KVB Bank Car Loan from Download

KVB Bank Car Loan

The Karur Vysya Bank (KVB) Flexi Mobile Loan application form outlines specific parameters and legal declarations required when financing a vehicle:

Vehicle conditions: The loan covers brand new cars or second-hand cars that are not older than 5 years.
Second-hand evaluation: Used cars require an evaluation of their residual life, current working condition, a valuation date, and a formal valuation certificate issued by a reputed automobile engineer.
Cost documentation: New cars require a Proforma Invoice detailing the net price, accessories or body-building costs, taxes, insurance, and registration charges.

Repayment modes: Borrowers can clear dues through Equated Monthly Installments (EMI) or Non-Equated Monthly Installments (NEMI).
Payment channels: Payments can be processed via post-dated cheques, standard standing instructions, or direct salary deductions.
Guarantor requirements: Up to 5 guarantors can be named on the form, and a separate personal profile must be enclosed for each individual.
Primary collateral: The vehicle itself serves as primary security, requiring the submission of engine numbers, chassis numbers, registration marks, and active insurance data.

Driving credentials: A valid driving license number and its expiration date must be provided directly on the application.
Agricultural proof: Farmers seeking specific vehicle variants must submit their official land record details.

Defaulter publication: Borrowers must agree that KVB and the Reserve Bank of India (RBI) hold an unqualified right to publicly disclose or publish their names as defaulters if they fail to service the loan or interest.
Credit verification: Applicants explicitly authorize the bank to run mandatory inquiries with credit referencing bureaus and external agencies to audit their financial health.
Insolvency statement: The application demands a binding confirmation that the applicant has never faced insolvency proceedings or been legally declared bankrupt.