Eligibility

• Applicants should be – Confirmed, permanent employees in an Executive grade or higher, or be employed in a recognized, established company with at least 3 years of service
• Applicants should have a net monthly income over LKR 40,000-, including allowances.– Additional income will have to be with proven documentation.
• Applicant’s total commitment for loans should not exceed 60% of net monthly income.

Loan Scheme

• The bank will finance a minimum amount of LKR 500,000 -, and a maximum amount of LKR 15.0 Million
• SMIB will finance only – Cars, SUVs, Van, Lorry, bus, and Jeeps
• Vehicles financed can be brand new, unregistered or registered, provided the vehicle is not older than 10 yrs from the date of manufacture at the time of obtaining the loan.
• Exceptions being, Indian (Maruti/ Tata) and Chinese (Brand new only) and Korean / other Asian – Brand new and reconditioned (unregistered only)

Security

• Mortgage over the vehicle (lodgment of original CR with SMIB ) & 1 personal guarantor accepted by the bank.
• Assignment over monthly salary or a standing order from the applicant’s Bank to which the salary is being remitted.

Other

• Other
• Interest rate – Please refer our web site’s “Rates” tab for interest rates.
• Insurance – Should be full insurance with rent car and hiring cover.

* Documentation charges 1% from the loan amount (Max Rs.10,000/-)

* R.M.V CHARGES/ STAMP DUTY Should be borne by the customer