DFCC Auto Loan FAQs
Salaried employees & Professionals with Assignment over salary or PP income
- Purchase of a vehicle
- Finance against ones own vehicle
- Confirmed employment with a salary of LKR 100,000.00 or above (Basic + Fixed Allowances).
- Self employed professionals - 75% of 3 months average Private Practice Income with a qualifying threshold of LKR 100,000.00.
- Maximum loan tenure would be 6 years with an option to rollover for another 5 years subject to a maximum overall tenure of 8 years.
- Rollover will be allowed only once after 3 years.
- LKR 1,000,000 to LKR 10,000,000.
- Maximum loan amount should be decided subject to the prevailing LTV guidelines of CBSL at the time of granting the loan.
Yes. The salary assignment is necessary.
Current interest rates are as follows,
These interest rates will be changed from time to time as decided by the Bank.
|Assignment over Salary|
|Fixed 3 years||9.00% p.a. thereafter AWPLR + 3%|
|Fixed 5 years||9.75% p.a. thereafter AWPLR + 3%|
|Variable||AWPLR + 3%|
Mortgage over vehicle and a comprehensive insurance assigned to DFCC Bank.
- Minimum capital repayment of 5% in the first year followed by a minimum 15% increase year on year thereafter during the first five years.
- A Final payment- Maximum 25% of the loan amount.
- A flexible structure will be permitted above the mandatory thresholds mentioned.
- Option for rollover will be permitted for a further period of 5 years after the 3rd year (Subject to a maximum of 8 years cap).
- Rollover is permitted only once.
- A top up at rollover will be permitted.
- Rollover loan will be on equated installments.
- Change of the vehicle also will be allowed at the point of rollover
- Duly completed Loan application form.
- Accepted Terms &Conditions.
- A certified copy of the National Identity Card, Driver’s License or Passport.
- Latest 3 months original/certified salary slips.
- Salary assignment issued by the Employer on company letter head as per the standard format of DFCC Bank.
- Copy of the Invoice from the supplier confirming the selling price.
- A valuation report from an approved valuer of the Bank (Not required for Brand new vehicles).
- A copy of the certificate of registration (Only for registered vehicles).
- Comprehensive insurance policy assigned to the Bank.
- Written confirmation from relevant financial institutions on the settlement quantum (If applicable).