The Cottage Bank Auto Loan!
Get your wheels on the road … with the Cottage Bank Limited Auto Loan.
The Cottage Bank Limited Auto loan offers you short to medium term loans for the purchase of brand new vehicles with the convenience of spreading repayments over a period of time. This is available to both salaried customers and business owners. It enables customer purchase vehicles from auto dealers who have been prequalified and have agreed an SLA with the bank
Features
- Borrow $50,000.00 to $150,000.00
- Payment over 12 to 48 months
- Contribute as low as 20% towards the purchase.
- Comprehensive Insurance on the car for the entire loan period
- No security required
- Competitive pricing and no hidden charges.
Benefits
- Installation of free tracking device for auto valued at $300, 000 and above(Free for cars above $3milion otherwise, $50,000.00)
- Buy a car of your choice from our list of acceptable brands and spread payment over a convenient period
- We have reliable dealers accredited to ensure you buy from a safe source.
- Convenient insurance payment included in the loan repayment amount
- No residual cost at end of loan tenure
Car Loan____Eligibility
Any salaried, self-employed or professional Public and Privat companies, Government sector employees including Public Sector is eligible for a personal loan.
Car Loan Amortization Schedule
| Year | Opening Balance | EMI*12 | Interest paid yearly | Principal paid yearly | Closing Balance |
|---|---|---|---|---|---|
| 1 | 25,00,000 | 2,28,109 | 1,66,879 | 61,231 | 24,38,769 |
| 2 | 24,38,769 | 2,28,109 | 1,62,615 | 65,494 | 23,73,276 |
| 3 | 23,73,276 | 2,28,109 | 1,58,055 | 70,054 | 23,03,222 |