CalBank Universal Motors Auto Loan

This product is designed to enable both existing clients and non-customers access funds or top up their funds for the purchase brand new locally assembled VW Vehicles. Permanent staff of reputable organisations who have been in employment for not less than three (3) months can access the facility.

Offer Details

Loan Repayment: Annuity payment method (Same amount is paid monthly)
Repayment period: A minimum of six (6) months and a maximum of forty-eight (48) months
Security:1) Charge over the vehicle to be purchased (Vehicle Registration in the Joint names of the client and the Bank).

2) Personal Guarantee of the Borrower

3) Assignment of proceeds from insurance of the vehicle

Eligibility

The Borrower should be a salaried worker who has been in employment for not less than three (3) months.
Age Limit: 18 to 59 years.
Employment Records: Endorsement of request by the Applicant’s employer

Requirement

One Passport Picture
Proof of Address- Utility Bill/Tenancy Agreement
Personal Identification-Passport/Voter’s ID Card/Driver’s License
Introductory Letter from Employers
Current Pay Slip (3 months most recent)
Six months Bank statements of the borrower with the monthly salaries highlighted (for non CalBank customers).
Company undertaking to channel salaries through the account (CalBank Customer)
Company undertaking to deduct repayment at source and notify the Bank when the employee resigns, or his employment gets terminated (for non CalBank customers)
Pro forma Invoice from the Vendor
Personal Disclosure form of individual (to be provided by the Bank)
ID cards of referees