surrogate
for the car valuation.
Are there any restrictions on usage
of the Car OD limits?
The customer can use the funds for any personal or business expenses.
What happens if accountholder
skips a Minimum Amount Due payment?
The Minimum Amount Due is payable each month. In case the accountholder
skips a payment, an additional charge of Rs 500/- or 10% of the
Minimum amount due, whichever is higher, will be levied as late
payment fee
Will there be any charges
if Car OD facility is not used?
No - there are no charges if the Car Overdraft facility is not used.
What will the account holder
get upon approval?
A sanction letter indicating the limit assigned, account number,
brief details etc will be sent by the Bank to the accountholder
at the mailing address. Simultaneously, the following will also
be despatched separately
- HPCL Debit card & Personalised Multi city Cheque Book
- ICICI Bank ATMs list
- Schedule of Charges
- Phone banking Numbers
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