NRI Car Loan Overview

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Questions and Answers

What is the maximum tenure for repayment of a loan under the given salary package?

84 months

78 months

72 months (correct)

60 months

What is the minimum processing fee for a Term Loan valued at Rs. 50,000?

Rs. 2,500

Rs. 2,000 (correct)

Rs. 1,000

Rs. 1,500

What is the penalty interest rate applicable if a borrower defaults on their repayments?

3% above applicable ROI

1% above applicable ROI

4% above applicable ROI

2% above applicable ROI (correct)

How many types of loans can a customer hold according to the provided salary package?

Only one PAXC and one PAPNL at a time Signup and view all the answers

What is the limit on the salary package for customers seeking loans under this offer?

15 lakhs Signup and view all the answers

What action should be taken if the customer does not hand over the vehicle as requested?

Engage a Recovery Agent for repossession. Signup and view all the answers

Which document must be prepared in the presence of two witnesses after repossessing the vehicle?

Panchnama Signup and view all the answers

How soon after repossession should the vehicle's valuation be arranged?

Within one week Signup and view all the answers

Who is responsible for fixing the Reserve Price after the valuation of the vehicle?

Zonal Office Credit Committee/Competent Authority Signup and view all the answers

What minimum time frame must be given to the borrower before selling the repossessed vehicle?

7 days Signup and view all the answers

In what way should the demand notices to guarantors be served?

In cases where the guarantor provided a guarantee Signup and view all the answers

What is the maximum period allowed to complete the valuation and fixing of the Reserve Price after repossession?

15 days Signup and view all the answers

How should the notice regarding the sale of the vehicle be sent to the borrower?

In duplicate, one by courier and one by registered post Signup and view all the answers

What is the tenure amount mentioned for the Flexi Pay option under NRI Car loans?

Rs. 15.00 Lakhs Signup and view all the answers

How long does a controller have to take action on the Online Control Report (OCR)?

48 hours Signup and view all the answers

What is the maximum payment limit for vehicle searches through SBI Internet Banking?

Rs. 500/- Signup and view all the answers

What is the charge for each vehicle search that must be paid online?

Rs. 50/- Signup and view all the answers

What is the timeframe for post-disbursement inspection of a vehicle?

15 Days Signup and view all the answers

Which form refers to the 'Application for making an entry of an agreement of Hire Purchase Lease'?

Form-34 Signup and view all the answers

What score is considered for Clear Sanction in the revised scoring model?

46 & above Signup and view all the answers

After how many days must vehicle registration details be verified from the website 'vahan.nic.in'?

30 Days Signup and view all the answers

Which transaction code does not trigger an SMS notification?

1045 Deposits: Transfer of Funds Signup and view all the answers

What action generates a queue for authorization from a checker?

Performing a cash swap denomination transaction Signup and view all the answers

What is the maximum renewal period available for a Term Deposit according to the validation on screen 7047?

3 Years Signup and view all the answers

Which screen is used to enquire linked MOD accounts?

Screen 70824 Signup and view all the answers

For which type of transaction will an SMS be sent?

Create Deposit Account Signup and view all the answers

What feature is available on screen 60150?

Mode of Operation for Active Accounts Signup and view all the answers

What is the maximum number of accounts displayed initially on screen 60150?

100 Accounts Signup and view all the answers

What is the purpose of the new screen 36691?

To provide ACH Debit transaction details Signup and view all the answers

What is the maximum days past due (DPD) for a customer to be offered Xpress Credit?

60 days Signup and view all the answers

What must be true of a credit card default for it to be ignored after 5 years?

There are no other overdue instances. Signup and view all the answers

What is the age restriction for Corporate Salary Package Customers applying for a loan?

60 years old Signup and view all the answers

What is the fixed SI date window for unpaid loans under RTXC/RTXC-Elite?

1st / 5th / 10th / 25th of following month Signup and view all the answers

When applying for a loan through the YONO App, what is the time frame within which applications can be submitted?

8 am to 8 pm Signup and view all the answers

What is the prepayment charge percentage on an Unsecured Personal Loan if the account is closed before the end of the term?

3% Signup and view all the answers

What is the validity period for the YONO Reference number generated for the customer?

7 days Signup and view all the answers

What additional requirement is necessary for the DDE process?

Availability of an Aadhar registered Mobile for OTP Signup and view all the answers

Study Notes

NRI Car Loan

Repayment options and frequency are available under the Flexi Pay option.
The Controller must approve or reject the Online Control Report (OCR) within 48 hours of receiving it.
If the OCR is rejected, the branch must resubmit it within 15 days.
Auto Loan Form-20: Application for Registration of a Motor Vehicle.
Auto Loan Form-29: Form of Notice of Transfer of Ownership of a Motor Vehicle.
Auto Loan Form-30: Report of Transfer of Ownership of a Motor Vehicle.
Auto Loan Form-34: Application for making an entry of an agreement of Hire Purchase Lease or Hypothecation subsequent to Registration.
Auto Loan Form-35: Hypothecation clearance letter from the Bank.
A revised scoring model considers proposals with a score of 46 and above for clear sanctions.
A post-disbursement inspection of the vehicle must be completed within 15 days of disbursement.
Vehicle registration details should be verified on the website 'vahan.nic.in' within 30 days of disbursement.
Vehicle search charges are fixed at Rs. 50/- without any tax and are paid online via SBI Internet Banking.
The maximum payment limit for online vehicle searches is Rs. 500/-.
If a customer fails to repay the loan, a Recovery Agent is engaged to repossess the vehicle.
A Panchnama (report) should be drawn up in the presence of two witnesses after the vehicle is repossessed.
The repossessed vehicle should be kept in the custody of the Recovery Agent.
The vehicle should be valued immediately after possession.
The reserve price should be fixed by the Zonal Office Credit Committee/Competent Authority within 7 days of valuation.
Valuation and fixing of the reserve price must be completed within 15 days of vehicle seizure/repossession.
Before selling the repossessed vehicle, the borrower must be notified at least 7 days in advance.
The notice should state that the borrower failed to repay the dues, the vehicle was repossessed by the Bank, and it will be sold to recover the loan dues.
The notice must be signed by the Branch Manager, CPC Head, or Head of the Recovery Cell.
The notice should be sent by courier/ordinary post and registered post.
Notices to guarantors are only sent if the guarantor has provided a guarantee to the Bank.
The vehicle sale will be conducted in accordance with the law and in a transparent manner.

Salary Package Customers

The salary package customer limit for term loans has been enhanced to Rs. 15 Lakhs.
EMI/NMI (Equated Monthly Instalment and Net Monthly Income) should be less than 50% of the customer's income.
Maximum repayment tenure is 72 months or until the customer reaches 58 years of age (whichever comes first).
Maximum repayment tenure for term loans is 72 months, but customers can repay up to 78 years of age.

Processing Fee

Term Loan: 1.50% of Loan (Min-Rs. 2000) + GST.
Term Loan: 1% of Loan (Min-1000, Max-10000) + GST.

Penal Interest

2% above applicable ROI.

Pre-Payment

Nil.
Nil.

Penalty

No prepayment/foreclosure charges are levied if the account is closed from the proceeds of a new loan account opened under the same scheme.
No prepayment/foreclosure charges are levied if the account is closed after the completion of a 3-year loan tenure.

Xpress Credit ("PAPL Non-CSP")

Only literate, P-Segment, and resident Indian customers with a single-operated regular SB account are eligible.
Overdues in the CIBIL report are dealt with as follows:
- Customers with one instance of overdue monthly payment within the last 6 months, with DPD up to 60 days: Xpress Credit may be offered, provided there are no overdues at the time of loan processing.
- Customers with one instance of overdue monthly payment within the last 6 months, with DPD between 61 and 89 days: Xpress Credit - RMP product may be offered, provided there are no overdues at the time of loan processing.
A single credit card default (settled or otherwise) more than 5 years old can be ignored, provided there are no other instances of overdues and the customer demonstrates good credit discipline.
Extra precaution should be taken if more than two inquiries for the same product and amount are observed within the past month.
The maximum age for corporate salary package customers is 60 years, and for government or defense salary package customers, it is 65 years (loan to be repaid by retirement age).

RTXC (Real-Time Xpress Loan)

The customer can apply for a loan through the YONO App between 8 am and 8 pm.
Loans with documentation at the branch are sanctioned real-time, and YONO reference numbers are generated, valid for 7 days.
For RTXC and RTXC-Elite loans, the SI (Scheduled Instalment) date is set as the 1st, 5th, 10th, or 25th of the following month within the overall window of 30 days.

Unsecured Personal Loan

A prepayment of EMIs (Equated Monthly Instalments) in full or in part and account closure before the end of the term will attract a 3% prepayment charge on the prepaid amount.
No prepayment/foreclosure charges are applicable if the account is closed from the proceeds of a new loan account opened under the same scheme.
No prepayment/foreclosure charges are levied if the account is closed after the completion of a 3-year loan tenure.

SMS for Deposits

SMS will be sent for the following transaction codes:
- 1010 Deposits: Cash Deposit
- 1045 Deposits: Transfer of Funds
- 2000 Create Deposit Account
SMS will not be sent for other transaction codes where 1045 is triggered internally.
SMS will be sent for all types of deposit account openings.
SMS will be sent for the following closure transaction codes:
- 3060 Deposits: Cash Closure
- 3045 Deposits: Transfer Closure
- 3080 Deposits: Account Closure by Bank Cheque and Demand Draft
- 67000 CIF: Amend Customer

New Screens in CBS (Core Banking System)

A new screen, 036041, has been assigned for Swap Denomination transactions, available in the Teller's cash drawer and under Transaction Posting > Cash Maintenance > Cash Enquiry > Cash Swap (Denomination Exchange).
A queue is generated for authorization from the checker for every cash swap denomination transaction performed by the Teller.
A new screen, 70824, has been provided to inquire about linked MOD (Multiple Operating Deposits) accounts in CBS and allows users to print the information in PDF format.
A new screen, 60150, has been added to enquire about customer details, active accounts, and closed accounts.
This screen allows users to select between active and closed accounts using radio buttons.
When the "Active Accounts" radio button is selected and "Transmit" is clicked, a list of active accounts is displayed with an additional column named "Mode of Operation."
The system initially displays 100 accounts, and clicking the "More" button fetches the next set of 100 accounts.
The data can be downloaded in Excel format.

Other New Functionality

A new screen, 36691, has been developed to provide ACH Debit transaction details on the account.
A validation has been built on screen 7047 to restrict the renewal of Term Deposits if the renewal period is less than the remaining period of maturity.
This functionality is available for Term Deposits (TDR, STDR, and FRBTD) for a maximum period of 3 years.

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Description

This quiz covers the essential aspects of NRI Car Loans, including repayment options, various auto loan forms, and the processes involved in vehicle registration and ownership transfer. It also highlights important timelines for necessary approvals and inspections post-disbursement. Test your understanding of these key concepts related to vehicle financing for NRIs.