ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Stamp and Vehicle registration papers
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Registration papers
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Installments
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Interest payment
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Detailed explanation-1: -Collateral is something that you pledge as a security when you take a loan from the bank. If you are unable to repay the loan, the bank may take possession of the collateral. The most commonly accepted assets that are used as collateral include property, bonds, gold, savings certificates, deposits and vehicles.
Detailed explanation-2: -Your vehicle itself is used as collateral and will be hypothecated to Axis Bank for the loan period. Apart from this, no other security or collateral is required.
Detailed explanation-3: -Normally, the stamp duty on car loan agreements varies between 5%-8% where you are also supposed to pay an additional charge of 1% as a part of your registration charge. However, the charge may vary from bank to bank.
Detailed explanation-4: -Any of the following documents as identity & Address Proof. Valid Passport. Permanent Driving license [recent, legible, laminate] Voters ID Card. Job card issued by NREGA. Latest salary slip and Form 16 as income proof. Bank statement of the previous 6 months.